Hut 8 and US Bitcoin Merger Approved by Court
A Canadian Bitcoin mining company, Hut 8, is on track to finalize its merger with US Bitcoin (USBTC) after receiving approval from the Supreme Court of British Columbia. This merger will create a new entity called “New Hut” that will have a significant impact on Bitcoin mining and high-performance computing.
Hut 8’s Expansion Plans
The merger, which was announced in February 2023, required approval from shareholders and regulatory bodies. The goal is to establish a publicly traded entity based in the US that will operate six Bitcoin mining and data center facilities with a total capacity of 825 megawatts.
However, the merger is not yet finalized as it still requires approval from USBTC shareholders. Hut 8 expects to complete the final transaction before the end of 2023.
Strategic Movements and Alliances
The new corporation plans to list its shares on the Nasdaq and Toronto stock exchanges under the ticker symbol “HUT.” Hut 8 shareholders will receive New Hut common stock once the deal is completed.
Hut 8 recently relocated 6,400 ASIC mining rigs from an inactive facility in Ontario to Texas due to an ongoing legal dispute with Validus Power, a third-party energy supplier. The merger with USBTC is seen as a strategic move to consolidate and expand operations.
In addition, Hut 8 has formed a partnership with Foundry Digital, a subsidiary of the Digital Currency Group. This partnership will utilize Hut 8’s Ontario-based data center to support various business offerings.
Hot Take: The Future of New Hut Corporation
This merger between Hut 8 and USBTC is a significant milestone for both companies. While it comes with risks and uncertainties, the newly formed New Hut Corporation has the potential to become a major player in the rapidly evolving fields of Bitcoin mining and high-performance computing.
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