Riot Platforms proposes to buy crypto miner Bitfarms, becomes largest shareholder

May 28 (Reuters) – Riot Platforms said on
Tuesday it has offered to acquire all outstanding shares of
Bitfarms for about $950 million in total equity value,
even after a private proposal was rejected by the crypto miner’s
board last month.

“We were disappointed to learn that the Bitfarms Board
rejected our compelling proposal without engaging in substantive
dialog with us,” said Jason Les, Chief Executive Officer of
Riot.

Riot added it has acquired a 9.25% stake in Bitfarms,
becoming the company’s largest shareholder, and intends to
request a special shareholder meeting to add a new independent
director to the crypto miner’s board.

It has offered $2.30 per Bitfarm share in cash and Riot
stock. U.S.-listed shares of Bitfarms jumped 7.4% in
early trading.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Krishna Chandra Eluri)