Riot offers US$2.30/sh for Bitfarms (≈$950M equity), 24% premium to create largest public Bitcoin miner

Riot Platforms, Inc.

Proposal: cash + stock; Bitfarms shareholders would own ~17% of combined entity; no financing contingency.
Riot accumulated 9.25% stake, becoming Bitfarms' largest holder; plans to requisition special meeting for new independent directors.
Combined company would have ~1 GW power, 19.6 EH/s self-mining, with up to 1.5 GW/52 EH/s by year-end.
Riot's balance sheet: >$700M cash, 8,872 unencumbered BTC, de minimis debt; will fully finance Bitfarms' growth.
Original proposal delivered Apr 22 but rejected without dialogue; Riot raises governance concerns after CEO termination.

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