Bitcoin Miner Responded to the Plan of the Rival He Wanted to Acquire, Continued to Collect!

Riot Platforms continues to buy shares as it responds to Bitfarms' "poison pill" plan. 

Bitfarms, which the Bitcoin mining company Riot Platforms wanted to acquire, had recently taken precautions with a "poison pill" plan against the possibility of any company acquiring more than 15% of Bitfarms' shares between June 20 and September 10.

On the other hand, Riot Platforms' CEO stated in his statement on June 12 that Bitfarms' plans to prevent the takeover were outside of traditional business understanding. When Riot Platforms made this statement, it had already purchased 12% of Bitfarms' shares. Bitfarms was also planning to take action against this.

Later, in a statement made by Riot Platforms, it was announced that approximately 6 million Bitfarms shares were purchased in the open market over the past week, increasing the shareholding to 13.1%.

Riot Platforms CEO Jason Les made the following statement on the subject:

We will continue to press to address serious corporate governance issues at Bitfarms and ensure shareholders have a say in the future of the company.

Purchases continued

On top of all these developments, Riot Platforms announced that it purchased 1,432,063 more shares worth approximately $3.87 million in total, at approximately $2.70 per share, from Bitfarms, which it tried to buy for almost $1 billion last month.

In the news by Reuters, according to Bitfarms' plan, if Riot holds more than 15% of Bitfarms shares from June 20 to September 10, the company said that it will dilute the holding of this share by issuing new shares.