Riot Platforms has signed a term sheet with Rhodium to acquire certain assets for a consideration of $185 million

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 of Bitcoin mining company Rhodium Encore LLC at the Rockdale facility.

According to the terms, Whinstone will provide a total consideration of $185 million to Rhodium, including $129.9 million in cash, a refund of Rhodium's power deposit of $6.1 million, and $49 million worth of Riot shares. In return, Rhodium will transfer ownership of all tangible assets located at the Rockdale facility, including all ASIC miners. Whinstone and Rhodium will also each withdraw all existing lawsuits, including appeals, and waive all future claims unrelated to the completion of the transaction.