Bitcoin mining company Riot increased its stake in Bitfarms by approximately 10.2 million shares in July, advancing its acquisition plan

Odaily News Bitcoin mining company Riot continues to try to acquire rival Bitfarms, buying about 10.2 million more shares of Bitfarms in July, according to a document released on Wednesday. In May, Riot attempted to acquire Bitfarms for about $950 million. The CEO of Riot Platforms criticized Bitfarms' plan to block the acquisition. In June, Bitfarms took its first "poison pill" measure to prevent possible acquisitions, and later upgraded the approach in July. Google Finance data showed that Riot's Nasdaq stock closed down 1.74% on Wednesday, while Bitfarms' stock closed up 4.03%. So far this year, Riot's stock price has fallen 33.87%. (The Block) Earlier today, Riot Platforms reported that the company had a net loss of $84.4 million in the second quarter, compared with a net loss of $27.4 million in the same period last year. Despite the financial setback, the company still achieved revenue of $70 million in the second quarter, slightly lower than $76.7 million in the same period last year. The results reflect the challenging environment following the Bitcoin network’s recent “halving” event. Riot Platforms also reported a 52% drop in Bitcoin production, from 1,775 to 844 in the second quarter of 2023. However, despite the drop in production, Riot Platforms still achieved strong gross margins and revenue was flat with last year.