Canadian Bitcoin Miner Hut 8’s Merger With USBTC Approved by Court

• The group plans to launch a publicly listed company called “New Hut” in the United States.
• The new company plans to issue its stock on the Nasdaq and the Toronto Stock Exchange.

The Bitcoin mining firm Hut 8 in Canada is merging with US Bitcoin (USBTC). A new organization that will have major effects on Bitcoin mining and high-performance computers has been given the go light by the Supreme Court of British Columbia.

The merger, which was announced in February 2023, was subject to several levels of clearance. Both firms’ stockholders and government agencies have input. As a result, the group plans to launch a publicly listed company called “New Hut” in the United States. Furthermore, the new entity will use six Bitcoin mining and data center facilities with a combined 825 megawatt capacity.

Consent of Shareholders Pending

However, the merger is not yet finalized due to the need for further requirements to be completed, such as the consent of USBTC shareholders. Hut 8 is certain that the deal will conclude before the year 2023 ends.

The new company plans to issue its stock on the Nasdaq and the Toronto Stock Exchange under the ticker symbol “HUT.” New Hut common stock will be distributed to stockholders after all documentation is finalized.

And for Hut 8, who just relocated 6,400 ASIC mining machines from a dormant site in Ontario to Texas, the merger is quite intriguing. This change was triggered by an ongoing legal battle with the previous electricity provider, Validus Power. As a result, joining forces with USBTC is a calculated business decision designed to strengthen and grow both companies.

In addition, in August last month, Hut 8 formally established a relationship with Foundry Digital, a division of the Digital Currency Group. Hut 8’s data center in Ontario will be used to power the joint venture’s many products and services.

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