Riot Platforms just withdrew its offer to takeover Bitfarms: find out more

Core Viewpoint - Riot Platforms withdrew its $2.30 per share offer to acquire Bitfarms, which was valued at approximately $950 million, but remains committed to pursuing a transaction contingent on changes to Bitfarms' board [1][2][3]. Group 1: Acquisition Dynamics - Bitfarms rejected Riot Platforms' acquisition proposal, prompting Riot to seek board changes as a prerequisite for further negotiations [2][3]. - Riot Platforms nominated three candidates for Bitfarms' board, indicating a strategy to gain influence within Bitfarms' governance structure [3]. - Riot holds a nearly 15% stake in Bitfarms, which it is leveraging to push for boardroom changes essential for advancing acquisition plans [3]. Group 2: Financial Performance - Bitfarms reported $50 million in revenue for Q1, reflecting a year-over-year increase of about 9.0%, with a gross mining margin of 59% [4]. - The Canadian tax authorities confirmed a $24 million VAT refund for Bitfarms, enhancing its financial flexibility for future growth initiatives [5].