Key facts
- Zcash miner Fortitude Mining Holdings is merging with medical technology company HeartSciences.
- The transaction is an all-stock deal that will result in Fortitude listing on the Nasdaq.
- Fortitude's management will lead the combined company, which will operate under the Fortitude name.
- HeartSciences shareholders will retain a minority ownership stake.
- HeartSciences has faced profitability challenges and net losses in recent years.
- Fortitude produced 157,000 Zcash as of May 31.
Zcash miner Fortitude Mining Holdings is set to merge with medical technology company HeartSciences in an all-stock transaction that will enable Fortitude to become publicly traded on the Nasdaq under the ticker symbol TUDE. The deal, announced Tuesday, is structured as a reverse merger, allowing Fortitude to bypass a traditional initial public offering.
Under the terms of the agreement, Fortitude's management team will take control of the combined entity, which will retain the Fortitude name. Existing HeartSciences shareholders will maintain a minority ownership stake. HeartSciences CEO Andrew Simpson indicated that the merger would alleviate the company's need for continuous capital raising and provide the optimal path forward for its shareholders.
While the two companies operate in distinct sectors—Fortitude in digital asset mining and HeartSciences in AI-enabled cardiac diagnostics—the merger provides Fortitude with public market access. For HeartSciences, which has experienced financial challenges, including net losses and minimal revenue in fiscal 2025, the transaction offers its shareholders continued exposure to a public company while its healthcare unit continues operations.
HeartSciences has been working to advance its product roadmap, launching its MyoVista Insights software platform. As of May 31, Fortitude reported an annualized production of 157,000 Zcash. Shares of HeartSciences saw a significant surge, rising as much as 91% on Tuesday following the announcement.