Bitcoin miners Hut 8 and US Bitcoin merge to form new US-based entity

Quick Take

  • Hut 8 and US Bitcoin will merge to form Hut 8 Corp.
  • The new company will have 5.6 EH/s of self-mining and access to 825 megawatts across six sites.

Bitcoin miners Hut 8 and US Bitcoin (USBTC) are merging to form a new company called Hut 8 Corp, which will be based in the United States.

Hut will have a total self-mining capacity of 5.6 EH/s, according to a press release. The new company will have access to 825 megawatts across six sites with self-mining, hosting and managed infrastructure operations.  Shares of Hut 8 were up +2.9% in pre-market on Nasdaq.

"Our established track record of creating shareholder value through organic growth and strategic acquisitions while maintaining a balance sheet-first approach has positioned us perfectly to advance our growth trajectory through this business combination," said Hut 8 CEO Jaime Leverton, who will stay in that role at the new company.

The merger is pending court and regulatory approvals, and will be put to the vote in a special meeting of Hut 8 shareholders — also requiring consent from USBTC stockholders. This is expected to happen in the second quarter.

Meanwhile, Hut 8 will give USBTC a bridge loan ranging from $6.0 to $6.5 million.

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