Fortitude Mining Holdings names Jaime Leverton CEO ahead of NASDAQ merger

Fortitude Mining Holdings, the Zcash-focused mining operation wholly owned by Digital Currency Group, has announced a definitive all-stock merger agreement with Nasdaq-listed HeartSciences Inc., announced on June 23, 2026. If approved, the combined entity will trade on the Nasdaq Capital Market under the ticker TUDE, with DCG retaining roughly 95% ownership and HeartSciences shareholders holding a minority stake.

From Bitcoin to Zcash

Fortitude isn’t dabbling in ZEC mining as a side project. It’s the company’s entire thesis. As of May 31, 2026, the operation was producing an annualized output of approximately 157,000 ZEC, supported by a power portfolio exceeding 60 MW spread across seven US sites. A new 12 MW facility in Grand Island, Nebraska, was energized in July 2026, adding fresh capacity to the network.

The company also placed a $31.5 million purchase order for 9,000 Bitmain Antminer Z15 Pro miners, a hardware commitment designed to boost its hash rate by roughly 7.56 GSol/s.

The numbers behind the Nasdaq play

Fortitude’s financials suggest the bet is paying off, at least for now. The company reported Q2 2026 revenue of approximately $20.9 million and adjusted EBITDA of around $8.5 million. For the full year of 2025, revenue came in at roughly $89 to $90 million, with 2026 tracking toward significant growth on the back of rising ZEC prices and expanded mining capacity.

Those numbers position Fortitude as a meaningful revenue generator within DCG’s portfolio, which also includes Grayscale Investments. The decision to take Fortitude public through a reverse merger with HeartSciences, a small medical device company, lets Fortitude inherit HeartSciences’ existing Nasdaq listing. DCG’s 95% ownership stake means existing shareholders won’t face significant dilution.

Why Zcash, and why now

Fortitude’s singular focus on Zcash sets it apart from virtually every other publicly traded miner. The overwhelming majority of listed mining companies, from Marathon Digital to Riot Platforms to CleanSpark, are Bitcoin operations. Fortitude’s vertically integrated model, where it mines, holds, and operates its own infrastructure, means it captures more of the value chain than miners who rely on third-party hosting or immediately liquidate production.

What to watch as the merger progresses

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and the standard shareholder votes.