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.

This deal would also offer strategic and financial benefits, including enhanced growth potential and better access to equity markets. The new entity would operate 15 facilities across the US, Canada, Paraguay, and Argentina. Riot submitted its offer to Bitfarms’ board on April 22, but the latter turned it down without engaging in “substantive dialogue.” According to the terms, Bitfarms shareholders would hold approximately 17% of the merged company.

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Bitfarms rejects Riot Platform's $1 billion acquisition proposalRiot Platforms noted that it is successfully purchased a 9.25% stake in the firm, making it one of the largest Bitfarms shareholders.
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