07:15 AM EDT, 09/04/2024 (MT Newswires) -- Bitfarms Ltd. ( BITF ) , a global player in vertically integrated Bitcoin data center operations, on Wednesday issued a statement in response to the amended requisition proposal and what it calls the "associated misleading claims" made by Riot Platforms, Inc.

Bitfarms ( BITF ) -- which saw its shares drop near 10% on the TSX yesterday -- in its statement today said its Board will consider and respond to Riot's amended requisition proposal in due course. No shareholder action is required at this time, it added.

Wednesday's statement said: "The upcoming special meeting is not about corporate governance, as Riot has repeatedly positioned it to be, but rather about Riot attempting to acquire Bitfarms ( BITF ) at a discounted price for the benefit of Riot shareholders, not Bitfarms ( BITF ) shareholders. Riot has declined to engage with us constructively -- including by refusing to enter into a standard non-disclosure agreement with Bitfarms ( BITF ) or put forth a revised proposal for our consideration -- and has instead taken to public attacks and actions to harm the interests of other Bitfarms ( BITF ) shareholders.

"The recent Board and leadership changes that Bitfarms ( BITF ) has implemented were made independently of Riot, on behalf of all of our shareholders, to ensure the right team is in place to enhance shareholder value at Bitfarms ( BITF ), not for Riot's benefit and approval. The Bitfarms ( BITF ) team is best in class, comprising the right mix of skills and experience to effectively oversee the company's strategic plan. On the contrary, it is not clear how Riot's nominees could enhance the Board.

"Our recent proposed acquisition of Stronghold is consistent with our strategy to diversify our access to power and also rebalances our energy portfolio towards the U.S. Through this transaction, we will leverage our operational expertise and proprietary data analytics system to build on Stronghold's capabilities and further optimize its sites to advance the combined company's position in the marketplace. The transaction could add up to 307 MW of power capacity and is expected to put Bitfarms ( BITF ) on track to increase its energy portfolio to over 950 MW, with nearly 50% in the U.S., by year-end 2025.

"The Board and management team are focused on the tremendous value enhancing opportunity this transaction presents for Bitfarms ( BITF ) and our shareholders. We remain steadfast in our commitment to delivering exceptional value in the near and long term."