The Block Crypto News14 minutes ago

Published on July 25, 2024 10:45 GMT+00:00edited on July 25, 2024 10:49 GMT+00:00

Bitcoin miner Bitfarms has adopted a new “poison pill” strategy following a tribunal ruling in favor of rival Riot Platforms regarding its first shareholder rights plan, designed to help prevent Riot’s takeover of the company.

Riot announced on Wednesday that it was successful in its application to the Ontario Capital Markets Tribunal to cease the original “poison pill” plan implemented by Bitfarms’ board of directors, effective immediately, following hearings on July 22 and July 23.

“This ruling from the Tribunal in favor of Riot’s application is a win for all Bitfarms shareholders,” Riot CEO Jason Les said. “The adoption of the off-market Poison Pill is yet another example of the broken corporate governance that plagues Bitfarms and of the ongoing attempts by the Bitfarms directors to …