CoinDesk
Fortitude Mining Holdings appointed former Hut 8 CEO Jaime Leverton as chief executive, putting a known public-company operator at the helm of the Zcash-focused miner as it prepares to go public through a merger with Nasdaq-listed HeartSciences (HSCS). The combined company, expected to adopt the Fortitude name and trade under "TUDE," carries an implied valuation of at least $400 million based on HeartSciences' current share price and the shares slated for Digital Currency Group and HeartSciences' preferred holders. The deal, announced in June, is targeted to close in Q4, subject to shareholder approval.
Why it matters
The hire is the structural story, not just a C-suite swap. Leverton ran Hut 8, one of North America's oldest listed bitcoin miners, and most recently led institutional digital-asset manager ReserveOne. That trajectory fits a parent (Digital Currency Group) that wants a credible public-market face for a balance sheet built almost entirely on ZEC exposure. Fortitude mined 72,696 ZEC in the first half of 2026, roughly 28% of network production, and posted $20.9 million in Q2 revenue. With ZEC up more than 2,000% over the past year to a market cap near $21 billion, a Nasdaq debut lands squarely at peak asset visibility.
Market impact
The merged entity would consolidate meaningful hashrate behind a single listed wrapper, running more than 60 megawatts across seven sites in South Dakota, Nebraska, Texas and New York. For DCG, the structure opens an exit path after Fortitude was carved out of Foundry's self-mining business in January 2025. For the wider mining sector, the listing adds a fresh datapoint that ZEC, rather than BTC or ETH, is now a credible primary focus for a publicly tradeable miner. Andrea Childs, who led Fortitude through the carve-out, moves to COO and will oversee fleet and infrastructure. Leverton formally takes over Sept. 21.
Frequently asked questions
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Who is Jaime Leverton and why is her hire notable?
Leverton ran Hut 8, one of North America's oldest listed bitcoin miners, and most recently led institutional digital-asset manager ReserveOne. Her public-company operating experience is what DCG is buying for the combined entity.
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What is Fortitude's implied valuation after the HeartSciences merger?
At least $400 million, based on HeartSciences' current share price and the shares slated for Digital Currency Group and HeartSciences' preferred holders. The deal targets a Q4 close, subject to shareholder approval.
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How much ZEC does Fortitude actually mine?
Fortitude mined 72,696 ZEC in the first half of 2026, roughly 28% of the network's total output in that period. Q2 revenue came in at $20.9 million on the back of that hashrate.
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What ticker will the combined company trade under on Nasdaq?
TUDE. The merged entity is expected to adopt the Fortitude name after the deal closes, subject to shareholder approval and other customary closing conditions.
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Why does DCG want a Nasdaq listing now?
DCG spun Fortitude out of Foundry's self-mining business in January 2025. With ZEC up more than 2,000% over the past year to a market cap near $21 billion, the structure gives DCG a clean exit at peak asset visibility.
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