US Bitcoin Corp Announces Merger Progression and Bankruptcy Restructuring Plan Approval
U.S. Data Mining Group, Inc., known as US Bitcoin Corp (USBTC), has made two significant announcements regarding the progression of its merger with Hut 8 Mining Corp and the court approval of the Celsius bankruptcy restructuring plan.
USBTC is moving forward with its all-stock merger with Hut 8, a prominent North American digital asset mining and high-performance computing infrastructure provider. The Securities and Exchange Commission (SEC) declared the registration statement for the merger effective on November 9. Asher Genoot, President and Co-Founder of USBTC, expressed excitement about the merger, emphasizing that joining forces with Hut 8 represents a new phase of growth for their shared company.
The merger is expected to be finalized by November 30, 2023, pending approval from USBTC stockholders and other customary closing conditions. After the merger, the common stock of the new entity, Hut 8 Corp. (“New Hut”), is anticipated to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.
Additionally, USBTC, along with consortium partners Arrington Capital, Proof Group, Steve Kokinos, and Ravi Kaza, has received court approval for the Celsius bankruptcy restructuring plan. This approval is a crucial step for the consortium to begin managing Celsius’s assets and operations.
The approved plan outlines a strategy for establishing and operating a new public, regulatory-compliant company to manage Celsius’ illiquid assets. This move demonstrates USBTC’s commitment to shaping the future of the cryptocurrency industry through operational excellence and innovative solutions.
USBTC is known for its efficiency, eco-friendliness, and large-scale operations in North America. With campuses in New York, Nebraska, and Texas, USBTC aims to set industry standards.
Hut 8 Mining Corp has also received approval from the Canadian Supreme Court for the merger with USBTC. This approval further solidifies the merger’s progression and highlights Hut 8’s commitment to transparency and regulatory compliance in the cryptocurrency mining sector.
Hot Take
The announcements from US Bitcoin Corp signify a significant step forward in their growth strategy through a merger with Hut 8 and their involvement in managing Celsius’s assets post-bankruptcy restructuring plan approval. These developments position them as key players in shaping the future of cryptocurrency operations in North America.
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