04:56 AM EDT, 06/14/2024 (MT Newswires) -- Riot Platforms ( RIOT ) said late Thursday it had added about 1.4 million shares to its investment in Bitfarms ( BITF ) , bringing its total stake to 14% of the shares of the rival cryptocurrency miner, and intends to call for a special meeting to nominate new members to Bitfarm's board.

The stake brings Riot just below the 15% threshold set by Bitfarms' ( BITF ) board to trigger a so-called "poison pill," which prevents any shareholder from acquiring 15% or more of Bitfarms' ( BITF ) common shares without making a formal takeover bid for all of the company's shares.

Canadian-based Bitfarms ( BITF ) has been fending off a takeover challenge by Riot and accused it earlier Thursday of acting against the interests of its shareholders.

Riot said it had "serious concerns" about the Bitfarms ( BITF ) board's "track record of poor corporate governance."

Riot said it disclosed its holdings as required by Canadian securities regulations.

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