Bitcoin miner Riot Platforms acquires 18.9% stake in Bitfarms after rejected $950m offer.

Bitcoin miner Riot Platforms has acquired a 18.9% stake in rival company Bitfarms, increasing its ownership to around 85.3 million shares. The acquisition comes after Riot made an unsolicited $950m offer to buy Bitfarms in April, which Bitfarms rejected, leading to a "poison pill" strategy to deter hostile takeovers. Riot has since withdrawn its offer but is keen to gain three board seats and is open to negotiations with a reconstituted Bitfarms board.