08:12 AM EDT, 03/24/2025 (MT Newswires) -- Riot Platforms ( RIOT ) said Friday it has entered a non-binding term sheet for a potential $185 million acquisition by its Whinstone US subsidiary of assets owned by Rhodium Encore at Riot's Rockdale facility and the filing of a motion to approve a settlement in Rhodium's bankruptcy case.

According to the terms outlined in the term sheet, Whinstone or an affiliate will pay Rhodium $129.9 million in cash, a $6.1 million return of Rhodium's security deposit, and $49.0 million in Riot shares, the company said.

In exchange, Riot will assume ownership of all tangible property located at Rockdale, including miners, and Rhodium will vacate the site within three business days after the closing of the transaction, the company said.

Under the term sheet, Whinstone and Rhodium will also dismiss all existing litigation and release any and all future claims not connected to the closing of the transaction, the company said.

The transaction and settlement will be subject to bankruptcy court approval, the company said.