08:57 AM EDT, 05/28/2024 (MT Newswires) -- Riot Platforms ( RIOT ) announced Tuesday it has proposed to acquire Bitfarms (BITF) at a price of $2.30 per Bitfarms common share.

The proposal represents roughly $950 million in total equity value. Riot also announced it has accumulated a 9.25% stake in Bitfarms, making it Bitfarms' largest shareholder.

Price: 10.42, Change: +0.05, Percent Change: +0.48