Deniz 
The third-largest Bitcoin miner on Wall Street, Riot Platforms Inc., has greatly raised its ownership of competitor Bitfarms LTD. Riot revealed in a regulatory disclosure on Aug. 13 that it was acquiring another 1 million Bitfarms common shares via open market transactions.
Worth almost $2.28 million, this deal increases Riot’s total Bitfarms holdings from the previous 84.3 million to 85.3 million shares. Riot currently controls 18.9% of Bitfarms with this acquisition, hence increasing its control over the Canadian mining company.
The purchase symbolizes the most recent evolution in the continuous conflicts among the mining businesses of cryptocurrencies. Riot made an unwelcome $950 million offer to buy Bitfarms in May, which Bitfarms quickly turned down, calling the deal an undervaluation of the business.
Bitfarms responded with a “poison pill” defense to discourage Riot’s possible aggressive takeover efforts, but the Canadian authorities objected.
Riot has kept pressing Bitfarm’s leadership even after retracting its first takeover bid. Riot sought a special shareholder meeting in June to replace several Bitfarms directors with independent candidates.
Still, the boardroom fight seems to be producing outcomes. Bitfarms earlier on Aug. 13 declared the imminent leaving of co-founder and chair Nicolas Bonta, one of the three board members Riot aimed for replacement.
Riot said it will keep looking over its Bitfarms investment and would think about other moves, including changing its stance or suggesting other board composition changes.
Apart from its continuous negotiations with Bitfarms, Riot has made successful acquisitions elsewhere. Riot paid $92.5 million for Block Mining, a Kentucky-based , on July 24. This purchase greatly increases Riot’s hashrate and increases its geographical presence outside Texas in other energy markets.
As consummated on July 23, the Block Mining deal comprised a $18.5 million cash payment plus $74 million in Riot common stock. Apart from that, depending on Block Mining getting more power purchase agreements, a possible earn-out of up to $32.5 million is accessible until 2025.
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