Zcash miner Fortitude Mining Holdings is taking a backdoor route to the public markets by merging with Nasdaq-listed HeartSciences in an all-stock deal that will put the crypto miner on Nasdaq without a traditional IPO.
Deal mechanics and leadership
- The companies announced Tuesday that the merger will leave Fortitude’s management in control of the combined business, which is expected to operate under the Fortitude name and trade on Nasdaq under the ticker TUDE, subject to regulatory approvals.
- HeartSciences shareholders will keep a minority stake in the merged company. HeartSciences, an AI-powered cardiac diagnostics firm, will remain operational under CEO Andrew Simpson. Simpson said the transaction will help remove the “constant cycle of raising capital” and represents what the companies view as the best shareholder outcome.
Why it matters
- The structure gives Fortitude public-market access via an already-listed company rather than through a conventional IPO — a path crypto firms have used before (for example, Core Scientific’s 2022 SPAC route and Cipher Mining’s merger-based listings).
- For HeartSciences, the deal preserves exposure to public equity while allowing its healthcare business to continue.
Market reaction and sector context
- Shares of HeartSciences, which continue trading as HSCS until the deal closes, spiked on the news — rising as much as 91% during Tuesday’s session, according to Yahoo Finance.
- The announcement comes amid heightened interest in Zcash and privacy-focused cryptocurrencies, driven in part by debate over the EU’s proposed anti-money-laundering rules and a potential €10,000 cash payment cap. In related commentary, Helius CEO Mert Mumtaz recently called Zcash “one of the strongest privacy-focused crypto networks” in public social-media remarks.
Financial snapshot
- HeartSciences reported a net loss of $8.77 million in fiscal 2025, worsening from a $6.61 million loss the prior year, with limited revenue as it continued product development. During 2025 the company launched MyoVista Insights, a platform aimed at modernizing ECG management.
- Fortitude remains privately held and discloses limited financials, but said its annualized Zcash production reached 157,000 ZEC as of May 31.
- At the time of the announcement, Zcash (ZEC) was trading around $417 per token with an approximate market capitalization of $6.99 billion, per crypto.news.
Bottom line
The merger gives Fortitude a quicker public-market entry and potential access to broader capital and liquidity, while offering HeartSciences shareholders continued upside and operational continuity. The deal underlines how crypto miners are increasingly using alternative listing strategies to scale without a traditional IPO.
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