Hut 8 completes merger with USBTC

Hut 8 Mining announced the completion of the merger with mining company US Bitcoin (USBTC). The combined company now operates as Hut 8 Corp. (New Hut).

After much anticipation… we’re thrilled to announce the completion of our merger of equals with USBTC! We are now officially operating as a U.S.-domiciled entity, Hut 8 Corp. with 825 MW of energy under management across 11 sites with self-mining, hosting, managed services, and… pic.twitter.com/yJ3uou326o

— Hut 8 (@Hut8Mining) November 30, 2023

“Now we are officially operating as a U.S.-registered legal entity Hut 8 Corp., with 825 MW of energy under management across 11 sites, featuring self-mining, hosting, managed services and high-performance computing,” the statement said.

As a result of the deal, Hut 8’s shares will be delisted from the Toronto Stock Exchange and Nasdaq no later than December 4, 2023. They will be replaced by New Hut securities under the ticker HUT.

“New Hut is focused on improving efficiency and enhancing the full spectrum of our operations to ensure that we are well-positioned and possess unique flexibility as we approach the halving,” said Asher Genut, the company’s president.

As of writing, Hut 8 Mining’s shares are trading at $2.08 (+9.47%).

Earlier, Hut 8 Mining received approval for the merger with USBTC from the Canadian Competition Bureau, Supreme Court of British Columbia and the U.S. Securities and Exchange Commission.

In June, the company agreed with Coinbase to open a $50 million line of credit secured by bitcoins. Leverton said at the time that the funds would provide additional financial flexibility during the halving of the first cryptocurrency’s network.

In July, the miner announced new contracts for providing high-performance computing services, including the artificial intelligence industry.