Share this article
Riot Plans Hostile Takeover of Bitfarms; Proposes $2.30 Per Share
Riot privately offered its proposal last month, with Bitfarms rejecting it.
Updated May 29, 2024, 4:51 p.m. Published May 28, 2024, 2:26 p.m.
- If the proposal comes to fruition, the combined entity would be the world's largest bitcoin miner, Riot said.
- Bitfarms' shares were up nearly 6% at $2.13 as of 14:00 UTC following Riot's announcement.
Riot Platforms (RIOT) has sought to acquire fellow bitcoin miner Bitfarms (BITF), having acquired a 9.25% in the company to become its large shareholder.
The Castle Rock, Colorado-based miner proposed to by all the outstanding BITF shares for $2.30 apiece, representing a 24% premium to their one-month volume weighted average price as of May 24, Riot announced on Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
If the proposal comes to fruition, the combined entity would be the world's largest bitcoin miner, Riot added.
Riot privately offered its proposal last month. Riot cited Bitfarms' rejection of the bid along with allegations of a lawsuit by recently fired CEO Geoffrey Morphy as "raising serious questions about whether certain directors are committed to acting in the best interests of all shareholders."
Bitfarms' shares were up nearly 6% at $2.13 as of 14:00 UTC following Riot's announcement.
Read More: Bitcoin Miner Stronghold Looking at Options, Including Sale of Company
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Hong Kong's RedotPay raises $100 million Series B to push global stablecoin payments
The Hong Kong-based fintech says demand for stablecoin-powered cards and cross-border payouts is accelerating as it scales payments beyond crypto trading.
What to know:
- RedotPay, a Hong Kong-based fintech, raised $107 million in a Series B round to expand its stablecoin-powered payment services globally.
- The funding round was led by Goodwater Capital and included investors like Pantera Capital, bringing RedotPay’s total capital raised in 2025 to $194 million.
- RedotPay, founded in 2023, aims to reduce costs and settlement times for cross-border payments, particularly in emerging markets, and has partnered with Circle for crypto-to-bank transfers in Brazil.
Top Stories
