This week’s Crypto Biz explores the corporate battle between Riot Platforms and Bitfarms, Tether’s $1 billion budget for startups, Ripple Labs’ new custodian deal, and more.

The escalating corporate dispute between Riot Platforms and Bitfarms has drawn significant attention in the crypto mining sector. Riot Platforms recently disclosed a substantial increase in its stake in Bitfarms, acquiring around six million shares valued at over $111 million. This acquisition elevated Riot's total holding from 9.25% to 13.1% .

This strategic move by Riot came immediately after Bitfarms proposed a "poison pill" defense strategy aimed at preventing Riot from acquiring 15% or more of its shares. The poison pill strategy is intended to dilute the value of shares, thereby obstructing Riot’s potential takeover plans .

The tension between the two companies is exacerbated by internal conflicts within Bitfarms. Since May, Bitfarms has been dealing with the repercussions of firing its CEO, Geoffrey Morphy, who has since sued the company for breach of contract, wrongful dismissal, and damages amounting to $27 million . This backdrop of internal turmoil complicates the ongoing corporate clash and suggests that a resolution is not imminent.

In other significant developments within the crypto industry, Tether plans to invest up to $1 billion in various technologies over the next year, focusing on areas like emerging markets, AI, and biotech . Ripple Labs has completed the acquisition of digital asset custodian Standard Custody, positioning itself for future ventures, including the launch of a USD stablecoin . Circle has announced the rollout of programmable wallets and gas stations on the Solana blockchain, expanding its Web3 services . Lastly, Fireblocks has partnered with Coinbase International to offer perpetual futures and spot trading, targeting institutional investors in eligible jurisdictions outside the U.S. .