Hut 8 Moves Closer to Finalizing Merger with USBTC in Landmark Supreme Court Approval
Summary:
Canadian Bitcoin mining firm Hut 8 is set to finalize its merger with US Bitcoin (USBTC) after receiving approval from the Supreme Court of British Columbia. The merger will create a publicly traded company called Hut 8 Corporation, or "New Hut", and will open up significant mining capacity across multiple facilities. Hut 8 anticipates the transaction to be completed by the end of 2023. The merged company plans to list its shares on the Nasdaq and Toronto stock exchanges. Additionally, Hut 8 has relocated its mining rigs to Texas due to a legal dispute with an energy supplier. The company has also formed a partnership with Foundry Digital, a subsidiary of Digital Currency Group.
Canadian Bitcoin mining firm Hut 8 is expected to finalize its planned merger with US Bitcoin (USBTC) after receiving final approval from the Supreme Court of British Columbia. The merger, first announced in February 2023, is subject to shareholder and regulatory approval and will result in the formation of a publicly traded company called Hut 8 Corporation, or "New Hut", based in the United States. The merger will allow for the utilization of 825 megawatts of capacity across six Bitcoin mining and data center facilities. The closing of the deal is contingent on the approval of USBTC shareholders, and Hut 8 projects that the final transaction will be completed by the end of 2023. New Hut intends to list its shares on both the Nasdaq and Toronto stock exchanges with the ticker symbol $HUT. Hut 8 recently relocated thousands of ASIC mining rigs from its dormant facility in Ontario to Texas to meet the growing demand for AI and high-performance computing. The move was prompted by a legal dispute with Validus Power, an energy supplier, over alleged contractual breaches. The partnership between Hut 8 and Foundry Digital, a subsidiary of Digital Currency Group, was also announced in August 2023. Hut 8 will support various business offerings for Foundry using its Ontario-based data center, which has been utilized by Foundry for its cryptocurrency mining pool since 2020.
Published At
9/18/2023 12:37:20 PM
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