On May 28, 2024, Riot Platforms, Inc., a Nevada-incorporated Bitcoin mining and digital infrastructure company, publicly announced a proposal to acquire all outstanding shares of Bitfarms Ltd. at a price of US$2.30 per share. The proposal, which is non-binding and subject to customary conditions, would result in Bitfarms' shareholders owning up to approximately 17% of the combined company. Riot Platforms, which trades under the symbol RIOT on the Nasdaq Capital Market, has already acquired a 9.25% stake in Bitfarms, making it the largest shareholder. The offer represents a 24% premium over Bitfarms' one-month volume-weighted average price as of May 24, 2024, and a 20% premium over the share price on April 19, 2024. Riot's proposal was initially made privately to Bitfarms' board on April 22, 2024, but...Show More

On May 28, 2024, Riot Platforms, Inc., a Nevada-incorporated Bitcoin mining and digital infrastructure company, publicly announced a proposal to acquire all outstanding shares of Bitfarms Ltd. at a price of US$2.30 per share. The proposal, which is non-binding and subject to customary conditions, would result in Bitfarms' shareholders owning up to approximately 17% of the combined company. Riot Platforms, which trades under the symbol RIOT on the Nasdaq Capital Market, has already acquired a 9.25% stake in Bitfarms, making it the largest shareholder. The offer represents a 24% premium over Bitfarms' one-month volume-weighted average price as of May 24, 2024, and a 20% premium over the share price on April 19, 2024. Riot's proposal was initially made privately to Bitfarms' board on April 22, 2024, but was rejected without substantive dialogue. Following the rejection and allegations in a lawsuit brought by Bitfarms' recently terminated CEO, Riot has decided to take the proposal directly to Bitfarms' shareholders and plans to requisition a Special Meeting to add new independent directors to Bitfarms' board. The proposed combination aims to create the world's largest publicly listed Bitcoin miner, with significant operational and financial benefits for both companies. Riot Platforms emphasizes that the transaction is not guaranteed and that there is no assurance that a definitive offer will be made or accepted, or that any agreement will be entered into or consummated.