Riot made an offer to buy Bitfarms. Got rejected and is now going hostile!
Hi HODLers, Hiveans and Lions,
We learned late last week that Riot tried to bid and acquire Bitfarms at an offer price of $2.3 per share. $BITF is currently trading at these levels so this was not a very attractive offer in my opinion and it was refused by Bitfarms board.
Bitfarms also communicated that they have received other interests from investor and industry competitors.
Finally, today (June, 3rd) we learned that Riot has bought more than 11% of $BITF total shares on the market! So they got denied and are now trying the hostile takeover!
I used to believe Bitfarms was a great investment but it did not turn out that way yet. Nevertheless, $BTC price increasing and these recent news make me more hopeful. I would like to close my position with a profit which should be soon enough if price action continues upwards.
I also realized that I do not really believe in #bitcoin miners as it is a very capital intensive and volatile business. After a lot of thoughts, I much prefer my current $COIN (Coinbase) position and selling out PUTs on it to generate cashflows.
In 10 years, if Crypto is still a thing, I expect Coinbase to be 10x more valuable than today, not sure it would be the case for Riot, Bitfarms, etc...
Any thoughts about the best stock to invest in Crpytocurrencies?
Stay safe out there,
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