US Bitcoin Corp-Hut 8 Merger Progresses Amid Celsius Plan Approval

U.S. Data Mining Group, Inc., doing business as US Bitcoin Corp (USBTC), today announced two pivotal developments: the progression of its merger with Hut 8 Mining Corp (“Hut 8”) and the court approval of the Celsius bankruptcy restructuring plan.

USBTC is advancing its all-stock merger (the “Transaction”) with Hut 8, a leading North American digital asset mining and high-performance computing infrastructure provider. The Securities and Exchange Commission (SEC) declared the registration statement for the merger effective on November 9. Asher Genoot, President and Co-Founder of USBTC, expressed enthusiasm about the merger, stating, “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.”

The merger is anticipated to be finalized by November 30, 2023, pending approval from USBTC stockholders and other customary closing conditions. Post-merger, the common stock of the new entity, Hut 8 Corp. (“New Hut”), is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.

In another significant development, USBTC, alongside consortium partners Arrington Capital, Proof Group, Steve Kokinos, and Ravi Kaza, acknowledges the court’s approval of the Celsius bankruptcy restructuring plan. This approval marks a crucial step for the consortium to begin managing Celsius’s assets and operations. The plan received overwhelming support from creditors, with a 95% approval rate.

The approved plan outlines a strategy for establishing and operating a new public, regulatory-compliant company to manage Celsius’ illiquid assets. This move signifies USBTC’s commitment to shaping the future of the cryptocurrency industry through operational excellence and innovative solutions.

USBTC, founded by visionary entrepreneurs and experienced executives, is a prominent North American mining company known for its efficiency, eco-friendliness, and large-scale operations. With campuses in New York, Nebraska, and Texas, USBTC aims to set industry standards.

Recently, Hut 8 Mining Corp has received the green light from the Canadian Supreme Court for the merger with USBTC. This approval further solidifies the merger’s progression and highlights Hut 8’s commitment to transparency and regulatory compliance in the cryptocurrency mining sector.

Image source: Shutterstock


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Court Approves Voyager Digital’s Acquisition by Binance.US

The United States District Court for the Southern District of New York has approved Binance.US’s acquisition of bankrupt brokerage company Voyager Digital, rejecting the US government’s motion to halt the deal. Judge Michael Wiles ruled that any delays in the acquisition would harm Voyager’s former clients who are waiting to return their funds. The court also confirmed its prior approval of Voyager Digital’s Chapter 11 bankruptcy plan, which involves selling billions of dollars in assets to Binance.US to regain liquidity and pay back customers.

The government’s appeal for a stay of the confirmation order was denied, as Judge Wiles deemed the accusations of fraud, theft, or tax avoidance as exaggerations and mischaracterizations. The appeal had also demanded the removal of a provision preventing US authorities from pursuing anyone involved with the sale. The court’s decision allows Binance.US to close the sale and issue repayment tokens to impacted Voyager customers.

The US Securities and Exchange Commission had objected to the redistribution of funds from Voyager to Binance.US, citing violations of US securities laws. However, Judge Wiles rejected their arguments, stating that 97% of 61,300 Voyager account holders favored the restructuring plan. The bankruptcy plan is expected to result in Voyager creditors recovering approximately 73% of the value of their funds.

This ruling is a significant win for Voyager Digital and Binance.US, as it allows them to move forward with their acquisition plans and repay impacted customers. It also sets a precedent for future bankruptcy cases involving crypto-related companies, as it shows that bankruptcy courts may be willing to approve deals involving the transfer of crypto assets. The decision highlights the importance of transparency and customer satisfaction in bankruptcy proceedings, as shown by the overwhelming support for Voyager Digital’s restructuring plan. Overall, this ruling is a positive step towards building a more stable and trustworthy crypto ecosystem.


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