Bitcoin mining giant Riot Platforms appeared to notch a key victory on Monday in its monthslong attempt to forcibly acquire Canadian rival Bitfarms, after both firms announced a settlement agreement that nominated an executive handpicked by Riot to Bitfarms’ board of directors.

Earlier this year, Riot attempted to buy Bitfarms for $950 million. The Bitfarms board balked at the offer, though, claiming it was a lowball. Since then, Riot has steadily vacuumed up Bitfarms shares in an attempt at a hostile takeover, a strategy that has led to it now owning some 20% of the Canadian company. 

In June, Riot pushed to replace several Bitfarms board members with individuals who might be more amenable to an acquisition. One of those candidates, Amy Freedman, a former banker and corporate advisor, will now join Bitfarms’ board, according to today’s settlement. She will also join Bitfarms’ governance and nominating and compensation committees. 

Bitfarms co-founder Andrés Finkielsztain has already stepped down from the board. 

While the move does not constitute total victory for Riot—the company has yet to close its jaws around Bitfarms—it does mark a step in the desired direction. Under today’s settlement, Riot will also be granted certain rights to purchase additional Bitfarms shares, provided its ownership stake remains above 15%. 

“This agreement represents a significant step to advance shareholder value creation at our respective companies, and we are pleased to have reached this constructive resolution with Bitfarms,” Riot CEO Jason Les said in a statement. “As Bitfarms’ largest shareholder, we look forward to supporting a reconstituted Bitfarms board and continued engagement with management.”

Though Bitfarms appears to have made a strategic concession to Riot today, the smaller firm has in recent weeks actively pursued other means of staving off a hostile takeover. Late last month, it purchased Stronghold Digital Mining, yet another crypto mining firm, in a move that experts told Decrypt might boost Bitfarms’ valuation enough to make a Riot takeover unfeasible. 

Bitfarms stock is down nearly 16% in the last month, however, to $2.06 at writing—though it's up nearly 3% on the day. Riot's stock price has charted similar moves, down 14% over the past month but up 2% so far Monday.

Edited by Andrew Hayward

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