Riot Proposal to Takeover BitFarms

May 29, 2024 By MarketDepth

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Riot Platforms (RIOT) proposes $2.30 a share to take over BitFarms and become world’s largest publicly listed bitcoin miner. In latest news Riot announces they current have a 10% stake in BitFarms prior to proposal for full takeover. The price is a premium to current pricing and if approved by the board will be put to a vote.

Bitfarms skyrocketed on the news before settling back down to $2.18 on the day. Bitfarms is down about 20% on the year and hit a high of $3.33. Riot is also down about 25% on the year from $15 a share. Both companies have seen a price bump over the last few months as crypto market continues to surge.

Riot has said the meeting will take place on May 31 to request a vote from shareholders as initial proposal was denied and second proposal was made public and put to a vote of shareholders.