Bitcoin mining company Riot increased its stake in Bitfarms by approximately 10.2 million shares in July to advance its acquisition plans

According to ChainCatcher, a document on Wednesday showed that Bitcoin mining company Riot continued to try to acquire its competitor Bitfarms. The company purchased approximately 10.2 million shares of Bitfarms in July.

In May, Riot attempted to acquire Bitfarms for approximately $950 million. The CEO of Riot Platforms criticized Bitfarms’ plans to block the acquisition. In June, Bitfarms took its first “poison pill” measure to prevent a possible acquisition, and later upgraded this approach in July.

Google Finance data shows that Riot's Nasdaq stock price closed down 1.74% on Wednesday, while Bitfarms' stock price closed up 4.03%. So far this year, Riot's stock price has fallen 33.87%. (The Block)