• If the proposal comes to fruition, the combined entity would be the world's largest bitcoin miner, Riot said.
• Bitfarms' shares were up nearly 6% at $2.13 as of 14:00 UTC following Riot's announcement.

Riot Platforms (RIOT) has sought to acquire fellow bitcoin miner Bitfarms (BITF), having acquired a 9.25% in the company to become its large shareholder.

The Castle Rock, Colorado-based miner proposed to by all the outstanding BITF shares for $2.30 apiece, representing a 24% premium to their one-month volume weighted average price as of May 24, Riot announced on Tuesday.

If the proposal comes to fruition, the combined entity would be the world's largest bitcoin miner, Riot added.

Riot privately offered its proposal last month. Riot cited Bitfarms' rejection of the bid along with allegations of a lawsuit by recently fired CEO Geoffrey Morphy as "raising serious questions about whether certain directors are committed to acting in the best interests of all shareholders."

Bitfarms' shares were up nearly 6% at $2.13 as of 14:00 UTC following Riot's announcement.

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