According to Bloomberg, mining company Riot Platforms has reportedly submitted a bid to acquire its rival company Bitfarms.
According to Bloomberg, the mining company Riot Platforms is reportedly attempting to acquire its competitor Bitfarms. The potential negotiation comes as Bitfarms goes through a period of management turmoil, following the recent dismissal of interim CEO Geoffrey Morphy.
On April 22nd, Riot presented its first offer of $2.30 per share, totaling $950 million, to the board of directors of Bitfarms. The proposal was rejected without any possibility of dialogue. According to the terms of the offer, Bitfarms shareholders would have owned approximately 17% of the combined company.
Riot Platforms has acquired a 9.25% stake in Bitfarms and plans to make a second acquisition offer public.
The merger with Bitfarms would further strengthen Riot’s position in the market, enabling greater operational efficiency and improved global competitiveness.
Riot Platforms CEO, Jason Les, has expressed optimism about the deal, emphasizing that integrating Bitfarms’ resources and expertise would enhance business performance and achieve new milestones in the sector.
Furthermore, acquiring Bitfarms would significantly increase Riot’s hash rate capacity. Currently, Riot is already expanding its operations with new mining installations and the opening of new mining centers, such as the 1-gigawatt facility in the city of Corsicana, which is expected to become the world’s largest Bitcoin mining facility.
