Riot Platforms and Bitfarms Clash: Crypto Business Dispute Heats Up

Riot Platforms And Bitfarms: Crypto Titans Lock Horns in Escalating Feud

Crypto News- The tension between crypto mining giants Riot Platforms and Bitfarms has reached a fever pitch, with recent maneuvers escalating the corporate dispute.

Riot’s Power Play: Acquisition and Escalation

In a bold move on June 11, Riot Platforms disclosed a significant increase in its ownership stake in Bitfarms. Acquiring approximately six million shares valued at over $111 million, Riot’s total holding surged from 9.25% to 13.1%.

Bitfarms’ Defense: The “Poison Pill” Strategy

Bitfarms swiftly responded to Riot’s aggressive acquisition by proposing a “poison pill” defense tactic. This strategy aims to thwart Riot’s efforts to amass a 15% or greater stake, intending to dilute share value and impede Riot’s takeover ambitions.

Rejected Offers and Internal Strife

The conflict’s origins trace back to April when Riot proposed acquiring Bitfarms at a premium above market price—an offer summarily rejected by Bitfarms’ board. Meanwhile, Bitfarms grapples with internal turmoil following the dismissal of CEO Geoffrey Morphy, who has since sued the company for damages totaling $27 million.

Stalemate and Uncertainty

As the dispute rages on, prospects for resolution remain dim. Both companies seem entrenched in their positions, signaling a prolonged standoff in the crypto mining sector.

In Other Crypto News

Tether’s Ambitious Investment Drive

Stablecoin giant Tether sets its sights on venture capital, earmarking up to $1 billion for investments in emerging technologies like AI and biotech. With a growing team evaluating countless pitches monthly, Tether aims to bolster innovation and diversify its portfolio.

Ripple Labs Expands Custodial Reach

Ripple Labs finalizes its acquisition of digital asset custodian Standard Custody, a strategic move to bolster its stablecoin ambitions and asset tokenization efforts. Standard Custody CEO Jack McDonald assumes a dual role within Ripple, overseeing stablecoin initiatives while leading Standard Custody.

Circle Embraces Solana’s Potential

Circle announces support for Solana blockchain, enabling programmable wallets and gas stations for seamless Web3 interactions. This integration aligns Solana with Circle’s existing blockchain offerings, expanding accessibility and functionality for users.

Fireblocks and Coinbase Forge Trading Alliance

Fireblocks partners with Coinbase to introduce perpetual futures and spot trading via Coinbase International Exchange. Targeting institutional investors, this collaboration enhances trading options while ensuring security and compliance across eligible jurisdictions.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.