Bitfarms Addresses Riot's Claims Amid Strategic Growth Plans
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Bitfarms Responds to Misleading Claims from Riot
TORONTO, Ontario and BROSSARD, Québec - Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent leader in the Bitcoin data center landscape, has publicly addressed recent misleading assertions made by Riot Platforms, Inc. Understanding the context of these statements is crucial, as the upcoming special meeting is not about corporate governance. Instead, it centers on Riot's attempt to acquire Bitfarms at a reduced price, mainly benefiting Riot's shareholders rather than our own.
Commitment to Shareholder Value
The leadership changes recently implemented by Bitfarms reflect our dedication to enhancing shareholder value. These decisions were made independently to place a highly skilled team at the helm, capable of driving Bitfarms' strategic vision. Our commitment lies with our shareholders, ensuring they receive the best possible outcomes while solidifying our market position.
Strategic Acquisition of Stronghold
In alignment with our growth strategy, Bitfarms has proposed an acquisition of Stronghold. This transaction is designed to diversify our energy portfolio and enhance our operational capabilities. By leveraging our expertise in data analytics and efficient energy usage, we anticipate adding significant power capacity to our operations - up to 307 MW, boosting our energy portfolio to an impressive 950 MW, with nearly half sourced from the United States by the end of 2025.
Focus on Operational Excellence
Bitfarms is steadfastly focused on maximizing the value generated by our strategic initiatives. Our operational prowess and innovative approaches promise to keep us at the forefront of the Bitcoin mining industry while providing significant returns to our shareholders. We are committed to capitalizing on every opportunity that helps us solidify our leading position and create value over the long haul.
Next Steps and Board Considerations
Our Board will carefully review Riot's amended requisition proposal and respond appropriately. Importantly, no immediate action from shareholders is required, underscoring our responsible approach in addressing these matters. The objective will always be to safeguard the interests of Bitfarms' stakeholders above all else.
About Bitfarms Ltd.
Founded in 2017, Bitfarms operates as a fully integrated Bitcoin data center company, deriving its mining power from environmentally sustainable energy solutions predominantly sourced from hydroelectric facilities. Our operations span across 12 active Bitcoin data centers and two more under development, strategically positioned across several countries. Our dedication to responsible energy practices shows our commitment to sustainability while enhancing operational efficiency.
Frequently Asked Questions
What recent statements have been issued by Bitfarms?
Bitfarms issued a public response to claims made by Riot, emphasizing their intention to protect shareholder interests.
What is the strategic significance of acquiring Stronghold?
The acquisition of Stronghold aims to diversify Bitfarms' energy portfolio and enhance operational efficiency with an additional power capacity of up to 307 MW.
How is Bitfarms ensuring shareholder value?
By implementing leadership changes and pursuing strategic acquisitions, Bitfarms is focused on maximizing long-term value for its shareholders.
What will happen with Riot's amended requisition proposal?
The Bitfarms Board is reviewing Riot's proposal and will provide a considered response while safeguarding shareholder interests.
How can shareholders stay informed about Bitfarms?
Shareholders can visit Bitfarms' official website and follow the company's financial releases and updates through various online platforms.
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