BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Hut8 Gets Approval from Canadian Supreme Court for USBTC Merger

by BlockNews Team
September 21, 2023
in BUSINESS, CRYPTO, MEDIA
Reading Time: 3 mins read
A A
2
SHARES
28
VIEWS
Share on XShare in TelegramShare on Reddit
  • Hut 8 has received final approval from the Supreme Court of British Columbia for its planned merger with US Bitcoin (USBTC).
  • The merger will create a new publicly traded entity called Hut 8 Corporation, combining resources and opening up 825 megawatts of capacity across six Bitcoin mining and data center facilities.
  • The New Hut Shares will be traded under the Hut ticker on the Nasdaq and Toronto stock exchanges.

Following the latest approval from the Supreme Court of British Columbia, Canadian Bitcoin mining startup Hut8 is expected to complete its planned merger with US Bitcoin (USBTC).

Hut8 and USBTC first announced the move in February 2023, pending shareholder and regulatory approval. Per the merger, Hut 8 and USBTC will merge to establish Hut 8 Corporation, or “New Hut,” which will become a publicly traded company in the United States.

Hut 8 initially stated that the combination would create 825 megawatts of capacity across six distinct Bitcoin (BTC) mining and data center facilities.

While the Supreme Court of British Columbia has issued a final decision authorizing the merger, the transaction is still subject to a few conditions, including USBTC shareholder approval.

Hut8 expects the complete transaction confirming the merger and formation of New Hut to occur before the end of 2023.

New Hut also intends to launch its stock on the Nasdaq and Toronto stock exchanges, where it will trade under the ticker HUT. To receive New Hut common stock shares once the transaction is completed, shareholders must additionally complete and submit transmittal letters.

Hut8 has taken a proactive approach to scaling its business operations. The company recently relocated 6,400 ASIC mining rigs from its decommissioned North Bay site in Ontario to Texas in order to meet the rising demand for artificial intelligence (AI) and high-performance computing (HPC).

The hardware was redeployed due to an ongoing legal dispute between Hut 8 and third-party energy supplier Validus Power over an alleged failure to meet contractual commitments. The mining facility’s operations have been halted since November 2022.

Foundry Digital, Digital Currency Group’s institutional mining and staking company, also announced formal cooperation with Hut 8 in August 2023. Hut 8 will use its Ontario-based data center to provide multiple commercial solutions for Foundry. Foundry has been using Hut 8 infrastructure to power its crypto mining pool.

Conclusion

The merging of Hut8 and USBTC is a huge step forward in cryptocurrency mining. With court permission in hand and shareholder approval forthcoming, the new firm, New Hut, is positioned to become a market leader. The combination intends to improve Bitcoin mining capacity and provide new investment options while managing regulatory obstacles and forging strategic alliances. The closing transaction is highly anticipated since it will result in a carefully designed corporate strategy.

Tags: CanadaHut8USUSBTC
Tweet1ShareShare
Previous Post

JPEX Blames Partners For ‘Maliciously’ Freezing Funds, Causing Liquidity Crisis

Next Post

Proof of Play Secures $33 Million in Funding

DON'T MISS THESE! HOT OFF THE PRESS

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?
CRYPTO

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today
CRYPTO

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?
CRYPTO

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Load More

Related News

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

Litecoin Jumps 10%—Can a $100M Bet From a Biotech Company Kick Off a Bigger Rally?

July 18, 2025
Here’s Why Dogecoin’s Jumping Again Today

Here’s Why Dogecoin’s Jumping Again Today

July 18, 2025
PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

PEPE’s Making Noise, But Is RTX the Sleeper Hit of 2025?

July 18, 2025
Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve Finance FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.