Bitcoin miner Bitfarms has implemented a shareholder rights plan, known as a 'poison pill,' to prevent a takeover attempt by Riot Platforms.

The plan aims to ensure fair value for all shareholders and was put in place in response to Riot's unsolicited bid, which Bitfarms felt undervalued the company.

The plan will issue rights for each share and will be activated if any party acquires 15% or more of Bitfarms' shares without meeting specific conditions.

The Toronto Stock Exchange has deferred consideration of the plan, but it remains effective.

Bitfarms' treasury holdings have increased to 850 BTC, despite a drop in mining revenue in May.

The company's stock fell 5.42% to $2.27 following the implementation of the plan, with shares down 17% year-to-date.

Bitfarms continues to focus on enhancing its hash rate and efficiency to boost shareholder value.