tl;dr
Riot Platforms (RIOT) has proposed to acquire fellow bitcoin miner Bitfarms (BITF) by purchasing all outstanding BITF shares for $2.30 each, representing a 24% premium. If successful, the combined entity would become the world's largest bitcoin miner. Bitfarms' shares rose nearly 6% to $2.13 followi...
Riot Platforms (RIOT) has proposed to acquire fellow bitcoin miner Bitfarms (BITF) by purchasing all outstanding BITF shares for $2.30 each, representing a 24% premium. If successful, the combined entity would become the world's largest bitcoin miner.
Bitfarms' shares rose nearly 6% to $2.13 following Riot's announcement. This comes after Riot acquired a 9.25% stake in Bitfarms, making it the largest shareholder. Bitfarms' rejection of the bid and a lawsuit by its recently fired CEO have raised concerns about the directors' commitment to shareholders' interests.
If the proposal comes to fruition, the combined entity would be the world's largest bitcoin miner, Riot said.
Bitfarms' shares were up nearly 6% at $2.13 as of 14:00 UTC following Riot's announcement. VolumeMute Unmute APTOS' APT TOKEN DOWN 52% IN APRIL AFTER BOOMING MARCH: VANECK Key Events You Shouldn't Miss at Consensus 2024 02:13 Key Events You Shouldn't Miss at Consensus 2024 What to Expect From Consensus 2024 11:19 What to Expect From Consensus 2024 Will Solana and Altcoins Dominate the Market Next? 13:29 Will Solana and Altcoins Dominate the Market Next? What's Next for FIT21? 07:15 What's Next for FIT21? Riot Platforms (RIOT) has sought to acquire fellow bitcoin miner Bitfarms (BITF), having acquired a 9.25% in the company to become its large shareholder.
The Castle Rock, Colorado-based miner proposed to buy all the outstanding BITF shares for $2.30 apiece, representing a 24% premium to their one-month volume weighted average price as of May 24, Riot announced on Tuesday. If the proposal comes to fruition, the combined entity would be the world's largest bitcoin miner, Riot added. Riot privately offered its proposal last month.
Riot cited Bitfarms' rejection of the bid along with allegations of a lawsuit by recently fired CEO Geoffrey Morphy as "raising serious questions about whether certain directors are committed to acting in the best interests of all shareholders." Bitfarms' shares were up nearly 6% at $2.13 as of 14:00 UTC following Riot's announcement. Read More: Bitcoin Miner Stronghold Looking at Options, Including Sale of Company
More about Semler Scientific Inc
Semler Scientific Inc Summary Semler Scientific Inc Summary
Semler Scientific, Inc. develops, manufactures, and markets proprietary products that help healthcare providers evaluate and treat patients with chronic conditions in the United States. The company is headquartered in Santa Clara, California.
Industry
Life Sciences
Sector
Electromedical & Electrotherapeutic Apparatus
Market Cap
$164,775,000
Price/Earnings Ratio
8.39
Dividend Yield
None
Beta
2.78
52-Week High
$9.72
52-Week Low
$2.78
Price to Sales Ratio
0.329
Volume
65,881,000
Revenue
$40
Return on Assets
0.238
Return on Equity
-0.127
More about Riot Blockchain Inc
Riot Blockchain Inc Summary Riot Blockchain Inc Summary
Riot Blockchain, Inc. focuses on cryptocurrency mining operations in North America. The company is headquartered in Castle Rock, Colorado.
Industry Information
Industry: Life Sciences
Subindustry: In Vitro & In Vivo Diagnostic Substances
Financial Data
Market Cap: $2,994,700,000
Stock Price: $24.69
Dividend Yield: None
EPS: $0.42
P/E Ratio: 1.448
Beta: 0.501
Volume: 286,738,000
Avg. Volume: 17.86
Revenue: $6.36
Net Income: $0.083
More about Bitfarms Ltd
Bitfarms Ltd
Industry: Technology, Services-Computer Programming, Data Processing, etc.
Market Cap: $786.016 million
Dividend Yield: None
P/E Ratio: -0.4
EPS: 0.577
ROE: -0.638
Volume: 166,633,000
Current Price: $4.04
52-Week High: $0
52-Week Low: $0.674