Shares of Bitfarms (BITF) own jumped on the news that Bitcoin miner Revolt Platforms offered to develop all prominent shares of Bitfarms, which, if accredited, would create the supreme Bitcoin miner firm globally. BITF has risen 6.68% to $2.15 from its old conclude of $2.02, records from Yahoo Finance reveals.

In step with a press liberate published by Revolt Platforms on Tuesday, Revolt proposed to the Bitfarms Board of Directors to develop all prominent shares of Bitfarms at a tag of $2.30, a roughly 7% top rate at presstime and 24% top rate to Bitfarms’ one-month volume-weighted moderate part tag as of Could presumably 24. The entire equity price of the proposal stands at about $950 million.

Revolt’s proposal entails cash and Revolt customary stock, which would give Bitfarms’ shareholders about 17% possession of the blended firm. The proposal is anticipated to present geographic diversification for long-term enhance as the blended firm would own 15 services and products across the US, Canada, Paraguay, and Argentina.

Read Extra: Bitcoin Miners Diversify Their Revenue Streams as Halving Nears

“Whereas now we own got long respected Bitfarms’ industry and management personnel, we are confident that Bitfarms’ shareholders will agree that this Proposal represents a deal more vivid different for Bitfarms than its standalone trajectory,” acknowledged Benjamin Yi, the govtchairman of Revolt, which is also Bitfarms’ largest shareholder with a stake of 9.25%.

Bitfarms’ Preliminary Rejection

Revolt Platforms at the starting up made the offer to develop all prominent shares of Bitfarms on April 22, however the Bitfarms Board of Directors “rejected it with out spirited in substantive dialogue with Revolt,” the click liberate acknowledged.

Revolt had made up our minds to publicly uncover its proposal to Bitfarms shareholders Tuesday in light of allegations stemming from a lawsuit filed by Bitfarms’ former CEO, Geoffrey Morphy who turned into out of the blue terminated earlier within the month.

Morphy on Could presumably 10 filed a lawsuit within the Superior Court docket of Ontario in opposition to Bitfarms “claiming damages for breach of contract, wrongful dismissal and aggravated and punitive damages within the amount of USD $27 million,” a Bitfarms press liberate stated.

“The abrupt termination of the Bitfarms CEO with out a transition conception in location at a vital duration of execution for Bitfarms and the industry, as properly as the allegations, if correct, concerning the actions of sure members of the Bitfarms Board tell out within the lawsuit filed by that these days terminated CEO, elevate severe governance questions,” acknowledged Jason Les, Chief Executive Officer of Revolt.

Shares of Revolt Platforms own elevated roughly 3% from its old conclude of $10.37 to interchange at $10.43 at the time of writing, per Yahoo Finance. Revolt’s market cap stands at practically $3.1 billion, whereas Bitfarms’ market cap sits at $846 million.