Bitfarms, a prominent Bitcoin mining firm, has publicly stated its reasons for rejecting Riot Platforms' acquisition proposal in a company statement released on Wednesday.

Riot's offer to acquire all outstanding shares of Bitfarms at $2.30 per share was deemed inadequate by the company, which asserted that it "significantly undervalues the company and its growth prospects." Furthermore, Bitfarms expressed dissatisfaction with Riot's failure to respond to its request for customary confidentiality and non-solicitation protections.

A special committee, comprising independent members of Bitfarms' board of directors, is currently deliberating on the company's next steps. Bitfarms revealed that it has received additional unsolicited expressions of interest, with each party agreeing to customary non-disclosure agreements.

The special committee is undertaking a comprehensive review of strategic alternatives to maximize shareholder value, which may include continuing to execute the company's business plan, pursuing a strategic business combination, or exploring other strategic transactions, including a potential sale of the company.

Despite ongoing leadership transition following the termination of former CEO Geoffrey Morphy, Bitfarms continues to expand its bitcoin mining operations. Interim President and CEO Nicolas Bonta, who stepped in following Morphy's departure, is leading the company through this period of transition.

Bitfarms emphasized its commitment to efficiency and growth, noting notable efficiency gains and progress toward achieving its 2024 guidance of 21 EH/s and 21 w/TH, representing a significant increase in hashrate and efficiency improvement.

Bitfarms' decision to reject Riot's acquisition proposal underscores its confidence in its long-term growth potential and commitment to maximizing shareholder value. As the company explores strategic alternatives, it remains focused on driving operational excellence and expanding its presence in the Bitcoin mining industry.