At Extreme Investor Network, we are dedicated to providing you with exclusive insights into the world of cryptocurrency and blockchain. Today, we are diving into the recent developments at Bitfarms Ltd., a leading Bitcoin data center operator, in response to claims made by Riot Platforms, Inc.
In a recent statement, Bitfarms addressed what they deemed as misleading claims by Riot Platforms, Inc. Amid ongoing acquisition discussions, Bitfarms clarified that the upcoming special meeting is not about corporate governance as suggested by Riot. Instead, it is seen as an attempt by Riot to acquire Bitfarms at a discounted price. Bitfarms accused Riot of not engaging constructively, refusing to enter a non-disclosure agreement or provide a revised proposal for consideration. This public display by Riot is perceived as favoring Riot shareholders over Bitfarms shareholders.
Bitfarms emphasized that recent leadership changes were made independently to enhance shareholder value, contrasting their strategic planning capabilities with Riot’s proposed board nominees. Additionally, Bitfarms highlighted their strategic acquisition of Stronghold, aimed at diversifying their energy portfolio in the U.S. This move is expected to increase Bitfarms’ energy portfolio to over 950 MW by the end of 2025, with nearly half located in the U.S., aligning with their strategy to optimize operational expertise and data analytics.
The Bitfarms board and management team reiterated their commitment to enhancing shareholder value through strategic transactions and operational improvements. They assured shareholders that no immediate action is required in response to Riot’s amended requisition proposal.
Founded in 2017, Bitfarms is a global leader in Bitcoin data center operations, with facilities in Canada, the U.S., Paraguay, and Argentina, utilizing sustainable energy sources like hydro-electric power.
For further details on Bitfarms’ response to Riot’s claims and their strategic acquisitions, stay tuned to Extreme Investor Network for the latest updates in the world of cryptocurrency and blockchain.