Hut 8 Wins British Columbia Court Approval for USBTC Merger

Hut 8 has obtained a Supreme Court order approving its US Bitcoin (USBTC) merger plan.

Smart monkey looking into the HUT 8 USBTC Merger.
Created by Kornelija Poderskytė from DailyCoin
  • Hut 8 has the green light to proceed with the USBTC Merger.
  • The court-approved process paves the way for other conditions to be satisfied.
  • The merger will give birth to a new organization with its own branding.

Canada-based digital assets mining company Hut 8 might soon be wrapping up its planned merger with US Bitcoin (USBTC) following approval of the process by the Supreme Court of British Columbia

The company announced the merger on February 7, terming it as a move to “create a preeminent digital asset mining, hosting, and managed infrastructure operations organization,” which would become a publicly traded U.S.-based business.

The Birth of “New Hut”

In a press release dated September 18, Hut 8 announced that it had obtained a Supreme Court Order approving its plan of arrangement to combine with US Bitcoin Corp. under the Business Corporations Act of British Columbia.

Per the announcement, the two companies will combine in an all-stock merger of equals and conduct official business under the name “New Hut” (Hut 8 Corp.)

“Closing of the Transaction remains subject to certain conditions, including USBTC's registration statement becoming effective, the approval of USBTC's stockholders, and other closing conditions customary in transactions of this nature,” the statement read.

Tentatively, New Hut stated that the merger would likely be a done deal by the end of 2023 Q4, especially if all the necessary closing conditions are satisfied or waived.

Post-Merger Plans

According to the end of the transaction, New Hut anticipates listing its shares on both the Toronto and Nasdaq stock exchanges under the trading symbol “HUT.”

While HUT common stock will be publicly traded in the U.S. market, current shareholders must complete and submit transmittal letters to be assigned shares.

The Merger will also see New Hut have access to 825 MW of gross energy across six sites in its ambitious plan to cater to the growing demand for artificial intelligence (AI) and high-performance computing in the U.S. state of Texas.

Read more about BTC mining power and the controlling pools:
How Centralized Is the Bitcoin (BTC) Mining Sector?

Find out the truth about the “cheapest” Bitcoin mining in Lebanon:
Cheap Bitcoin Mining in Lebanon Debunked as Unfeasible and Inaccurate

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Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.