Crypto Updates

Hut 8 Obtains Supreme Court Approval for USBTC Merger


Hut 8, the Canadian Bitcoin mining firm, has received
final clearance from the Supreme Court of British Columbia to proceed with its
planned merger with US Bitcoin (USBTC), according to a report by Cointegraph.
The merger, initially announced in February 2023, will create “New
Hut,” a publicly traded U.S.-based entity.

One of the key highlights of this merger is the potential
to open up 825 megawatts of Bitcoin mining capacity, which spans six distinct
Bitcoin mining and data centre facilities. However, the closing of the merger
remains subject to a few remaining requirements, including approval from the
shareholders of USBTC.

Hut 8 anticipates that
the final transaction which formalizes the merger and the creation of New Hut
will occur before the end of 2023. Moreover, New Hut plans to list its shares
on the Nasdaq and Toronto stock exchanges, trading under the ticker symbol

Furthermore, Digital Currency
Group’s subsidiary Foundry Digital, which focuses on institutional mining and
staking, announced a formal partnership with Hut 8 in August 2023. The
collaboration will see Hut 8 supporting various business offerings for Foundry
through its Ontario-based data centre. The partnership has been in place since

In the second quarter of
2023, Hut
8’s revenue decreased
$25 million to $19 million, marking a decline of 56% year-over-year compared to
the same period the previous year when…

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