According to PRNewswire, PANews reported on March 22 that Nasdaq-listed Bitcoin mining company Riot Platforms, Inc. announced that it has signed a non-binding term sheet and settlement agreement. Its wholly-owned subsidiary Whinstone may acquire specific assets owned by Bitcoin mining company Rhodium Encore LLC at the Rockdale mine site. According to the terms, Whinstone will provide Rhodium with a total consideration of $185 million, including $129.9 million in cash, a refund of Rhodium's power margin of $6.1 million, and Riot shares worth $49 million. Rhodium will transfer full ownership of tangible property at the Rockdale mine site, including all ASIC mining machines. Whinstone and Rhodium will also withdraw all existing lawsuits, including all appeals, and waive claims unrelated to the transaction's completion.

Previously, Rhodium filed for voluntary bankruptcy under Chapter 11 of the U.S. Bankruptcy Court for the Southern District of Texas last August, disclosing debts of up to $100 million, and sold its Temple mine site for $40.6 million in December. However, most of its mining machines were primarily hosted at the Rockdale mine site. In December, a group of investors filed a class-action lawsuit against Rhodium's founders, alleging fraud by deliberately misleading investors who collectively invested $33 million by concealing key information and engaging in proprietary trading.