2024-05-28 11:55:17 ET
Usually stocks rip on a merger or acquisition announcement when shareholders of the target company would greatly benefit from the deal. It’s not every day that we see a rally following a rejected proposal, but that’s exactly what we saw on Tuesday morning after it was announced that %Bitfarms (Nasdaq: ) (TSX: BITF) rejected a proposal from competitor %RiotPlatforms (Nasdaq: ) to acquire Bitfarms at $2.30/share.
Traders were surprisingly excited on the nixed deal as shares of Bitfarms climbed up to $2.21/share (+9.41%) at the early session high. It should be an exciting session for this stock!
Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) %Bitcoin (CRYPTO: ) mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company's proprietary data analytics system delivers best-in-class operational performance and uptime. Bitfarms currently has 10 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure.