LIVERiot buys a stake in its mining rival Bitfarms and proposes its acquisition
Riot Platforms announced last Tuesday that it had acquired a 9.25% stake in rival bitcoin mining company Bitfarms, becoming its largest shareholder.
The press release further detailed that Riot had made a proposal to Bitfarms' board of directors to acquire all of Bitfarms' outstanding shares for $2.30 per share in cash and Riot stock, approximately $950 million in total share value. capital.
The acquisition would create the largest bitcoin mining company in the world, with 15 facilities in the US, Canada, Paraguay and Argentina, with a combined capacity of 1 GW of power and 19.6 EH/s of mining capacity initially.
However, the proposal, which was originally delivered privately on April 22, has been rejected by the Bitfarms board of directors.
That same day, in another press release, Riot announced a new acquisition of 3,002,350 shares (approximately 0.75% of Bitfarms' issued and outstanding common shares), bringing its total stake in Bitfarms to 10 %. The purchased shares were acquired through purchases on the Nasdaq stock market and other open market transactions.
The story (and possible acquisition) is ongoing.
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