HeartSciences (Fortitude Mining merger) NASDAQ: HSCS exp. TUDE
Vertically integrated digital asset mining platform anchored in Zcash. Going public via business combination with HeartSciences Inc. (Nasdaq: HSCS) with an all-stock structure. • fortitudemining.com ↗
$4.84
+27.70% (24h)
Realized Hashrate
4.0 GSol/s
Equihash industrial mining fleet
Q2 Zcash Mined
33,646 ZEC
$49.6M mined value at spot
All-in Production Cost
±$70 / ZEC
95.3% Gross Mining Margin
Balance Sheet Holdings
According to filings of Fortitude Mining Holdings, Inc. and reported mining production telemetry, we assume that Fortitude keeps 20% of the ZEC on its balance sheet and applies a moderate accumulation policy. This figure is subject to operational expenditures, working capital management, and actual treasury reserve allocations upon closing of the business combination.
9,061 ZEC
$13.4M treasury reserve
Merger Consideration
All-Stock
HeartSciences combination
Pro-Forma Ownership
85.5%
Fortitude equity holders
Unit Economics & Cash Generation
Equihash ASIC
Mining economics benchmarking per coin extraction cost vs prevailing spot market value.
| Economic Variable | Per ZEC | Q2 Run-Rate |
|---|---|---|
| Realized Hashrate Fleet | 4.0 GSol/s | 33,646 ZEC mined |
| Estimated Direct Production Cost | ~$70.00 | ~$2.4M |
| Spot Market Benchmark Value | $1,474.05 | $49.6M |
| Net Mining Margin Spread | +$1,404.05 | +$47.2M |
| Gross Mining Margin % | 95.3% | — |
| Treasury Retention Rate | High (ZODL strategy) | 9,061 ZEC held |
Competitive Moat: Low-cost industrial power and proprietary mining infrastructure yield an estimated production cost of ~$70 per ZEC, providing substantial cash generation and margin protection.
Nasdaq Listing & Combination Progress
In Progress
Execution milestones tracking the business combination between HeartSciences (HSCS) and Fortitude Mining.
✓
1. Definitive Merger Agreement Executed
Completed
All-stock transaction valuing combined company to become primary pure-play Zcash institutional miner on Nasdaq.
✓
2. SEC Preliminary Proxy Statement Filed
Completed
Detailed operational roadmap, balance sheet disclosures, and executive compensation disclosures submitted.
⏳
3. SEC Review & Shareholder Vote (DEFA14A)
In Review
Series of DEFA14A statutory proxy filings progressing toward shareholder approval and closing.
○
4. Nasdaq Ticker Symbol Transition to "TUDE"
Pending Close
Upon closing of the combination, the merged entity will trade under new Nasdaq ticker "TUDE".
HeartSciences & Fortitude Mining Disclosures & News
Direct statutory DEFA14A proxy filings, 8-K combination updates, and announcements from fortitudemining.com
Official SEC Edgar filing accession #0001213900-26-101016. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100755. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100752. Form type: 8-K.
Zcash miner Fortitude names former Hut 8 chief Jaime Leverton CEO ahead of Nasdaq deal coindesk.com
Official SEC Edgar filing accession #0001213900-26-100572. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100189. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100185. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-100161. Form type: DEFA14A.
Proposed business combination with Fortitude, a vertically-integrated digital asset mining platform anchored in Zcash, continues to progress, with closing expected in Q4 calenda...
Official SEC Edgar filing accession #0001213900-26-099739. Form type: DEFA14A.
Official SEC Edgar filing accession #0001437749-26-030319. Form type: 10-Q.
Official SEC Edgar filing accession #0001213900-26-098975. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-098852. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-098578. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-098456. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-098218. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-098117. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-097849. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-097755. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-097415. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-097294. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-096769. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-096292. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-095790. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-095376. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-095171. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-094436. Form type: DEFA14A.
Shares issued at $2.43, a 22% premium to the closing price on the purchase date, with Fortitude receiving no additional merger consideration in respect of the investmentFortitud...
Fortitude Completes Acquisition of 12.5 MW Prosser, Nebraska Facility Business Wire
Fortitude targets 145% Zcash mining capacity increase with $31.5 million Bitmain order - The Block ↗
Fortitude targets 145% Zcash mining capacity increase with $31.5 million Bitmain order The Block
HeartSciences files proxy for Fortitude deal; reports $1.7M cash, no meaningful FY2026 revenue TradingView
Company believes proposed Fortitude Mining Holdings business combination represents a significant value creation opportunity for the Company’s shareholders Fiscal 2026 saw the f...
FAIRPORT, N.Y., July 28, 2026--Fortitude expands its owned power advantage by energizing its first greenfield build at an attractive power cost.
The Digital Currency Group-owned Zcash miner brought its first greenfield site online as it looks to lower mining costs and advance plans to become a public company.
Zcash Miner Fortitude Powers Up Nebraska Facility as It Eyes Public Listing Yahoo Finance
Company believes proposed Fortitude merger represents a significant opportunity for the Company’s shareholders; preliminary proxy statement in connection with the Proposed Trans...
By Karen Roman Fortitude Mining Holdings, Inc., a Zcash mining platform, has agreed to merge with HeartSciences Inc. (Nasdaq: HSCS) in an all-stock transaction that will take th...
FAIRPORT, N.Y., June 23, 2026--Fortitude Mining Holdings, Inc. ("Fortitude"), a vertically-integrated digital asset mining platform anchored in Zcash, and HeartSciences Inc. (Na...
Zcash Miner Fortitude Merging with HeartSciences to Go Public Yahoo Finance
Fortitude and HeartSciences (Nasdaq: HSCS) Announce Business Combination, Aiming to Bring a Leading Vertically-Integrated Zcash Mining Platform to the Public Markets Business Wire
Barry Silbert's Zcash miner proposes merger, sends Nasdaq stock soaring despite rough month for ZEC The Block
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