Hut 8 Mining Provides Updates on Merger with USBTC, Awaits Regulator and Shareholder Nods

Canadian bitcoin mining company, Hut 8 Mining Corp., has issued an update on its merger with the U.S. Bitcoin Mining Corporation (USBTC).

In a press release published on November 6, 2023, the company announced that it had filed amendments to its Registration Statement (Form S-4) with the United States Securities Exchange Commission (SEC). However, the specific nature of these changes was not disclosed.

Hut 8 also noted that it is still awaiting approvals from regulators and USBTC’s stockholders, in addition to fulfilling other standard conditions, before finalizing the merger.

The company received the green light from the court to proceed with the merger plan in August 2023. The merger is expected to create a new publicly traded Bitcoin mining company called “Hut8 Corp.”, which would operate from the U.S. with a focus on cost-efficient mining and diversified revenue streams.

According to the company, the new firm would be committed to practising industry-leading environmental, social, and governance (ESG) principles.

Notably, the company had predicted that the merger process would be complete by September 30, 2023. But that was not the case.

While Hut 8 and USBTC received approval from the Supreme Court of British Columbia for the merger deal in September 2023, the company is yet to settle matters with U.S. regulators.

Hut 8 has, however, continued to make significant strides amid these developments. On November 4, the company announced that it had secured court approval for a “stalking horse bid” concerning the acquisition of four natural gas power plants in Ontario. This strategic move is expected to help the company run integrated and cost-efficient mining operations.

Hut 8’s CEO, Jaime Leverton, underscored the importance of this acquisition, stating that these facilities would help the company establish more revenue-generating activities.

Leverton stated: “The facilities are also expected to give us the optionality to pursue revenue generating activity including selling energy to the market, mining Bitcoin, and powering high-demand HPC applications like AI, which is not only in keeping with our infrastructure-first strategy, but also affords us very compelling flexibility ahead of the halving.”

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