The British Columbia Supreme Court has given the final judicial green light for the merger between Canadian Bitcoin mining heavyweight Hut 8 and U.S. Bitcoin Corp (USBTC), set to be finalized by the end of the year. This merger is expected to significantly influence both Bitcoin mining and the field of high-performance computing.
Earlier this year, both companies announced plans to merge, subject to approvals from regulatory bodies and shareholders. The judicial approval was granted on September 18, clearing the last major legal hurdle.
The emerging entity, provisionally dubbed “New Hut,” will be a publicly traded U.S. company that aims to significantly affect both Bitcoin mining and high-performance computing. It plans to operate with a capacity of 825 megawatts across six dedicated Bitcoin mining and data center sites, emphasizing the aggressive goals to become a major player in the Bitcoin mining sector.
Before New Hut can officially launch, several remaining steps must be fulfilled, including a critical approval from USBTC shareholders. Upon finalization of the merger, New Hut’s stock will be available on both the Nasdaq and Toronto Stock Exchanges, trading under the ticker “HUT.” Shareholders will also need to complete administrative tasks to own shares of New Hut’s common stock.
In terms of impact, the merger could boost the combined firm’s mining capabilities. Hut 8 and USBTC are among the biggest crypto mining companies in North America. Parallel to the merger developments, Hut 8 has also revised its operational plans. The company recently moved 6,400 ASIC mining rigs from an inactive facility in Ontario to Texas due to legal issues with energy provider Validus Power, reflecting Hut 8’s commitment to addressing increasing demands in fields like artificial intelligence and high-performance computing.
Therefore, if all goes as planned, New Hut is poised to become a leading entity in the fast-changing worlds of Bitcoin mining and specialized computing.