Fortitude Mining Holdings has appointed Jaime Leverton, former CEO of Hut 8, as chief executive as the Zcash-focused miner prepares for a public listing through a proposed combination with Nasdaq-listed HeartSciences. According to the company's press release, Leverton will take the helm on September 21, succeeding Andrea Childs, who will become chief operating officer. Leverton will remain CEO after the deal closes, when the combined company is expected to adopt the Fortitude name and trade on Nasdaq under the ticker 'TUDE'. The deal, announced in June, is expected to close in the fourth quarter, subject to shareholder approval and other customary conditions.
Fortitude has demonstrated strong operational performance with second-quarter revenue of $20.9 million and significant market dominance in Zcash mining. As reported by the company, Fortitude mined 72,696 ZEC during the six months through June, representing approximately 28% of the network's total production during that period. The company operates more than 60 megawatts of power capacity across seven sites in South Dakota, Nebraska, Texas and New York. The Zcash ecosystem has experienced remarkable growth, with the ZEC token rising more than 2,000% over the past year and the network's market capitalization reaching roughly $21 billion.
The proposed merger with HeartSciences is expected to create a company with an implied valuation of at least $400 million, based on HeartSciences' current share price and the shares expected to be issued to Fortitude owner Digital Currency Group and HeartSciences' preferred shareholders. According to company estimates, Fortitude was spun out of Foundry's self-mining business by Digital Currency Group in January 2025. The company describes itself as a 'venture mining' platform that allocates capital across proof-of-work networks while maintaining a primary focus on Zcash, with Leverton noting the company's combination of owned power, mining sites and in-house operations. As reported by the company, Fortitude operates as a wholly owned entity by Barry Silbert's Digital Currency Group.
Childs will concentrate on mining operations, fleet and infrastructure strategy, and industry relationships in her new role as COO. As reported by the company, Fortitude operates as a wholly owned entity by Barry Silbert's Digital Currency Group. Leverton most recently led institutional digital-asset manager ReserveOne and previously served as CEO of bitcoin miner Hut 8, where she was responsible for the company's merger with US Bitcoin Corp. and its transformation from a Canadian mining company to a US-registered entity combining bitcoin mining and high-performance computing operations. The appointment comes as Fortitude expands its exposure to Zcash, whose ZEC token has risen more than 2,000% over the past year, positioning the company for its planned Nasdaq debut through the proposed merger with HeartSciences.
