Hut 8 (HUT) and U.S. Bitcoin are the latest crypto miners rushing to take advantage of the January Bitcoin rally.
Two firms announced their merger Wednesday, the latest deal in a wave of consolidation and balance sheet shuffling from battered miners still struggling with losses from last year. The new company would combine the two firms’ resources and create a new crypto-mining giant named Hut 8 Corp.
- Canada’s Hut 8 and U.S. Bitcoin will merge their BTC mining businesses.
- The new company will look to strengthen its balance sheet and compete in the mining space.
- The Bitcoin mining industry has been rushing to sell BTC and restructure debt.
Also referred to as “New Hut,” the transaction will create a company that is listed on both the Toronto Stock Exchange and the Nasdaq. The companies said that the combined firm will have a market capitalization of $990 million and will be owned by shareholders of both firms.
“New Hut will have access to approximately 825 MW of gross energy across all six sites with self-mining, hosting, and managed infrastructure…