The Colorado-based Bitcoin miner has made an unsolicited cash-and-stock bid to acquire its Toronto-based rival, revealing that the Bitfarms board rejected a proposal from Riot to buy the company in April. Shares of Bitfarms surged more than nine per cent on the Toronto Stock Exchange on Tuesday. (The Logic)
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The Colorado-based Bitcoin miner has made an unsolicited cash-and-stock bid to acquire its Toronto-based rival, revealing that the Bitfarms board rejected a proposal from Riot to buy the company in April. Shares of Bitfarms surged more than nine per cent on the Toronto Stock Exchange on Tuesday. (The Logic)
Talking point: Riot also revealed it has accumulated a 9.25 per cent stake in Bitfarms, making it the company’s largest shareholder. Riot said it made its bid public because it’s concerned Bitfarms’ directors aren’t acting in shareholders’ best interest, citing former CEO Geoffrey Morphy’s May 10 lawsuit claiming breach of contract and wrongful dismissal. Riot said it intends to call a special meeting of Bitfarms’ shareholders to shake up the board. Toronto-based crypto-trading company WonderFi recently weathered its own boardroom brawl. Bitcoin’s recent halving event, which cut the rewards miners earn, is accelerating consolidation in the sector. Bitfarms did not respond to a request for comment.
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