Hut 8 Mining To Combine With US Bitcoin In All-stock Merger Of Equals
(RTTNews) - Digital asset miner Hut 8 Mining Corp. (HUT, HUT.TO) on Thursday agreed to a proposed business combination with U.S. Data Mining Group, Inc. dba US Bitcoin Corp (USBTC) under which they will combine in an all-stock merger of equals.
The combined company will be named "Hut 8 Corp." and will be a U.S.-domiciled entity. The transaction is expected to establish the combined entity as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.
The combined entity has filed a further amendment to its Form S-4 Registration Statement with the U.S. Securities and Exchange Commission with the expected installed self-mining capacity increased to 7.5 EH/s from the previously disclosed 7.02 EH/s at mining facilities in Medicine Hat and Drumheller in Alberta; Niagara Falls, New York; Kearney, Nebraska; and Granbury and King Mountain, Texas upon the close of the transaction.
The improvement is due to the energization of additional miners at USBTC's sites. The 1.7 EH/s installed self-mining capacity at the King Mountain, Texas site is owned by the joint venture in which USBTC has a 50% membership interest alongside a leading energy partner.
The completion of the transaction remains subject to the remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions of the transaction.
Hut 8 Says Reorganization Plan In Celsius Network LLC Bankruptcy Proceedings Approved By Court
European Shares Seen Higher At Open
Sensex Nifty Decline On Tariff Worries
European Economic News Preview: Eurozone Economic Sentiment Data Due
Australian Market Trims Early Losses In Mid-market
Asian Markets Trade Mostly Higher
Sensex, Nifty Set To Open Lower As New U.S. Tariffs Take Effect
