Crypto mining companies Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) have decided to merge their operations and establish a new organization called Hut 8 Corp (New Hut), based in the United States. Hut 8, headquartered in Canada, announced on November 30th that the partnership, which CEO Jaime Leverton referred to as one of the largest mergers in the crypto industry, has been completed.
The partnership will result in the delisting of Hut 8’s shares from the Toronto Stock Exchange and Nasdaq by December 4th. These shares will be exchanged for New Hut shares under the symbol HUT.
During the delisting and relisting process, Hut 8 investors will receive 0.2 New Hut shares for each Hut 8 share they hold. Asher Genoot, President of New Hut, revealed the company’s plans to prepare for the upcoming Bitcoin halving event and stated that they will have access to approximately 825 MW of gross energy across six facilities.
In September 2022, Hut 8 announced that it had obtained final approval from the British Columbia Supreme Court for the merger with USBTC, but the planning process began in February. At that time, the merger was subject to court and regulatory approvals in the United States and Canada.
Jack Dorsey has recently taken significant steps to decentralize Bitcoin mining operations. Dorsey led a $6.2 million seed investment round for Mummolin, the parent company of decentralized Bitcoin mining pool Ocean, to increase transparency in the mining process and enable miners to receive rewards directly in Bitcoin instead of mining pools.