Riot Platforms,
📣 Breaking News: Riot Plans to Acquire Rival Bitcoin Miner Bitfarms.
Riot is reportedly targeting the acquisition of its competitor, Bitfarms, in a strategic move to consolidate its position in the Bitcoin mining industry. This potential acquisition aims to expand Riot's operational capacity and enhance its market share in the rapidly growing cryptocurrency sector.
Inc. has made a proposal to acquire all of the outstanding shares of Bitfarms Ltd. at a price of $2.30 per share ¹. Riot has also accumulated a 9.25% stake in Bitfarms to become Bitfarms’ largest shareholder.
The proposal represents a 24% premium to Bitfarms’ one-month volume-weighted average share price as of May 24, 2024.
The proposal also represents a 20% premium to Bitfarms’ share price on April 19, 2024, the last day of trading prior to Riot’s initial proposal to the Bitfarms Board. The proposal represents approximately $950 million in total equity value.
Stay tuned for more updates on this significant development in the Bitcoin mining landscape!
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