Cryptocurrency mining companies Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have successfully completed an all-stock merger of equals, resulting in the formation of a new United States-domiciled entity named Hut 8 Corp, referred to as New Hut. This significant merger, announced on November 30, has been hailed as the “largest mergers and acquisitions transaction” in the crypto space by New Hut CEO Jaime Leverton.
As part of the merger process, the delisting of Hut 8 common stocks from the Toronto Stock Exchange and Nasdaq is expected to be completed by or before December 4. In exchange, Hut 8 shareholders received 0.2 shares of New Hut common stock for every Hut 8 share held. Leverton, who previously served as CEO of Hut 8 for over three years, has taken on the role of CEO for the newly formed entity.
New Hut President Asher Genoot outlined the company’s strategic plans, emphasizing its readiness for the upcoming Bitcoin halving. The merged entity now has access to approximately 825 megawatts (MW) of gross energy across six sites, encompassing self-mining, hosting, and managed service operations.
The merger process faced various legal and regulatory hurdles, including approvals from the Supreme Court of British Columbia, the US, and Canadian authorities. Additionally, USBTC was engaged in a legal dispute with the City of Niagara Falls in New York over alleged noise pollution from its mining operations, a matter that was resolved on April 7.
The completion of this merger positions New Hut as a major player in the crypto mining sector, combining the resources and capabilities of Hut 8 and US Bitcoin Corp. The move comes at a time when the broader cryptocurrency industry is witnessing significant developments, including initiatives to promote decentralization in Bitcoin mining operations, as demonstrated by the recent actions of X (formerly Twitter) and Block co-founder Jack Dorsey.