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Merger to create Zcash miner
HeartSciences Inc. is entering an all-stock merger with Fortitude Mining Holdings to create a Nasdaq-listed, Zcash-focused mining company under the Fortitude brand, with the combined company expected to trade under the ticker TUDE.
“Digital Currency Group (DCG) is moving to take its mining subsidiary, Fortitude, public in the second half of this year through a reverse merger with Nasdaq-listed HeartSciences, according to a report from The Block”
Stock Titan says Fortitude’s management will lead the combined company while Digital Currency Group is expected to remain the largest and controlling shareholder, and the transaction is expected to close in the second half of 2026 subject to customary conditions including HeartSciences shareholder approval and SEC proxy processes.
Cryptonews.net adds that the all-stock transaction announced Tuesday will see Fortitude’s management team assume control of the combined company, which is expected to trade on Nasdaq under the ticker symbol TUDE, subject to regulatory approval.
Stock Titan reports that through April 30, 2026, Fortitude produced approximately 51,785 ZEC, with a direct cash mining cost per coin of about $70 and a targeted pathway toward $40, while also stating Fortitude owns and operates 48 megawatts of data center capacity across six U.S. sites and is targeting approximately 80 megawatts by year end 2026.
Rationale and market reaction
Cryptonews.net quotes HeartSciences CEO Andrew Simpson as hinting that the transaction would free the company from “the constant cycle of raising capital” while providing what it believes is the best path forward for shareholders.
The Block’s page is blocked and does not provide accessible details beyond a notice that “You are unable to access theblock.co,” so it offers no usable quotes or numbers for the merger’s rationale or reaction.
Stock Titan says the transaction has been unanimously approved by both boards and is expected to close in the second half of 2026, while also describing illustrative scenarios on the call showing Adjusted EBITDA of over $50 million at a Zcash price of $500 and over $120 million at $1,000.
Cryptonews.net reports that HeartSciences shares rose as much as 91% on Tuesday, according to Google Finance data, even as it says HeartSciences remained unprofitable before the merger deal and had reported net losses for several consecutive years.
Ownership, leadership, and stakes
Stock Titan says Digital Currency Group is expected to remain the largest and controlling shareholder, while Cryptonews.net says existing HeartSciences shareholders will retain a minority ownership stake and that Fortitude’s management team will assume control of the combined company.
“Zcash miner Fortitude Mining Holdings is set to merge with medical technology company HeartSciences in a deal that will allow Fortitude to become publicly traded without pursuing a traditional initial public offering”
TheEnergyMag says DCG’s Fortitude Mining to go public through the HeartSciences merger is expected to close in the second half of 2026, and it reports that DCG, Fortitude’s sole stockholder, is expected to own about 95% of the combined company on a fully diluted basis after the deal closes.
TheEnergyMag also states that Fortitude CEO Andrea Childs will lead the combined company while HeartSciences CEO Andrew Simpson is expected to continue running the healthcare business unit, and it quotes Childs saying, “As a public company, we anticipate having the flexibility and access to capital to accelerate our core venture mining platform.”
Stock Titan frames the deal’s execution around integrating the businesses and navigating digital asset risks such as Zcash price volatility and regulatory uncertainty, while also noting HeartSciences shareholders will evaluate the trade-offs through a proxy process with details to be provided in a forthcoming SEC-filed proxy statement.
