Bitfarms Addresses Riot’s Misleading Claims Amid Acquisition Talks

Bitfarms
Ltd.
(NASDAQ/TSX:
BITF),
a
prominent
Bitcoin
(BTC)
data
center
operator,
has
issued
a
statement
addressing
what
it
describes
as
misleading
claims
made
by
Riot
Platforms,
Inc.
(NASDAQ:
RIOT).
The
statement
comes
amid
ongoing
acquisition
discussions,
according
to

GlobeNewswire.

Bitfarms’
Position
on
Riot’s
Claims

Bitfarms
clarified
that
the
upcoming
special
meeting
is
not
about
corporate
governance,
as
Riot
has
suggested,
but
is
instead
an
attempt
by
Riot
to
acquire
Bitfarms
at
a
discounted
price.
Bitfarms
accused
Riot
of
refusing
to
engage
constructively,
including
declining
to
enter
a
non-disclosure
agreement
or
provide
a
revised
proposal
for
consideration.
Bitfarms
stated
that
Riot’s
public
actions
are
aimed
at
benefiting
Riot
shareholders
at
the
expense
of
Bitfarms
shareholders.

Recent
Leadership
and
Strategic
Moves

Bitfarms
emphasized
that
its
recent
board
and
leadership
changes
were
made
independently
of
Riot’s
influence,
aiming
to
enhance
shareholder
value.
The
company
highlighted
its
team’s
expertise
and
strategic
planning
capabilities,
contrasting
this
with
Riot’s
proposed
board
nominees,
whose
potential
contributions
remain
unclear.

Strategic
Acquisition
of
Stronghold

Bitfarms
also
addressed
its
proposed
acquisition
of
Stronghold,
aimed
at
diversifying
its
energy
portfolio
towards
the
U.S.
The
transaction
is
expected
to
add
up
to
307
MW
of
power
capacity,
positioning
Bitfarms
to
increase
its
energy
portfolio
to
over
950
MW
by
the
end
of
2025,
with
nearly
50%
located
in
the
U.S.
This
move
aligns
with
Bitfarms’
strategy
to
leverage
operational
expertise
and
proprietary
data
analytics
to
optimize
Stronghold’s
sites.

Focus
on
Shareholder
Value

The
Bitfarms
board
and
management
team
reiterated
their
commitment
to
enhancing
shareholder
value
through
strategic
transactions
and
operational
improvements.
The
company
assured
shareholders
that
no
immediate
action
is
required
in
response
to
Riot’s
amended
requisition
proposal,
which
will
be
considered
in
due
course.

About
Bitfarms
Ltd.

Founded
in
2017,
Bitfarms
is
a
global
leader
in
vertically
integrated
Bitcoin
data
center
operations.
The
company
develops,
owns,
and
operates
mining
facilities
with
in-house
management
and
company-owned
electrical
engineering
and
installation
services.
With
12
operating
data
centers
and
two
under
development
in
Canada,
the
U.S.,
Paraguay,
and
Argentina,
Bitfarms
is
committed
to
using
sustainable
energy
sources,
predominantly
hydro-electric
power.

For
more
information,
visit

GlobeNewswire.

Image
source:
Shutterstock