Hut 8 Mining Corp. (HUT) and US Bitcoin Corp. (USBTC) Tuesday announced their decision to combine in an all-stock merger of equals.
Based on the 5-day volume-weighted average price for the Hut 8 shares, the total consideration implies a combined market capitalization of about $990 million.
Upon combination the new company will be named as "Hut 8 Corp."
"New Hut will have access to approximately 825 MW of gross energy across all six sites with self-mining, hosting, and managed infrastructure operations," the company said in a statement
As per the the agreement, shareholders of Hut 8 will receive 0.2 of a share of New Hut for each Hut 8 share they own. Stockholders of USBTC will receive, for each share of USBTC capital stock, 0.6716 of a share of New Hut.
The Transaction is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry-leading best practices in Environmental, Social, and Governance, Hut 8 said.
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