The Supreme Court of British Columbia has approved plans for Bitcoin miners Hut 8 and US Bitcoin Corp to unite as one company—but the deal isn’t finalized just yet.
As originally announced in February, Canada’s Hut 8 Mining (which trades on the Toronto Stock Exchange and Nasdaq under the HUT ticker) and America’s US Bitcoin Corp are seeking a business combination as “Hut 8 Corp,” which will be domiciled in the United States. The transaction is now expected to be finalized by the end of the year.
HUT shares rose 2.82% on Monday following the Canadian Supreme Court’s approval. Shares of new HUT will continue to trade on the TSX as well as the Nasdaq.
“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,” wrote Hut 8 in a Monday press release.
Hut 8 could not respond to Decrypt’s request for comment, stating that it was entering a “quiet period” until the transaction is complete.
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