Mining Firms Hut 8 Mining Corp and US Bitcoin Corp Announce Merger

• The merged business would be headquartered in the United States.
• Shares of Hut 8 Mining (HUT) finished the day up 7% at $2.38.

In an all-stock transaction, Hut 8 Mining Corp. of Canada and US Bitcoin Corp. of the United States have declared their intention to merge. Thus, creating a crypto-mining behemoth in North America. Each company’s board of directors has given its stamp of approval to a corporate merger deal. The Board of Directors has determined that the merged business would be headquartered in the United States. And go by the name Hut 8 Corp.

Furthermore, after the transaction is finalized, the merged business will seek listing on both the Toronto Stock Exchange and the Nasdaq. Hut 8 Corp. will prioritize cost-effective mining, a wide variety of income sources, and ESG standards that set the bar for the whole sector.

Share Prices Surge 7%

Including all six locations, the new company’s mining, hosting, and managed infrastructure activities will have access to around 825 MW of gross energy. Together, the mining operation can boost Bitcoin mining activities and more efficiently manage the infrastructure supporting the mining equipment.

In addition, Jaime Leverton and Asher Genoot will continue in their roles as CEO and President, while Bill Tai will remain in his position as Board Chair. On the other hand, Shenif Visram will remain in her role as CFO and Michael Ho will take on the role of Chief Strategy Officer.

Moreover, shares of Hut 8 Mining (HUT) finished the day up 7% at $2.38, a new all-time high. Pre-market trading on the Nasdaq has seen shares of HUT rise almost 5% to $2.49, according to Marketwatch.