• About
  • Offices
  • Careers
  • News
  • Students
  • Alumni
  • Payments
  • FR
Background Image
Bennett Jones Logo
  • People
  • Expertise
  • Knowledge
  • Search
  • FR Menu
  • Search Mobile
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
View all
Practices
Corporate Litigation Regulatory Tax View all
Industries
Capital Projects Energy Funds & Finance Mining View all
Advisory
Crisis & Risk Management ESG Strategy and Solutions Governmental Affairs & Public Policy
View Client Work
International Experience
Insights News Events
New Energy Economy Series Business Law Talks Podcast Economic Outlook
ESG & the CIO Subscribe
People
Practices
Industries
Advisory Services
Client Work
About
Offices
News
Careers
Insights
Law Students
Events
Search
Alumni
Payments
Subscribe

Stay informed on the latest business and legal insights and events.

LinkedIn LinkedIn Twitter Twitter Vimeo Vimeo
 

Hut 8 and US Bitcoin Announce Merger of Equals

February 09, 2023

Hut 8 Mining Corp. (Hut 8) and US Bitcoin Corp. (USBTC) announced an all-stock merger of equals to create a preeminent digital asset mining, hosting, managed infrastructure operations, and high performance computing organization. The combined company will be named Hut 8 Corp. and will be a U.S.-domiciled entity.

The transaction will be effected by way of a court-approved plan of arrangement involving Hut 8 under the Business Corporations Act (British Columbia) and a statutory merger involving USBTC under the laws of the State of Nevada.

Shareholders of Hut 8 will receive, for each Hut 8 share, 0.2 of a share of New Hut common stock (the Hut Consideration), which will effectively result in a consolidation of the Hut 8 shares on a 5 to 1 basis. Stockholders of USBTC will receive, for each share of USBTC capital stock, 0.6716 of a share of New Hut common stock (the USBTC Consideration and together with the Hut Consideration, the Consideration). Based on the five-day VWAP for the Hut 8 shares on the Nasdaq as of the last trading day prior to the date of announcement, the aggregate Consideration implies a combined market capitalization of approximately US$990 million.

Hut 8 is a large, innovation-focused digital asset mining pioneer and high performance computing infrastructure provider. USBTC is a builder and strategic operator of four Bitcoin mining centres across the United States.

Bennett Jones is acting as Canadian legal advisor to Hut 8 Mining Corp. on the deal. The Bennett Jones team is led by Curtis Cusinato (Corporate/M&A) and includes Matthew Hunt, Jeffrey Kerbel, Gordon McKenna, Osie Ukwuoma, Monique Murray and Doug Scully (Corporate/M&A); Thomas Bauer and Philip Ward (Tax); and Adam Kalbfleisch and Zirjan Derwa (Competition).

More details on the transaction are available on Hut 8's press release.

Key Contacts

  • Curtis A. Cusinato Curtis A. Cusinato, Vice Chair and Partner
  • Matthew J. Hunt Matthew J. Hunt, Partner
  • Jeffrey  Kerbel Jeffrey Kerbel, Partner
  • Gordon  McKenna Gordon McKenna, Partner
  • Osie  Ukwuoma Osie Ukwuoma, Partner
  • Monique  Murray Monique Murray, Associate
  • Doug  Scully Doug Scully, Articling Student
  • Thomas A. Bauer Thomas A. Bauer, Partner
  • Philip B. Ward Philip B. Ward, Partner
  • Adam  Kalbfleisch Adam Kalbfleisch, Partner
  • Zirjan (Zee) J. Derwa Zirjan (Zee) J. Derwa, Partner

Bennett Jones Welcomes 10 New Partners

Related Links

  • Insights
  • Media
  • Subscribe

Related Expertise

  • Commercial Transactions
  • Competition/Antitrust
  • Financial Services
  • Fintech
  • Mergers & Acquisitions
  • Tax

Recent Posts

In The News

Home is Where Risk is When Carrying on (Insurance) Business: Law360

March 20, 2023
       

In The News

Martin Ignasiak on Blueberry River First Nations Implementation Agreement in Financial Post

March 20, 2023
       

Announcements

Bennett Jones a Top Employer in Alberta for 13 Years in a Row

March 13, 2023
       

In The News

John Manley on Tough Choices in Canada's 2023 Budget

March 09, 2023
       

Announcements

Bennett Jones Welcomes 10 New Partners

March 08, 2023
       

Speaking Engagements

Addressing Sexual Harassment: Exploring Obligations, Risks and Solutions in Canadian Mining

March 08, 2023
       

Updates

IWD 2023: Workplaces Where Women Thrive

March 08, 2023
       

Speaking Engagements

Canadian International Traffic in Arms Regulations at ICPA

March 07, 2023
       

Speaking Engagements

Dispute Resolution: Key Considerations for Corporate Counsel

March 06, 2023
       
Bennett Jones Centennial Footer
Bennett Jones Centennial Footer
About
  • Leadership
  • Diversity
  • Community
  • Innovation
  • Security
  • History
Offices
  • Calgary
  • Edmonton
  • Montréal
  • Ottawa
  • Toronto
  • Vancouver
  • New York
Connect
  • Insights
  • News
  • Events
  • Careers
  • Students
  • Alumni
Subscribe

Stay informed on the latest business and legal insights and events.

LinkedIn LinkedIn Twitter Twitter Vimeo Vimeo
© Bennett Jones LLP 2023. All rights reserved.
  • Privacy Policy
  • Disclaimer
  • Terms of Use
Logo Bennett Jones