Hut 8 Eyes Nov. 30 to Complete USBTC Merger

The merger and Hut8's bid for power facilities will create one of the most diversified business model in bitcoin mining

Canada-based bitcoin mining and data center operator Hut 8 expects to close its business combination with U.S. Bitcoin Corp (USBTC) by Nov. 30 in a move to create another mining giant in North America.

Hut 8 said on Thursday that its registration statement with the Securities and Exchange Commission was approved and declared effective. It expects to close the transaction by the month’s end subject to the approval from USBTC shareholders.

The new entity following the merger will be called Hut 8 Corp. and will be traded on the Nasdaq and the Toronto Stock Exchange under the ticker HUT.

The two parties announced the merger plan in February 2023. The move will combine Hut 8’s bitcoin mining and high-performance computing with USBTC’s proprietary hashrate, hosting capacity, and managed service experience.

Based on USBTC’s monthly disclosures until July, the combined realized proprietary hashrate with Hut 8 reached a little over 5 EH/s at the time, making the new entity one of the largest 10 public mining companies by bitcoin production.

As previously reported, Hut 8 also won a court’s approval to participate in a stalking horse bid to acquire four natural gas power facilities in Canada with a combined capacity of 310 megawatts.

If successful, the purchase will make Hut 8 Corp. a fully integrated bitcoin mining and data center operator with one of the most diversified business model among its public peers.