Hut 8
Mining Corp. (NASDAQ:HUT), a digital asset mining company
from North America, has announced an all-stock merger of equals with an
operator of four Bitcoin (BTC) mining centers in the USA, US Bitcoin.
US Bitcoin and Hut 8 Join
Forces
According
to the press release, the combined company will be named Hut 8 Corp. The primary
goal of a merger is to create a publicly-trader crypto mining firm working on a
large scale, focused on diversifying revenue streams, cheaper mining and ESG practices.
The Boards
of Directors of both companies have unanimously agreed to merge, and the new Board
will consist of the five directors of Hut 8 and the five directors of US
Bitcoin. Bill Tai will retain the position of Board Chairman, Jaime Leverton
will remain the CEO, and Asher Ganoot will still serve as President. Michael Ho
will be appointed the Chief Strategy Officer, while Shenif Visram will remain the
Chief Financial Officer.
“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,” Jaime Leverton, the CEO of Hut 8,
said.
