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.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bitcoin miner Riot Platforms reports record $211M Q1 net incomeBitcoin miner Riot Platforms reported a $211 million net income in Q1 2024 thanks to Bitcoin’s price jump over the quarter.
Lire la suite »
ServiceNow’s Bold Gambit To Become The Platform Of PlatformsPrincipal Analyst, FinTech
Lire la suite »
Degen Express Introduces Pioneering Launchpad for Fantom, Base Meme CoinsNovel cryptocurrency launchpad platform Degen Express introduces liquidity, infrastructure and marketing platform for meme coin launches
Lire la suite »
Degen Express Introduces Pioneering Launchpad for Fantom, Base Meme CoinsNovel cryptocurrency launchpad platform Degen Express introduces liquidity, infrastructure and marketing platform for meme coin launches
Lire la suite »
Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuitBitfarms announced in March that Morphy would depart as CEO upon completion of its executive search but has now accelerated the termination.
Lire la suite »
Bitcoin miner Bitfarms CEO to depart immediately in response to lawsuitBitfarms said it had accelerated the termination of President and CEO Geoffrey Morphy after he filed a $27 million lawsuit against the Bitcoin mining firm.
Lire la suite »