In an unexpected turn, Bitcoin mining titan Riot Platforms (RIOT) has relinquished its pursuit of acquiring competitor Bitfarms (BITF), pivoting instead to a comprehensive reconfiguration of the latter’s board.

“After more than a year of striving to negotiate constructively with the Bitfarms Board regarding a potential amalgamation of Bitfarms and Riot, it has become unmistakably clear to Riot that earnest negotiations are unattainable without substantive change within Bitfarms’ boardroom,” Riot declared in a press release on Monday.

To spearhead this transformation, Riot is nominating John Delaney, Amy Freedman, and Ralph Goehring as replacements for the existing Bitfarms board members.

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Riot, now the principal shareholder of Bitfarms with a 14.9% stake, has called for a special assembly to oust Chairman and interim CEO Nicolas Bonta, director Andrés Finkielsztain, and any appointee succeeding the co-founder Emiliano Grodzki. Additionally, Riot aims to remove any further directors appointed by the current Bitfarms board subsequent to this announcement.

The hostile takeover bid surfaced publicly last month when Riot proposed acquiring Bitfarms for $2.30 per share, an offer that was promptly dismissed. Undeterred, Riot continued to amass shares of its rival to pressure the board into negotiations. In response, Bitfarms enacted a shareholder rights plan, or “poison pill,” to thwart Riot’s acquisition efforts.

Riot has reaffirmed its commitment to pursuing the takeover, asserting that the merger would establish the world’s largest publicly traded Bitcoin miner, optimally positioned for sustained growth.

On Monday, Bitfarms’ shares plummeted over 6%, although they remain above the $2.30 per share buyout proposal, suggesting traders still view BITF as a prospective acquisition target. Concurrently, Riot’s shares experienced a slight decline as Bitcoin prices dropped by 3% within the last 24 hours.