Riot Platforms has acquired a 13.1% stake in Bitfarms and plans to make further acquisitions, but Bitfarms prevented it from holding more than 15% through a "poison pill" strategy. Riot CEO Jason Les accused the strategy of violating legal standards. Riot disclosed on June 11 that it had bought about 6 million shares of Bitfarms for $111 million. Shares in Bitfarms rose more than 56% after the acquisition was announced. Former Bitfarms CEO Geoffrey Morphy resigned and Nicolas Bonta was interim president. Les called for Bonta to be ousted, saying it was poorly governed.