Bitcoin Miner Riot Platforms Ditches Bitfarms Takeover Bid, Seeks to Overhaul Board
Riot is Bitfarms’ largest shareholder, owning 14.9% of the firm.
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Riot is Bitfarms’ largest shareholder, owning 14.9% of the firm.
Crypto is becoming an increasingly important part of Robinhood’s business, accounting for 20% of total revenue in the first quarter, the report said.
The acquisition will potentially allow the trading platform to offer a wider range of crypto products to a more institutional client base, the report said.
The stocks are undervalued, so miners with attractive power contracts could become M&A targets, according to Wall Street analysts.
U.S. listed bitcoin miners draw up to 5 gigawatts of power and have access to an additional 2.5 GW, making them attractive potential takeover targets, the report said.
The miner is looking at options including sale of all or part of the company and other strategic transactions.
The takeover, which hasn’t been previously disclosed publicly, expands the cryptocurrency exchange’s regulatory licensing in the U.S.
DCG CEO Barry Silbert (CoinDesk archives)
Ripple struck a deal to acquire Standard Custody & Trust Co., the company said Tuesday, in order to secure a New York trust charter in an ongoing expansion of its U.S. regulatory licensing.