On May 28, 2024, Riot Platforms, Inc., a Nevada-based Bitcoin mining and digital infrastructure company, publicly announced a proposal to acquire all outstanding shares of Bitfarms Ltd. at US$2.30 per share. The offer, which represents a 24% premium over Bitfarms' one-month volume-weighted average price, is valued at approximately US$950 million in total equity value. Riot, which has already acquired a 9.25% stake in Bitfarms, becoming its largest shareholder, intends to requisition a special meeting of Bitfarms' shareholders to appoint new independent directors to its board. This move follows the Bitfarms Board's rejection of Riot's initial private proposal without substantive dialogue. Riot's proposal is non-binding and subject to customary conditions, including the execution of a definitive transaction agreement...Show More

On May 28, 2024, Riot Platforms, Inc., a Nevada-based Bitcoin mining and digital infrastructure company, publicly announced a proposal to acquire all outstanding shares of Bitfarms Ltd. at US$2.30 per share. The offer, which represents a 24% premium over Bitfarms' one-month volume-weighted average price, is valued at approximately US$950 million in total equity value. Riot, which has already acquired a 9.25% stake in Bitfarms, becoming its largest shareholder, intends to requisition a special meeting of Bitfarms' shareholders to appoint new independent directors to its board. This move follows the Bitfarms Board's rejection of Riot's initial private proposal without substantive dialogue. Riot's proposal is non-binding and subject to customary conditions, including the execution of a definitive transaction agreement. The proposed acquisition aims to create the world's largest publicly listed Bitcoin miner, with significant operational and financial synergies expected from the merger. Riot's strong financial position, with over US$700 million in cash and 8,872 unencumbered Bitcoin as of April 30, 2024, is anticipated to finance Bitfarms' growth plans effectively. The transaction is not subject to a financing condition nor requires a Riot shareholder vote. However, there is no certainty that a definitive offer will be made or that any transaction will be consummated.