Hut 8 and US Bitcoin Corp can merge, says Canadian court

USBTC shareholders still need to approve of the deal before it goes forward

article-image

Zerbor/Shutterstock modified by Blockworks

share

Hut 8 Mining has gotten the greenlight to merge with US Bitcoin Corp from the Supreme Court of British Columbia in Canada.

This is largely a procedural step forward, but the court’s approval is the latest domino to fall in the prepared business combination between the American and Canadian bitcoin miners that was originally announced in February 2023. 

With over 97% of Hut 8 shareholders approving the merger last week, now shareholders of US Bitcoin Corp (USBTC) must also vote in favor, according to a press release

USBTC also needs to finish its registration statement with the US Securities and Exchange Commission, a customary filing that companies need to fill out preceding and initial public offering. 

Read more: Cutting Costs and Joining Forces, Bitcoin Miners Hoping for Rebound

As was true previously, the new company will be named Hut 8 Corp., and will be based in the US. Shares of the combined firm will be listed on both the Nasdaq and the Toronto Stock Exchange, trading under the symbol “HUT”.

If all the necessary documentation and filings are completed according to plan, the merger is expected to close sometime during the fourth quarter of 2023. 

This news comes after Hut 8 endured a rocky earnings season. It faced a dramatic decline in its year-over-year revenue and bitcoin production in the second quarter of 2023. 

At that time, Hut 8 executives were bullish on their diversification strategy by joining forces with USBTC, which is engaged in hosting and managed infrastructure operations. 

Following the court’s approval, Hut 8’s stock bounced over 4% at the time of publication.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Fifteen million daily failed transactions disappeared from Solana

article-image

FTX debtors will pay the IRS $200M, with an outstanding lower priority claim of $685M

article-image

I’ve come to the realization that more attention is needed to create and sculpt the digital spaces where we live

article-image

The NYSE went down yesterday after a glitch caused a string of erroneous trades. Does DeFi fix this?

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM