The Supreme Court of British Columbia granted Hut 8 Mining the final order necessary for the merger with the mining company US Bitcoin (USBTC). This is stated in the пресс-релизе.
In March, the firm received approval from the Canadian Competition Bureau.
Under the terms of the agreement, the miners will merge through a stock merger. The new entity, named Hut 8 Corp, will be based in the United States and will own a hash rate of 5.6 EH/s with access to 825 MW of capacity across six sites. The company announced these plans in February.
The closing of the deal is contingent on ‘certain conditions, including the effectiveness of the USBTC registration statement, shareholder approvals and other factors’, Hut 8 representatives said.
The merger is expected to close in the fourth quarter of 2023. New Hut intends to list shares on Nasdaq and the Toronto Stock Exchange under the ticker HUT.
Earlier, under the deal, Hut 8 agreed to provide the partner with a credit line of $50 million secured by bitcoins. Leverton said at the time that the funds would provide additional financial flexibility during the halving of the first cryptocurrency.
In July, the miner announced new contracts for providing services in the field of high-performance computing, including the artificial intelligence industry.
Earlier ForkLog published a piece with the key metrics of mining companies for August.