Crypto Mining Companies Hut 8 and US Bitcoin Corp Merge to Form New Hut
Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have merged to create a new entity named Hut 8 Corp (New Hut). The merger is considered the largest M&A transaction in the crypto industry. The completion of the merger was announced by Hut 8, a Canada-based company.
Delisting and Relisting Process
As a result of the merger, Hut 8 common stocks will be delisted from the Toronto Stock Exchange and Nasdaq, to be replaced by New Hut common stocks under the ticker symbol “HUT.” Shareholders of Hut 8 will receive 0.2 shares of New Hut common stock for each Hut 8 share held.
New Hut’s Plan for Bitcoin Halving
New Hut’s president, Asher Genoot, shared the company’s plan to prepare for the upcoming Bitcoin halving. With combined resources, New Hut will have access to approximately 825 MW of gross energy across six sites for self-mining, hosting, and managed service operations.
Merger Approval Process
Hut 8 received final clearance from the Supreme Court of British Columbia in September to merge with USBTC. However, the planning process began in February and required approval from U.S. and Canadian authorities. Additionally, USBTC was involved in a legal dispute with the City of Niagara Falls in New York over noise pollution allegations, which was settled in April.
Jack Dorsey’s Support for Decentralized Bitcoin Mining
Jack Dorsey, co-founder of Twitter (now X) and Block, has been promoting decentralized Bitcoin mining operations. He recently led a $6.2 million seed round for Mummolin, the parent company of Ocean, a decentralized Bitcoin mining pool that aims to increase transparency in the mining process and enable miners to receive block rewards directly from Bitcoin.
Hot Take: Hut 8 and US Bitcoin Corp Merge to Form New Hut
Hut 8 Mining Corp. and US Bitcoin Corp have merged to create a new entity called Hut 8 Corp (New Hut). This merger is considered the largest M&A transaction in the crypto industry. With combined resources, New Hut will have access to significant energy capacity for its mining operations. The merger required approval from legal and regulatory authorities in the US and Canada. Additionally, USBTC resolved a legal dispute related to noise pollution allegations before the merger. Meanwhile, Jack Dorsey is actively supporting decentralized Bitcoin mining through his investments in Mummolin’s Ocean mining pool.
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