Riot Platforms noted that it is successfully purchased a 9.25% stake in the firm, making it one of the largest Bitfarms shareholders.
Bitcoin mining firm Bitfarms rejected a nearly $1 billion acquisition proposal from Riot Platforms, another bitcoin mining company.
"We were disappointed to learn that the Bitfarms Board rejected our compelling proposal without engaging in substantive dialogue with us," Yi added. "While we have long respected Bitfarms’ business and management team, we are confident that Bitfarms’ shareholders will agree that this proposal represents a significantly more attractive alternative for Bitfarms than its standalone trajectory.
Shares of Bitfarms were trading up 10% to $2.22 at publication time, according to Yahoo Finance, while Riot's stock traded up 3.8% to $10.77 per share.Commenting on the rejected proposal, Riot CEO Jason Les noted that Bitfarms' recent chief executive change played a part in the acquisition proposal. Bitfarms let go of its former CEO Geoffrey Morphy on May 13, after Morphy filed a $27 million suit against the firm for alleged breach of contract, wrongful dismissal and aggravated and punitive damages, The Block previously reported. Morphy previously served as the firm's president and COO.
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