Riot Platforms has signed a terms list with Rhodium to acquire some of its assets for a consideration of 185 million US dollars

Nasdaq-listed Bitcoin mining company Riot Platforms, Inc. announced that it has signed a non-binding term sheet for its wholly-owned subsidiary Whinstone to potentially acquire certain assets owned by Bitcoin mining company Rhodium Encore LLC at the Rockdale mine. According to the terms, Whinstone will provide Rhodium with a total consideration of $185 million, including $129.9 million in cash, refunding Rhodium's power deposit of $6.1 million, and Riot shares worth $49 million. In return, Rhodium will transfer all tangible property rights located at the Rockdale mine, including all ASIC miners. Both Whinstone and Rhodium will also withdraw all existing lawsuits and appeals and waive any future claims unrelated to the completion of this transaction.

Previously reported news revealed that last August, Rhodium voluntarily filed for bankruptcy under Chapter 11 in the Southern District Court of Texas revealing up to $100 million in debt; it sold its Temple mine for $40.6 million in December but most of its miners are primarily hosted at the Rockdale mine.