According to Blockworks, Hut 8 is expected to complete its merger with US Bitcoin Corp this week, initiating a new phase of geographic diversity and increased revenue streams for the company. The deal, labeled as a “merger of equals,” was first announced in February. USBTC stockholders voted in favor of the combination, with the deal expected to close by November 30. Hut 8 Mining CEO Jaime Leverton noted that USBTC’s US operations, featuring campuses in New York, Nebraska, and Texas, will complement Hut 8’s current Canadian footprint.
Dan Weiskopf, a co-portfolio manager of the Amplify Transformational Data Sharing ETF (BLOK), called the combination a step forward, noting the combined company will be US-based. The merger is set to allow the combined business to flex between different lines of business and take advantage of market momentum and swings in high-performance computing and bitcoin mining going into the halving. US Bitcoin Corp secured a deal with Celsius Network in August to initially host 8,500 miners at its Alpha site and was selected in May to manage and operate Celsius-owned assets that included 122,000 mining machines.
As Hut 8 and USBTC prepare to merge, Hive Digital Technologies recently signaled a greater focus on artificial intelligence, and Marathon Digital continues to expand geographically and diversify its mining methods. Bitfarms recently announced the purchase of nearly 36,000 Bitmain T21 miners as part of a transformative fleet upgrade plan. The Amplify Transformational Data Sharing ETF, which manages $485 million in assets, has allocations of 2.28% and 1.67% to Hut 8 and Bitfarms, respectively. Hut 8’s stock price has risen nearly 150% year to date and was up about 6% on Tuesday.
