On Monday, June 10, the board of directors of the mining company Bitfarms approved a decision to issue an additional block of shares in the event of detection of hostile takeover attempts by third parties.

According to Bitfarms’ plan, if during the period from June 20 to September 10, any third-party company or investor accumulates more than 15% of Bitfarms shares in its portfolio, the company will urgently issue new shares. An additional issuance package will dilute investors’ shares in the company’s capital and block attempts at a hostile takeover.

The reason for this decision was the attempt of the competing mining company Riot Platforms to gain control of Bitfarms through the buyout of a controlling stake. Thus, Riot Platforms acquired a 12% stake in Bitfarms in just a few weeks.

In April, Riot Platforms made a private offer to Bitfarms to buy the business for approximately $950 million and subsequently change the composition of the board of directors. Riot Platforms’ proposal was rejected by the Bitfarms board.

Earlier, the Canadian company Bitfarms announced an increase in its own hashrate in the Bitcoin network to 7 EH/s thanks to the deployment of 5,000 new units of mining equipment.