Amid the delisting and relisting process, Hut8 shareholders received 1 New Hut common stock for every Hut 8 share held, an official announcement confirmed.
Crypto mining companies Hut 8 Mining Corp.
On Nov. 30, Canadian Bitcoin (BTC) mining facility Hut 8 Mining Corp announced an all-stock merger with USBTC, which has been dubbed as the “largest mergers and acquisitions transaction” in crypto by New Hut CEO Jaime Leverton.
After much anticipation… we’re thrilled to announce the completion of our merger of equals with USBTC! We are now officially operating as a U.S.-domiciled entity, Hut 8 Corp. with 825 MW of energy under management across 11 sites with 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 stocks from the Toronto Stock Exchange and Nasdaq by or before Dec.
Amid the delisting and relisting process, Hut8 shareholders received 1 New Hut common stock for every Hut 8 share held.
Hut8 received final clearance from the Supreme Court of British Columbia to complete a merger with USBTC in September 2023. However, the planning process for the merger commenced in February of 2023.
At the time, the merger was subject to court and regulatory approval by U.S. and Canadian authorities. Adding to the legal complexity, USBTC was undergoing “a legal dispute” with the City of Niagara Falls in New York against residents who had criticized the mining operations for their alleged noise pollution. The dispute was settled on April 7.
Related: Bitcoin mining firm Phoenix Group delays share listing
X (formerly Twitter) and Block co-founder Jack Dorsey recently took steps to promote the decentralization of Bitcoin mining operations.
Dorsey recently led a $6.2 million seed round for Mummolin, the parent company of the new decentralized Bitcoin mining pool Ocean, which is designed to provide more transparency into the mining process and enable miners to receive block rewards directly from Bitcoin rather than mining pools.