Riot Platforms (NASDAQ:) introduced on Thursday that it has acquired a further 1,432,063 shares of BitFarms (BITF) inventory at roughly $2.70 per share, bringing complete proceeds to roughly $3.87 million.
The acquisition brings Riot's stake in Bitfarms to 57.62 million shares, representing roughly 14% of the corporate.
BitFarm shares surged 16% in Toronto on Friday.
The transfer marks the most recent step in Riot's persevering with try at a hostile takeover of Bitfarms.
Final month, the bitcoin miner made a proposal to amass Bitfarms for round $950 million, however Bitfarms has put up defensive measures towards the takeover.
Riot CEO Jason Leth criticized the transfer.
“As an alternative of negotiating with us privately in good religion, Bitfarms responded by introducing an off-market poison tablet with a set off nicely under the standard 20% threshold,” Les stated in an announcement.
Earlier this week, Bitfarms deployed a “poison tablet” technique to thwart the takeover, a tactic geared toward making the corporate much less engaging.
In response to Reuters, Bitfarm's plan states that if an organization acquires greater than 15% of Bitfarm's shares between June 20 and September 10, the corporate will situation new shares and dilute that firm's possession. After September 10, this threshold will likely be adjusted to twenty% if sure situations relating to the takeover try are met.
Riot Platforms plans to convene a unprecedented normal assembly of BitFarm shareholders to suggest the appointment of a number of impartial administrators to BitFarm's board of administrators.
Bitfarms introduced its growth into the US on Friday with the opening of a brand new facility in Sharon, Pennsylvania. The corporate stated in an announcement that it plans to develop as much as 120 megawatts (MW) of producing capability on the new facility.
