Riot Proposes to Acquire Bitfarms, Aiming to Form World's Largest Bitcoin Miner

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.

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.

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.

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.