Hut 8 Mining and USBTC Merge to Create Hut 8 Corp
On November 30, Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) announced their merger, forming a new company called Hut 8 Corp or New Hut. This merger brings together 825 MW of energy across 11 sites focused on Bitcoin mining, hosting, managed services, and high-performance computing.
Strategic Positioning for the Bitcoin Halving
The merger aims to strategically position Hut 8 Corp for the upcoming Bitcoin halving event in 2024. The halving, which occurs every four years, will cut the block reward for Bitcoin miners in half overnight. By combining their strengths, Hut 8 Corp plans to stay resilient and continue expanding despite the challenges posed by the halving.
Trading Under New Stock Symbols
Starting December 4, shares of Hut 8 Corp will be traded under the ticker symbol HUT on the Nasdaq stock exchange and the Toronto Stock Exchange. Shareholders of legacy Hut 8 Mining will receive 0.2 shares of New Hut common stock for each Hut 8 share, while USBTC shareholders will receive 0.6716 shares of the new stock for each of their previous shares.
Hot Take: The Largest Publicly Traded Bitcoin Miner
The merger between Hut 8 Mining and USBTC has created Hut 8 Corp, making it the largest publicly traded Bitcoin mining company in terms of hash rate. With this strategic move ahead of the Bitcoin halving event in 2024, Hut 8 Corp aims to position itself for continued growth and efficiency gains. By leveraging economies of scale and operational expertise, the company plans to overcome the challenges that miners will face after the halving. This merger marks a new chapter for both companies as they join forces and rebrand as a U.S.-based entity, strengthening their position in the Bitcoin mining industry.
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