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3rd Largest Bitcoin Miner on Wall Street Acquires Crypto Competitor for $93 Million
Riot Platforms (NASDAQ: RIOT), the third largest Bitcoin mining company by market capitalization, announced this week its acquisition of Kentucky-based Block Mining for $92.5 million. The deal immediately boosts Riot's hash rate and expands its geographical footprint beyond Texas into new energy markets. The transaction, which closed on July 23, involves an $18.5 million cash payment and $74 million in Riot common stock. An additional earn-out of up to $32.5 million is possible through 2025, contingent on Block Mining securing additional power purchase agreements. Block Mining operates two sites in Kentucky with a ... (full story)
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- Posted: Jul 25, 2024 8:20pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 155
