Riot Proposes to Acquire Bitfarms, Aiming to Form World's Largest Bitcoin Miner
![Riot Proposes to Acquire Bitfarms, Aiming to Form World's Largest Bitcoin Miner](https://ussnsimg.moomoo.com/sns_client_feed/70042973/20240529/78da3a3dcc124c26b5eed38d9295d646.jpg/big?area=100&is_public=true)
Riot proposes to acquire Bitfarms for US$2.30 per share.
Proposal offers 24% premium to Bitfarms' one-month volume-weighted average price.
Riot holds a 9.25% stake, becoming Bitfarms' largest shareholder.
Proposal valued at approximately US$950 million.
Proposal offers 24% premium to Bitfarms' one-month volume-weighted average price.
Riot holds a 9.25% stake, becoming Bitfarms' largest shareholder.
Proposal valued at approximately US$950 million.
Combination aims to create the largest publicly listed Bitcoin miner.
Bitfarms' shareholders to own up to 17% of combined company.
Combined company to have 1 GW power capacity, expanding to 1.5 GW by year-end.
Riot plans to requisition a special meeting to add new directors to Bitfarms' board.
Proposal to enhance Bitfarms’ financial profile and growth investments.
Bitfarms' board rejected initial proposal without substantive dialogue.
Bitfarms' shareholders to own up to 17% of combined company.
Combined company to have 1 GW power capacity, expanding to 1.5 GW by year-end.
Riot plans to requisition a special meeting to add new directors to Bitfarms' board.
Proposal to enhance Bitfarms’ financial profile and growth investments.
Bitfarms' board rejected initial proposal without substantive dialogue.
Context/Background:
Riot Platforms, Inc. has proposed to acquire Bitfarms Ltd. to create the largest publicly listed Bitcoin mining company. The proposal, offering a 24% premium, aims to leverage Riot's strong financial profile to drive future growth and enhance Bitfarms' operations.
Riot Platforms, Inc. has proposed to acquire Bitfarms Ltd. to create the largest publicly listed Bitcoin mining company. The proposal, offering a 24% premium, aims to leverage Riot's strong financial profile to drive future growth and enhance Bitfarms' operations.
Why This Matters:
The acquisition would significantly expand Riot's and Bitfarms' mining capacities, boosting their market position.
The proposal reflects increasing consolidation and strategic investments in the cryptocurrency mining sector.
The acquisition would significantly expand Riot's and Bitfarms' mining capacities, boosting their market position.
The proposal reflects increasing consolidation and strategic investments in the cryptocurrency mining sector.
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EZ_money : that's going to suck up a lot of energy