In a definitive stance against Riot Platforms' acquisition proposal, Bitcoin mining firm Bitfarms clarified its rationale for rebuffing the offer, citing significant undervaluation and concerns over customary protections. Bitfarms articulated its decision in a comprehensive statement released on Wednesday, shedding light on its strategic considerations and commitment to maximizing shareholder value.

Riot's proposal, which aimed to acquire all outstanding shares of Bitfarms at $2.30 per share, fell short of the company's valuation and growth trajectory, according to Bitfarms' assessment. The firm emphasized that Riot's offer failed to accurately reflect Bitfarms' intrinsic value and robust growth prospects, thereby prompting its rejection. Moreover, Bitfarms highlighted Riot's apparent reluctance to engage in discussions regarding customary confidentiality and non-solicitation provisions, further complicating the acquisition process.

To navigate this pivotal juncture, Bitfarms has convened a special committee comprising independent board members to explore strategic alternatives and chart a course that optimizes shareholder value. The committee is diligently assessing various options, including the possibility of pursuing its standalone business plan, exploring strategic partnerships, or entertaining acquisition offers from other interested parties. Amidst this strategic review, Bitfarms remains steadfast in its commitment to driving operational excellence and delivering long-term value to shareholders.

In the wake of Riot's failed acquisition bid, Bitfarms finds itself at the center of heightened investor interest, with multiple parties expressing interest in potential partnerships or acquisitions. Leveraging this momentum, Bitfarms is poised to leverage its operational prowess and industry expertise to capitalize on emerging opportunities and propel its growth trajectory.

Meanwhile, Bitfarms continues its search for a new CEO following the departure of Geoffrey Morphy, with interim leadership provided by chairman and co-founder Nicolas Bonta. Despite the leadership transition, Bitfarms remains focused on enhancing its operational efficiency and expanding its bitcoin mining capabilities. Notably, the firm has made significant strides in optimizing its mining operations, realizing notable efficiency gains and advancing towards its 2024 guidance targets.

As Bitfarms navigates this transformative phase, its steadfast commitment to innovation, operational excellence, and shareholder value creation remains unwavering. By embracing strategic agility and seizing emerging opportunities, Bitfarms is poised to solidify its position as a leader in the dynamic cryptocurrency mining landscape while unlocking sustainable value for its stakeholders.