Bitcon miners Hut 8, USBTC prepares for halving with merger into new company
Hut 8 Mining Corp., a North American Bitcoin (BTC) miner, said it has finalized a merger with US Bitcoin Corp (USBTC) and is rebranding to a U.S.-based entity that would be known as Hut 8 Corp (New Hut), according to a Nov. 30 statement.
The firm stated:
“We are now officially operating as a U.S.-domiciled entity, Hut 8 Corp. with 825 MW of energy under management across 11 sites with self-mining, hosting, managed services, and high performance computing.”
Shares of the newly formed company would begin trading on the Nasdaq and Toronto Stock Exchange (TSX) under the ticker symbol “HUT” by Dec. 4, according to the statement.
Under the merger terms, New Hut shares are issued on a 5 to 1 basis compared to Hut 8 shares. Shareholders of Hut 8 will receive 0.2 shares of New Hut common stock for each Hut 8 share. Similarly, US Bitcoin Corp stockholders will receive 0.6716 New Hut common stock for their shares.
Jaime Leverton, the CEO of New Hut, hailed the merger as the largest in the industry and emphasized how the move combined strengths from both entities to pave the way for future growth. Leverton was the former CEO of Hut 8.
Leverton stated:
“We are excited to move forward and continue growing, with a pipeline of greenfield and brownfield opportunities, integration across the mining value chain, leading operational leverage and expertise, and diverse and uncorrelated fiat revenue streams.”
Asher Genoot, President of New Hut, emphasized the new company’s focus on efficiency that would strategically position it for the upcoming BTC halving.
Genoot remarked:
“New Hut is laser-focused on driving efficiency and improvement across our spectrum of operations to ensure that we are well positioned and uniquely nimble as we approach the halving and beyond.”
In September, Hut 8 obtained definitive approval to merge with USBTC from the Canadian Supreme Court of British Columbia after initiating the development in February. This merger was contingent upon receiving approval from the U.S. and Canadian authorities during that period.
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Filed under: Bitcoin - @ December 1, 2023 2:23 pm