Mentioned:
Barry Silbert’s Digital Currency Group has a Zcash mining company. And now, they’re preparing to make their Wall Street debut.
What’s happening:
- Zcash mining company Fortitude has entered into a reverse merger with HeartSciences (NASDAQ: HSCS) to become a publicly traded company
Why it matters:
- Fortitude mined 72,696 Zcash in the first half of this year, which represents roughly 28% of all network production
Going deeper:
- Fortitude is wholly owned by Barry Silbert’s Digital Currency Group, which would hold roughly 95% of the combined company upon closing of the reverse merger
- Fortitude currently has more than 60 megawatts of capacity for Zcash mining across different sites in South Dakota, Nebraska, Texas and New York
- Former Hut 8 (NASDAQ: HUT) leader Jaime Leverton will take over Fortitude as the Chief Executive Officer
The intrigue:
- Cameron and Tyler Winklevoss’s Cypherpunk Technologies (NASDAQ: CYPH) just recently made waves when they acquired a fleet of Z15 Pro machines for mining Zcash for $33.3M USD in an all stock deal
The fine print:
- The reverse merger with HeartSciences will still ultimately require shareholder approval as well as approval from the Nasdaq before it can officially close
