PANews reported on June 11 that Bitcoin mining company Bitfarms has approved the adoption of a "poison pill" plan to prevent potential hostile takeover attempts by Riot Platforms, according to Reuters. Shareholder rights plans, also known as "poison pill plans," are used by company boards of directors to prevent hostile takeovers. Bitfarms said the rights plan must be approved by shareholders within six months of its passage, otherwise the plan will terminate. According to Bitfarms' plan, if an entity accumulates more than 15% of Bitfarms' shares between June 20 and September 10, the company will issue new shares to dilute the entity's shares.
As reported last week, bitcoin mining company Riot Platforms has purchased a 12% stake in Bitfarms.