Deals
Riot Says Stronghold Acquisition by Bitfarms Is ‘Concerning’
- Bitcoin miner Riot has tried to take over Bitfarms for months
- Riot said the deal appears to be an effort to entrench board
Employees check mining machines at the Bitfarms cryptocurrency farming facility in Farnham, Quebec.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Bitcoin miner Riot Platforms Inc. warned rival Bitfarms Ltd. not to take further actions following Bitfarms’ takeover offer for a smaller competitor.
The warning from Riot, the largest shareholder in Bitfarms, is in part a response to Bitfarms’ plans to acquire Stronghold Digital Mining Inc., which were announced last month. Riot has been trying to take over Bitfarms for several months, and the smaller rival has made several efforts to fend off the unsolicited offer, including a “poison pill” shareholder rights plan.