May 28 (Reuters) - Riot Platforms ( RIOT ) said on

Tuesday it has offered to acquire all outstanding shares of

Bitfarms ( BITF ) for about $950 million in total equity value,

even after a private proposal was rejected by the crypto miner's

board last month.

"We were disappointed to learn that the Bitfarms Board

rejected our compelling proposal without engaging in substantive

dialogue with us," said Jason Les, Chief Executive Officer of

Riot.

Riot added it has acquired a 9.25% stake in Bitfarms ( BITF ),

becoming the company's largest shareholder, and intends to

request a special shareholder meeting to add a new independent

director to the crypto miner's board.

It has offered $2.30 per Bitfarm share in cash and Riot

stock. U.S.-listed shares of Bitfarms ( BITF ) jumped 7.4% in

early trading.