Bitfarms, a crypto mining entity, has experienced a remarkable upsurge of more than 47% in its stock value in the recent month as a result of a fierce conflict with Riot Platforms, a potential buyer.

The dispute unfolded in May when Riot, an American mining firm, proposed an acquisition deal worth $950 million to take over Bitfarms, headquartered in Canada. Despite Bitfarm's rejection of the offer, Riot has been actively acquiring Bitfarms' shares from the market, securing a substantial 13.1% stake valued at over $111 million.

The tension escalated further as Bitfarms maneuvered against the hostile takeover bid by implementing a 'poison pill' shareholder rights plan. This defensive strategy was designed to impede Riot from acquiring more than a 15% ownership stake, potentially slowing down Riot's attempt to gain control.

Following the enactment of the 'poison pill,' Riot CEO Jason Les criticized Bitfarms' actions, alleging a breach of established legal and governance standards. Les specifically pointed out the interim CEO of Bitfarms, Nicolas Bonta, accusing him of poor corporate governance and demanding his removal.

Conversely, Bitfarms defended its use of the poison pill as a precautionary measure to ensure compliance with regulatory requirements related to Riot's acquisition bid. The standoff between the two entities underscores the intensity of their struggle for dominance, with neither side showing signs of capitulation.