Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Hut 8 Mining’s Merger with USBTC Gets BC Supreme Court Nod
M&A | Sep 19, 2023
Image: Unsplash/Kanchanara
Hut 8 Mining has received the final nod from the Supreme Court of British Columbia to merge with U.S. Data Mining Group, known as US Bitcoin Corp.
This strategic move aims to bolster their position in the North American market, combining both bitcoin and fiat revenues. The merger is expected to enhance their operational capacity and expand their presence in the stock market.
Final Approval for Merger
- Hut 8 Mining has secured the final court approval from the Supreme Court of British Columbia to complete its merger with U.S. Data Mining Group, which operates under the name US Bitcoin Corp. This merger had been in the works since February 2023 and was contingent on both shareholder and regulatory approvals.
See: Proposed Changes to Crypto Mining GST/HST Rules: What’s Capture and What’s Not?
Strategic Positioning
- The merger is an all-stock merger of equals and is anticipated to create a robust business entity in North America, backed by both bitcoin and fiat revenues. The combined entity, named Hut 8 Corporation or "New Hut," will be publicly traded in the United States. This move is expected to significantly enhance their operational capacity, with access to 825 megawatts across six Bitcoin mining and data center facilities.
Future Plans and Challenges
- New Hut has plans to list its shares on major stock exchanges, including the Nasdaq and Toronto stock exchanges, under the ticker "HUT." However, Hut 8 has faced challenges, including relocating mining rigs from Ontario to Texas and dealing with a legal dispute with Validus Power. Despite these challenges, partnerships like the one with Foundry Digital in August 2023 indicate a positive trajectory for the company.
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