Riot Platforms Pursues Acquisition of Competitor Bitcoin Miner Bitfarms

Riot Platforms Inc., a leading crypto mining company, has announced its intention to acquire Bitfarms Ltd., another significant player in the Bitcoin mining industry. Riot has already acquired a 9.25% stake in Bitfarms and plans to make a public takeover offer despite the company’s board’s recent rejection. Riot has proposed an acquisition price of $2.30 per share in cash and stock, valuing Bitfarms at approximately $950 million in equity. According to Riot, the proposed deal will create the world’s largest Bitcoin miner. This deal would also offer strategic and financial benefits, including enhanced growth potential and better access to equity markets.

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