Riot Says Stronghold Acquisition by Bitfarms Is ‘Concerning’

Bitcoin miner Riot Platforms Inc. warned rival Bitfarms Ltd. not to take further actions following Bitfarms’ takeover offer for a smaller competitor.

The warning from Riot, the largest shareholder in Bitfarms, is in part a response to Bitfarms’ plans to acquire Stronghold Digital Mining Inc., which were announced last month. Riot has been trying to take over Bitfarms for several months, and the smaller rival has made several efforts to fend off the unsolicited offer, including a “poison pill” shareholder rights plan.

The $175 million all-stock offer for Stronghold, including $50 million in assumed debt, represents a more than ...