Bitcoin miner Riot seeks to acquire competitor Bitfarms

ChainCatcher news, according to Bloomberg, informed sources revealed that Riot Platforms Inc. has acquired a 9.25% stake in Bitfarms Ltd. and plans to make a public offer to acquire the smaller Bitcoin miner, but the latter rejected Riot's acquisition proposal last month.

Informed sources stated that Riot proposed to acquire Bitfarms for $2.30 per share in cash and stock, which equates to a $950 million equity value. As the details have not been made public, these individuals requested anonymity. Riot believes that the recent management changes at Bitfarms indicate governance issues, and the company also plans to call for a vote to increase the number of directors for the Canadian company.