{"id":75369,"date":"2023-03-10T19:09:49","date_gmt":"2023-03-10T17:09:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75369"},"modified":"2025-09-10T11:11:43","modified_gmt":"2025-09-10T08:11:43","slug":"canadian-regulator-approves-hut-8-and-us-bitcoin-merger","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/canadian-regulator-approves-hut-8-and-us-bitcoin-merger\/","title":{"rendered":"Canadian regulator approves Hut 8 and US Bitcoin merger"},"content":{"rendered":"<p>Canada&#8217;s Competition Bureau does not intend to challenge the Hut 8 Mining and US Bitcoin merger, <a href=\"https:\/\/www.prnewswire.com\/news-releases\/hut-8-provides-update-on-business-combination-with-usbtc-301768650.html\">\u0433\u043e\u0432\u043e\u0440\u0438\u0442\u0441\u044f<\/a> in a press release.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAs we continue to work on closing the proposed deal with USBTC, the publication of the non-action letter from the regulator is a positive development,\u201d<\/p>\n<\/blockquote>\n<p>said Hut 8 CEO Jamie Leverton.<\/p>\n<p>According to the release, the closing of the merger depends on approvals from other government bodies, court and shareholder approvals, as well as other conditions.<\/p>\n<p>The plans to merge the company <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-and-us-bitcoin-to-merge-into-new-hut-8-corp\">announced<\/a> in February 2023. The new structure, named Hut 8 Corp, will be based in the United States and will hold a hashrate of 5.6 EH\/s with access to 825 MW of capacity across six facilities.<\/p>\n<p>Under the agreements, Hut 8 agreed to provide the partner with interim financing in the range of $6-6.5 million for a transitional period. Leverton noted that these funds are drawn from <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-mining-raises-reserves-to-8925-btc\">accumulated Bitcoin reserves<\/a>.<\/p>\n<p>Hut 8 is listed on the Nasdaq and the Toronto Stock Exchange. At the time of writing, the Canadian company&#8217;s shares had risen 2.35%, to $1.29.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-03-10-v-19.04.45.webp\" alt=\"Snimok-ekrana-2023-03-10-v-19.04.45\" class=\"wp-image-200173\"\/><figcaption>Data: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/hut\" target=\"_blank\" rel=\"noreferrer noopener\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>In 2022, the mining company <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-reports-annual-revenue-of-109-million-and-growth-in-bitcoin-mining\">generated revenue<\/a> of 150.7 million <span data-descr=\"Canadian dollar\" class=\"old_tooltip\">CAD<\/span> ($109 million). Compared with the previous period, the figure fell by CAD 23.1 million amid higher Bitcoin mining activity.<\/p>\n<p>In January 2023, Hut 8 mined 188 BTC and <a href=\"https:\/\/forklog.com\/en\/news\/hut-8-raises-bitcoin-reserves-to-9274-btc\">raised the reserve balance to 9,274 BTC<\/a>. However the firm warned that it would sell all cryptocurrency mined during the month to fund operating expenses in connection with the merger.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Competition Bureau does not intend to challenge the merger of Hut 8 Mining and US Bitcoin (USBTC). This is stated in a press release.<\/p>\n","protected":false},"author":1,"featured_media":75370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[771,1137,1136,1235],"class_list":["post-75369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canada","tag-cryptocurrency-mining","tag-hut-8","tag-mergers-and-acquisitions"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75369"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75369\/revisions"}],"predecessor-version":[{"id":75371,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75369\/revisions\/75371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75370"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}