Bitcoin mining giant Riot Platforms has ramped up its stake in Bitfarms, acquiring an additional 1,432,063 shares at approximately $2.70 per share, totaling about $3.87 million. This recent purchase brings Riot's total ownership to 57.62 million shares, or about 14% of Bitfarms, marking a significant step in Riot's ongoing efforts to take over the company.

Riot's latest acquisition follows its earlier attempt to buy Bitfarms for roughly $950 million last month. However, Bitfarms has actively resisted these takeover efforts, notably by implementing a "poison pill" strategy earlier this week. This defensive measure is designed to deter hostile takeovers by making the company less attractive to potential acquirers and diluting the acquirer's stake.

Riot Platforms' CEO, Jason Les, has publicly criticized Bitfarms' defensive tactics, particularly the off-market poison pill. In a statement, Les expressed frustration, stating, "Instead of engaging with us privately and in good faith, Bitfarms has responded by implementing an off-market Poison Pill with a trigger well below the customary 20% threshold."

According to a Reuters report, Bitfarms' poison pill plan stipulates that if any entity accumulates more than 15% of Bitfarms' stake between June 20 and September 10, the company would issue new shares, diluting the entity's stake. After September 10, this threshold would be relaxed to 20% under certain conditions.

In response to these defensive measures, Riot Platforms intends to requisition a special meeting of Bitfarms shareholders. At this meeting, Riot plans to nominate several independent directors to join Bitfarms' board, aiming to influence the company's strategic direction from within.

Despite the ongoing takeover battle, Bitfarms recently announced a significant increase in its hash rate. The company's stock rose 15% after it revealed plans to develop its first large-scale mining site in the United States, projecting that its hash rate will exceed 35 EH/s by 2025.

Currently, Riot Platforms boasts a market capitalization of $3.17 billion, substantially larger than Bitfarms' market cap of approximately $1 billion. The continued acquisition of Bitfarms shares and the planned shareholder meeting underscore Riot's aggressive strategy to expand its influence and operational capacity within the cryptocurrency mining industry.