Bitfarms ( BITF ) rejected Riot Platforms' ( RIOT ) unsolicited $2.30 per share takeover bid as undervaluing the crypto miner.The company said it hired investment bank Moelis ( MC ) to serve as a financial adviser in dealing with additional expressions of interest it has received.Crypto ( CRCW ) miner Bitfarms' ( BITF ) rejected rival Riot Platforms' ( RIOT ) takeover bid, saying it "significantly undervalues" the Canadian company.

Riot on Tuesday said it submitted an unsolicited proposal to buy Bitfarms ( BITF ) for $2.30 per share in a deal that would create the world's largest bitcoin miner.

Bitfarms ( BITF ) said the offer was unsatisfactory and that it had received additional unsolicited expressions of interest from other parties.

A committee of the board considering the approach "determined it significantly undervalues the company and its growth prospects," the Toronto-based firm said Wednesday. "In order to advance discussions with Riot in a meaningful manner, the committee requested customary confidentiality and non-solicitation protections to which Riot did not respond."

Bitfarms ( BITF ) also said it hired investment bank Moelis ( MC ) to serve as a financial adviser.

BITF shares rose nearly 5% to $2.31 during early trading on Wednesday.

Read More: Bitcoin Miners Must Optimize to Survive