Bitcoin mining company Bitfarms has adopted a 'poison pill' strategy to prevent a hostile takeover by rival Riot Platforms. The board of directors at Bitfarms approved a shareholder rights plan following Riot's unsolicited purchase proposal. Riot Platforms, which had previously offered $950 million for Bitfarms and announced a 12% stake, increased its stake to 14% by purchasing an additional $3.87 million worth of shares, bringing its total to 57.62 million shares. Riot has criticized Bitfarms' adoption of the poison pill strategy and called for the resignation of Bitfarms Chairman and Interim CEO, Nicolas Bonta. Bitfarms' shares have surged by up to 16%, including a 5.3% increase, following these developments.