Business Combination with USBTC and Hut 8 Mining Corp.
Company: Hut 8
What the later record shows
Not a promise: a reported event · happened November 30, 2023
The December 6, 2023 filing reports that the business combination had already been consummated on November 30, 2023. A later proxy confirms this.
“On November 30, 2023, the Business Combination was completed and Hut 8 Corp. began trading on the Nasdaq Stock Exchange LLC (“Nasdaq”) on December 4, 2023.”
2026-04-27 · Hut 8 DEF 14A filed 2026-04-28 View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
The Company consummated a business combination with U.S. Data Mining Group, Inc. (USBTC) and Hut 8 Mining Corp. on November 30, 2023, whereby USBTC became a wholly-owned subsidiary and USBTC shareholders exchanged their shares for Company common stock at a ratio of 0.6716 shares per USBTC share.
Source (primary)
Hut 8 SC 13D filed 2023-12-07 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On November 30, 2023 (the "Closing Date"), the Company consummated the previously announced business combination (the "Business Combination") pursuant to the terms of the Business Combination Agreement, dated as of February 6, 2023 (the "Business Combination Agreement") by and among the Company, U.S. Data Mining Group, Inc., a Nevada corporation ("USBTC") and Hut 8 Mining Corp., a corporation existing under the laws of British Columbia ("Hut 8").”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The filing states the business combination closed on November 30, 2023 under an agreement among the Company, USBTC and Hut 8 Mining Corp. It also states that USBTC survived as a wholly owned subsidiary and that each USBTC share was exchanged for 0.6716 of a Company share.
Confirmed in the source:
- The Company consummated a business combination on November 30, 2023
- The business combination was under an agreement among the Company, U.S. Data Mining Group, Inc. (USBTC) and Hut 8 Mining Corp.
- USBTC became a wholly owned subsidiary of the Company after a Company subsidiary merged into it
- Each USBTC share (common and Series A, B and B-1 preferred) was exchanged for 0.6716 of a share of Company common stock
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1964789/000110465923124090/tm2332027d1_sc13d.htm) in full (13,676 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Hut 8 SC 13D filed 2023-12-07
Quote: “On November 30, 2023 (the "Closing Date"), the Company consummated the previously announced business combination (the "Business Combination") pursuant to the terms of the Business Combination Agreement, dated as of February 6, 2023 (the "Business Combination Agreement") by and among the Company, U.S. Data Mining Group, Inc., a Nevada corporation ("USBTC") and Hut 8 Mining Corp., a corporation existing under the laws of British Columbia ("Hut 8").”