Crypto17 September, 20262 min read
Fortitude Mining Names Jaime Leverton CEO Ahead of Nasdaq Listing
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Jaime Leverton named Fortitude CEO, effective Sept. 21, succeeding Andrea Childs. Fortitude pursues Nasdaq listing via reverse merger with HeartSciences.
5 outlets told this the same way.
Leverton to Lead Fortitude
Fortitude Mining named former Hut 8 CEO Jaime Leverton as its new chief executive officer effective September 21, as the Zcash-focused miner prepares a planned Nasdaq listing. Leverton confirmed the move on X, writing, “Thrilled to join @FortitudeCrypto as CEO.” The appointment follows Andrea Childs moving into the role of chief operating officer to concentrate on mining operations, fleet decisions, and infrastructure.
Fortitude’s path to the market runs through HeartSciences (Nasdaq: HSCS), with an all-stock merger announced on June 23 that is expected to close in the fourth quarter, subject to a HeartSciences shareholder vote and standard conditions. If the deal closes, the combined business is expected to keep the Fortitude name and trade under the ticker “TUDE,” subject to Nasdaq approval.
Zcash Production and Deal Terms
Fortitude mined 72,696 ZEC in the first six months of 2026, which CoinDesk described as about 28% of the network’s total production during that period. The company reported second-quarter revenue of $20.9 million and a net loss of $9.5 million, with a $10.3 million writedown on mining gear, while adjusted EBITDA was $8.5 million. Fortitude operates more than 60 megawatts across seven sites in South Dakota, Nebraska, Texas, and New York, and it agreed to buy 9,000 Bitmain Antminer Z15 Pro machines in July with delivery expected in the fourth quarter.
Digital Currency Group is set to control the combined company, with Cryptopolitan saying the June announcement stated DCG would hold around 95% of the merged company on a fully diluted basis. CoinDesk added that the combined company would have an implied valuation of at least $400 million, based on HeartSciences’ current share price and the shares expected to be issued to Digital Currency Group and HeartSciences’ preferred shareholders.
Public Listing Stakes
Fortitude’s leadership change comes as it seeks to become publicly traded through the reverse merger with HeartSciences, with Leverton set to remain CEO after the closing of the deal. In the press release, Leverton said, “Fortitude is taking a differentiated approach to mining,” pointing to the company’s combination of its own energy, mining sites, and in-house operations. Andrea Childs said she will focus on mining operations, fleet strategy and infrastructure as she becomes chief operating officer.
The company describes itself as a ‘risk mining’ platform that allocates capital across proof-of-work networks, with a primary focus on Zcash, and it is wholly owned by Digital Currency Group, owned by Barry Silbert. Cointelegraph reported that Fortitude mined ZEC since 2019 and launched as a vertically integrated mining platform in 2025, while the proposed transaction is expected to close in the fourth quarter of 2026 and bring Fortitude to the public markets under the ticker TUDE, subject to approval.