On March 22, according to official sources, Bitcoin mining company Riot Platforms, Inc. announced that its wholly-owned subsidiary Whinstone US, Inc. has signed potential acquisition terms with Rhodium Encore LLC.

According to the terms list, after the transaction is completed, Whinstone will provide Rhodium with a total of $185 million, including: (i) $129.9 million in cash; (ii) $6.1 million returned as Rhodium's power margin; (iii) $49 million in Riot stocks, which will be priced based on the volume-weighted average price of the last 10 trading days before the transaction is completed.

In exchange for the transaction, Rhodium will transfer all tangible assets at the Rockdale facility, including all ASIC mining machines, and will vacate the site within three working days after the transaction is completed. Thereafter, Riot will immediately take over Rhodium's 125 MW power capacity and existing operational assets at the Rockdale facility, thereby using the entire Rockdale facility's power load for its own use. Whinstone and Rhodium will also withdraw all existing litigation, including any appeals, and waive all future claims unrelated to the transaction completion.