According to ChainCatcher, Bitcoin mining company Bitfarms has rejected an acquisition proposal from Riot Platforms. Bitfarms said in a press release that Riot's proposal significantly undervalued the company and its growth prospects. Bitfarms also pointed out that Riot did not respond to its request for confidentiality and non-solicitation protection, and the special committee is still determining the company's next best development path.

Bitfarms further stated in the statement that each new party to the letter of intent has signed a customary confidentiality agreement, and the special committee is conducting a thorough review of strategic alternatives to ensure that shareholder value is maximized. These alternatives may include continuing to implement the company's business plan, strategic business mergers or other strategic transactions, or selling the company.

Previously, Riot Platforms took the initiative to acquire Bitfarms, planning to acquire 100% of Bitfarms' common stock at a price of $2.30 per common share, including cash and Riot common stock.