Today, U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp (USBTC) announces two significant developments: the progression of its merger with Hut 8 Mining Corp (“Hut 8”) and court approval of the Celsius restructuring plan.
USBTC is moving forward with its all-stock merger (the “Transaction”) with Hut 8, an esteemed North American digital asset mining pioneer and high-performance computing infrastructure provider after the SEC declared the registration statement related to the merger effective on November 9. “Joining forces with Hut 8 marks a new phase of growth for our shared company. This merger shows our ongoing dedication to operational excellence and provides a strengthened platform for our shared future,” stated Asher Genoot, President and Co-Founder of USBTC.
The merger is expected to close by November 30, 2023, subject to approval from USBTC stockholders and other customary closing conditions. Upon the closing of the Transaction, the common stock of combined company, Hut 8 Corp. (“New Hut”), is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.
Furthermore, USBTC, in collaboration with its consortium partners Arrington Capital, Proof Group, Steve Kokinos, and Ravi Kaza, acknowledges the significant milestone of the court’s approval of the Celsius bankruptcy restructuring plan. This approval paves the way for the consortium to initiate operations, marking the beginning of a new chapter in the management of Celsius’s assets and operations. The consortium’s proposed plan garnered substantial support, with a 95% approval rate from creditors.
The confirmed plan outlines a strategic approach, providing the resources required to establish and operate a new public, regulatory-compliant company that will manage Celsius’ illiquid assets. These significant advancements reflect USBTC’s commitment to driving the future of the cryptocurrency industry and its dedication to operational excellence and innovative solutions.