Key Points:
- Hut 8 and US Bitcoin announced that each of their Boards of Directors has unanimously approved a definitive business combination agreement under which the companies will combine in an all-stock merger of equals.
- The combined company will be named Hut 8 Corp. (“New Hut” or the “Combined Company”) and will be a US-domiciled entity.
- The transaction is expected to establish New Hut as a large-scale, publicly traded Bitcoin miner focused on economic mining and highly diversified revenue streams.
Hut 8 Mining, a Canadian company that specializes in cryptocurrency mining, has announced plans to combine with US Bitcoin to establish Hut 8 Corp (or New Hut).
In a statement on February 7, Hut 8 stated that the boards of directors of the two companies had unanimously accepted a binding agreement to combine the two mining companies into one new company with its headquarters in the United States.
Hut 8 Mining and US Bitcoin, or USBTC, will combine into New Hut as a result of the agreement, becoming subsidiaries of the new company, with stockholders holding 50% of it.
Following the acquisition, six facilities totaling about 825 megawatts would purportedly be available to the New Hut firm for use in crypto mining and other operations. This will consist of five locations with a self-mining capacity of 5.6 exahashes per second (EH/s), located in New York, Texas, and the state of Alberta in Canada.
Jaime Leverton, the CEO of Hut 8, stated:
“Our established track record of creating shareholder value through organic growth and strategic acquisitions while maintaining a balance sheet-first approach has positioned us perfectly to advance our growth trajectory through this business combination. Bringing together Hut 8’s operational track record and diversified revenue streams with US Bitcoin’s scalable mining sites, sizeable hosting business, and industry-leading managed infrastructure operations not only accelerates our diversified strategy and positions us for near-term growth, but also establishes us as a strong, U.S.-based player that is ready and able to seize additional opportunities as they arise.”
Subject to the execution of formal loan paperwork, Hut 8 will offer USBTC-secured bridging financing in the amount of up to $6.5 million.
A facility run by USBTC near Niagara Falls, New York, has stirred up debate on the local level as a result of noise concerns. The company is promoting a brand-new business strategy that makes money by managing mining sites. Through a partnership with a major energy partner, USBTC purchased a 220 MW property in King Mountain, Texas, from the bankrupt hosting company Compute North.
Court and regulatory permission by U.S. and Canadian authorities are still pending on the merger. Hut 8 further said that USBTC and the City of Niagara Falls were engaged in a legal conflict.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
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Hut 8 And US Bitcoin Merge To Create New Company
Key Points:
- Hut 8 and US Bitcoin announced that each of their Boards of Directors has unanimously approved a definitive business combination agreement under which the companies will combine in an all-stock merger of equals.
- The combined company will be named Hut 8 Corp. (“New Hut” or the “Combined Company”) and will be a US-domiciled entity.
- The transaction is expected to establish New Hut as a large-scale, publicly traded Bitcoin miner focused on economic mining and highly diversified revenue streams.
Hut 8 Mining, a Canadian company that specializes in cryptocurrency mining, has announced plans to combine with US Bitcoin to establish Hut 8 Corp (or New Hut).
In a statement on February 7, Hut 8 stated that the boards of directors of the two companies had unanimously accepted a binding agreement to combine the two mining companies into one new company with its headquarters in the United States.
Hut 8 Mining and US Bitcoin, or USBTC, will combine into New Hut as a result of the agreement, becoming subsidiaries of the new company, with stockholders holding 50% of it.
Following the acquisition, six facilities totaling about 825 megawatts would purportedly be available to the New Hut firm for use in crypto mining and other operations. This will consist of five locations with a self-mining capacity of 5.6 exahashes per second (EH/s), located in New York, Texas, and the state of Alberta in Canada.
Jaime Leverton, the CEO of Hut 8, stated:
“Our established track record of creating shareholder value through organic growth and strategic acquisitions while maintaining a balance sheet-first approach has positioned us perfectly to advance our growth trajectory through this business combination. Bringing together Hut 8’s operational track record and diversified revenue streams with US Bitcoin’s scalable mining sites, sizeable hosting business, and industry-leading managed infrastructure operations not only accelerates our diversified strategy and positions us for near-term growth, but also establishes us as a strong, U.S.-based player that is ready and able to seize additional opportunities as they arise.”
Subject to the execution of formal loan paperwork, Hut 8 will offer USBTC-secured bridging financing in the amount of up to $6.5 million.
A facility run by USBTC near Niagara Falls, New York, has stirred up debate on the local level as a result of noise concerns. The company is promoting a brand-new business strategy that makes money by managing mining sites. Through a partnership with a major energy partner, USBTC purchased a 220 MW property in King Mountain, Texas, from the bankrupt hosting company Compute North.
Court and regulatory permission by U.S. and Canadian authorities are still pending on the merger. Hut 8 further said that USBTC and the City of Niagara Falls were engaged in a legal conflict.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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