Riot Platforms Offers Bitfarms Acquisition Worth IDR 15.2 Trillion

JAKAFRTA - Riot Platforms on Tuesday announced that they had offered to acquire all outstanding Bitfarms shares with a total equity value of around US$950 million (Rp15.2 trillion), although their personal proposal was rejected by the crypto mining council last month.

"We are disappointed to know that the Bitfarms Council rejected our attractive proposal without having a substantial dialogue with us," said Jason Les, Riot's Chief Executive Officer.

Riot added that it had acquired 9.25% of Bitfarms' shares, made it the company's largest shareholder, and intends to ask for a special shareholder meeting to add a new independent director to the crypto mining council.

Riot offered $2.30 per share of Bitfarms in cash and Riot shares. US-listed Bitfarms shares jumped 7.4% in early trading.