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Just two months after the merger between Hut 8 and US Bitcoin Corp, the combined bitcoin miner has named a new CEO.
Former Hut 8 president Asher Genoot — a member of the company’s board of directors — is now its new chief executive, the firm said Wednesday. He replaces Jaime Leverton, who departs the firm after working as its CEO since December 2020.
A change of leadership was “appropriate” as Hut 8 seeks to go in “a new strategic direction,” the company said in a news release.
“The merger of equals of Hut 8 and US Bitcoin Corp was a transformational moment for both companies,” Hut 8 board chairman Bill Tai added in a statement. “Hut 8 is now at a pivotal inflection point, and we believe that Asher is uniquely qualified to accelerate our path to market leadership.”
Read more: Merge between Hut 8, USBTC expected to close this week
The move appears to be unexpected, as the firm noted Leverton would remain as CEO of the combined company in a Nov. 30 news release, upon the deal’s closing.
A Hut 8 spokesperson did not immediately return a request for further comment.
“It is with a heart full of gratitude and love to the incredible team, partners and friends that have made the last three years such an incredible ride,” she wrote in a LinkedIn post. “I can’t wait to see more great things from Hut 8 in this next chapter!”
A new post-merge strategy
The deal between Hut 8 and US Bitcoin Corp was first announced in February. The combination nine months later helped both firms diversify their geographic presence, with US $BTC’s operations in New York, Nebraska and Texas complementing Hut 8’s Canadian footprint.
Hut 8 was also set to add business lines after the deal, with Leverton touting US Bitcoin Corp’s fiat-based revenue streams from its hosting and managed infrastructure operations.
Hut 8 Chief Strategy Officer Mike Ho said during a December call with analysts that the company would look to bolster its standing in nascent markets such as artificial intelligence infrastructure and computing.
Read more: New-look Hut 8 eyes AI-related opportunities after merger
Genoot was a co-founder of US Bitcoin Corp and previously served as its chief operating officer, and then president, before the company merged with Hut 8.
The new CEO said in a statement that while Leverton “built a strong foundation” for Hut 8, he would work with the company’s board of directors “to define a new strategy for the company.”
Hut 8 had a self-mining deployed hash rate of 7.2 exahashes per second (EH/s), as of Jan. 31 — though that number could be affected as it gets set to depart two mining sites. The company produced 339 bitcoin ($BTC) last month and holds 9,116 bitcoins on its balance sheet.
The CEO change comes just days after Hut 8 Chief Commercial Officer Matt Prusak left his post on Jan. 31 to take over the mining company being spun out of the Celsius bankruptcy.