Hut8 Mining will operate as part of the US domicile following the USBTC merger

Crypto mining companies Hut 8 Mining Corp. and US Bitcoin Corp (USBTC) through a merger of all shares to form a new US-domiciled entity called Hat 8 Corp (New Hat).

In the year On November 30, Canadian bitcoin (BTC) miner Hat8 Mining Corp. announced an all-stock merger with USBTC, which NewHat CEO Jaime Leverton called the “biggest merger and acquisition transaction” in crypto. Prior to the merger, Leverton served as CEO of Toronto's Hut 8 Mining for over three years.

After much anticipation… we are excited to announce the completion of the parity integration with USBTC! We are now officially operating as a US-domiciled entity, Hot 8 Corporation, with 825MW of power at 11 sites through self-mining, hosting, managed services and… pic.twitter.com/yJ3uou326o

— Hut 8 (@Hut8Mining) November 30, 2023

The merger will result in the delisting of Hut 8 common shares on the Toronto Stock Exchange and Nasdaq prior to December 4, 2023. Instead, it will be replaced by New HUT common shares under the symbol “HUT”.

During the cancellation and re-registration process, Hut8 shareholders received 1 new Hut common share for each Hut 8 held. Asher Ginot, president of New Hut, revealed the company's plans for the upcoming Bitcoin halving. Combining resources, “New Hut has access to approximately 825 megawatts (MW) of total power across six sites with own mining, hosting and managed service operations,” the announcement read.

Hut8 has received final approval from the Supreme Court of British Columbia to complete its merger with USBTC in September 2023. However, the merger planning process started in February 2023.

At the time, the merger was subject to court and regulatory approval by US and Canadian authorities. In addition to the legal complications, USBTC was facing a “legal dispute” with the city of Niagara Falls, New York, whose residents criticized the mining operation for noise pollution.

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