Riot Platforms has increased its stake in Bitfarms to 13.1% by acquiring approximately six million shares over the past week, according to a recent announcement. This move comes amid tensions between the two companies, with Riot's CEO Jason Les criticizing Bitfarms' recent adoption of a "poison pill" plan. Les claims that Bitfarms failed to engage in private discussions regarding the proposal, instead opting for a below-market poison pill with a trigger threshold of less than 20%.

The tension between the companies can be traced back to last month when Riot proposed acquiring all of Bitfarms' shares for $950 million. However, Bitfarms rejected the offer. In response to Riot's continued pursuit, Bitfarms implemented a "poison pill" plan aimed at preventing a hostile takeover. The plan stipulates that if any entity acquires more than 15% of Bitfarms' shares between June 20 and September 10, the company will issue new shares to dilute the entity's stake.

Riot's decision to increase its stake in Bitfarms despite the ongoing disagreements suggests a strong interest in acquiring the company. The move may be seen as a strategic attempt to exert pressure on Bitfarms to reconsider Riot's proposal. The adoption of the "poison pill" plan by Bitfarms, on the other hand, demonstrates the company's determination to maintain control and resist a potential hostile takeover.

The ongoing dispute between Riot Platforms and Bitfarms highlights the competitive nature of the industry, where companies are constantly seeking to expand their influence and control. The outcome of this dispute remains uncertain, with both companies firmly entrenched in their positions. The situation is likely to continue evolving, with potential implications for the broader market.

The standoff between Riot Platforms and Bitfarms serves as a reminder of the importance of strategic planning and adaptability in the fast-paced business landscape. As companies navigate complex relationships and competing interests, they must remain agile and responsive to changing circumstances. The ultimate resolution of this dispute will likely have significant implications for both companies and the industry at large.