Fortitude Mining Signs $100M LOI With Bitmain for Next-Gen Zcash Miners
HSCS has more than doubled off its 52-week low of $1.63 on elevated volume (15× avg).
Summary
Fortitude Mining Holdings, the company merging with HeartSciences, signed a non-binding letter of intent with Bitmain for priority access to next-generation Zcash mining hardware. The $100M commitment requires a $20M refundable deposit, which Fortitude plans to draw this week. To support the deal, Fortitude increased its credit facility with parent DCG from $50M to $70M, leaving about $42.7M in remaining borrowing capacity. DCG is expected to fund the borrowing in ZEC rather than cash. This follows Fortitude's July agreement to buy 9,000 Bitmain Antminer Z15 Pro machines for roughly $31.5M, adding 7.56 GSol/s of capacity. The LOI positions Fortitude to expand its fleet with industry-leading hardware as it becomes available, reinforcing its venture-mining platform built around Zcash. The merger with HeartSciences remains on track, with existing HeartSciences shareholders set to own just 5% of the combined company.
At the time of this announcement, HSCS was trading at $3.79 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $21.1M. The 52-week trading range was $1.63 to $5.25. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: CryptoProwl.