Canada’s Watchdog Approves Merger Between Crypto Miners Hut 8 and US Bitcoin
The Canadian Competition Bureau has stated that it will not challenge the proposed merger between Hut 8 Mining and US Bitcoin (USBTC).
Hut 8 CEO Jaime Leverton has called the news a positive development, as the completion of the merger is dependent on obtaining permits from other government agencies, court and shareholder approval, and other conditions.
Bridge funding in the range of $6-6.5 million for the transition period has been agreed to by Hut 8, with the accumulated reserves in bitcoin being used for these purposes. The merger plans were first announced in February 2023 and the new entity, Hut 8 Corp, is to be based in the US, with a hash rate of 5.6 EH/s and access to 825 MW of power at six sites.
Hut 8 is listed on the Nasdaq and the Toronto Stock Exchange and has seen its shares rise by 2.35% to $1.29.
