Riot Platforms Proposes to Acquire Bitfarms for $2.30 Per Share
CASTLE ROCK, Colo. – Riot Platforms, Inc. (NASDAQ: RIOT) announced a proposal to acquire all outstanding shares of Bitfarms Ltd. (NASDAQ/TSX: BITF) at $2.30 per share. This acquisition aims to create the largest publicly listed Bitcoin miner in the world, according to Riot Platforms.
The proposed acquisition price represents a 24% premium to Bitfarms’ one-month volume-weighted average share price as of May 24, 2024, and a 20% premium to Bitfarms’ share price on April 19, 2024. The overall value of the proposal is approximately $950 million in total equity value.
Strategic Rationale for the Acquisition
The proposed acquisition is intended to offer significant benefits to both Riot and Bitfarms shareholders. The combination would:
- Create the largest Bitcoin miner globally, with…