Fortitude Gets Nasdaq Listing via HeartSciences Merger
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- Fortitude Mining Holdings is merging with HeartSciences in an all-stock transaction that will give the Zcash miner a Nasdaq listing under the ticker TUDE, with Fortitude's management assuming control of the combined company.
- HeartSciences shares (HSCS) rose as much as 91% on Tuesday following the announcement, according to Google Finance data.
- HeartSciences CEO Andrew Simpson said the merger would free the company from "the constant cycle of raising capital," as the medtech firm reported a net loss that widened to $8.77 million in fiscal 2025 from $6.61 million a year earlier.
- Fortitude had scaled annualized Zcash production to 157,000 ZEC as of May 31, with ZEC trading at roughly $413 and a market cap near $6.92 billion at publication.
- The deal mirrors other crypto miners' paths to public markets, including Core Scientific's 2022 SPAC merger and Cipher Mining's earlier SPAC listing.
- HeartSciences will retain its healthcare business under Simpson's leadership and continue advancing its MyoVista Insights ECG software platform, while existing HeartSciences shareholders keep a minority stake.
Why it matters: The deal illustrates how crypto miners bypass traditional IPOs to reach public markets—a route previously used by Core Scientific and Cipher Mining via SPACs. For HeartSciences, which widened its fiscal 2025 net loss to $8.77 million, the merger swaps ongoing capital-raising pressure for a new controlling shareholder and continued public exposure. HSCS holders captured a 91% one-day rally despite the company's persistent unprofitability.
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