Zcash miner Fortitude gets Nasdaq listing via HeartSciences merger
Fortitude Mining Holdings, a Zcash miner, is merging with medical technology company HeartSciences in an all-stock reverse merger that will let Fortitude become publicly traded without a traditional IPO. After the deal, Fortitude’s management will control the combined company, which will operate under the Fortitude name and is expected to list on Nasdaq as TUDE pending approval. HeartSciences shareholders will keep a minority stake. The move gives Fortitude access to public markets, while HeartSciences gets a way to continue operating despite ongoing capital needs. HeartSciences develops AI-enabled cardiac diagnostics but remains unprofitable, with little revenue and widening losses in fiscal 2025. Its shares jumped sharply on the news. Fortitude has disclosed limited financial detail, but said it had scaled annualized Zcash production to 157,000 ZEC as of May 31. The deal follows a pattern of crypto firms reaching public markets through mergers rather than IPOs.
