Riot Platforms Proposes $950M Acquisition of Bitfarms

Riot aims to consolidate its position as the world's largest bitcoin miner amid governance concerns at Bitfarms.

Riot Platforms offers $2.30 per share for all outstanding Bitfarms stock, valuing the deal at $950 million.
The proposal follows Riot's acquisition of a 9.25% stake in Bitfarms, making it the largest shareholder.
Bitfarms' board rejected Riot's initial private offer, prompting Riot to seek a special shareholder meeting.
Former Bitfarms CEO Geoffrey Morphy's lawsuit raises governance issues that Riot cites as concerning.
The combined entity would have 52 EH/s of self-mining capacity and 1.5 gigawatts of power capacity by the end of 2024.