The Toronto-based Bitcoin miner said it has created a special committee to review expressions of interest from buyers and other alternatives to Riot’s US$950-million bid, which the Colorado-based firm made public Tuesday. (The Logic)

Talking point: Bitfarms said in the release that it rejected Riot’s bid because it “significantly undervalues the company and its growth prospects.” Riot said Tuesday it made its bid public because it’s concerned Bitfarms’ directors aren’t acting in shareholders’ best interest and it intends to call a special shareholder meeting to shake up the board. Later that day, Riot disclosed it acquired additional shares in Bitfarms that increased its stake in the company to 10 per cent, up from 9.25 per cent. In Wednesday’s release, Bitfarms said its search for a new CEO remains on track after the company terminated outgoing chief executive Geoffrey Morphy early. On May 10, Morphy filed a lawsuit against Bitfarms, claiming breach of contract, wrongful dismissal and other issues.