Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The organization intends to establish a publicly traded entity named “New Hut” in the United States.
- The new entity aims to list its shares on the Nasdaq and the Toronto Stock Exchange.
The Bitcoin mining company Hut 8 based in Canada is merging with US Bitcoin (USBTC). The Supreme Court of British Columbia has approved the formation of a new entity that will significantly impact Bitcoin mining and high-performance computing.
The merger, which was revealed in February 2023, required multiple levels of approval. Shareholders from both companies and regulatory bodies provided their input. Consequently, the organization plans to create a publicly listed company called “New Hut” in the United States. Additionally, the new entity will operate six Bitcoin mining and data center facilities with a total capacity of 825 megawatts.
Shareholder Approval Required
Related Posts
Nonetheless, the merger has not yet been completed as additional conditions must be fulfilled, including obtaining the approval of USBTC shareholders. Hut 8 is confident that the transaction will be finalized before the conclusion of 2023.
The new entity plans to list its shares on the Nasdaq and the Toronto Stock Exchange under the ticker symbol “HUT.” Common stock of New Hut will be allocated to shareholders once all necessary documentation is completed.
For Hut 8, which recently transferred 6,400 ASIC mining machines from an inactive site in Ontario to Texas, the merger presents an interesting opportunity. This relocation was prompted by an ongoing legal dispute with the former electricity supplier, Validus Power. Therefore, partnering with USBTC is a strategic business move aimed at enhancing and expanding both organizations.
Moreover, in August, Hut 8 officially formed a partnership with Foundry Digital, a subsidiary of the Digital Currency Group. Hut 8’s data center in Ontario will support the various products and services of the joint venture.
Highlighted Crypto News Today:
Bitcoin Price Experiences Significant Increase; Will Bulls Sustain the Momentum?
