Zcash miner Fortitude to list on Nasdaq through merger with HeartSciences

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Eugene Komchuk

1 hour ago

Zcash miner Fortitude to list on Nasdaq through merger with HeartSciences — Fortitude Mining is set to go public.

Zcash mining company Fortitude Mining Holdings plans to enter the public market through a merger with HeartSciences. The deal would allow the crypto mining company to list on Nasdaq without conducting a traditional IPO.

According to a joint statement released Tuesday, Fortitude and HeartSciences have agreed to combine. After the transaction closes, Fortitude’s management team will retain control of the merged company. The business is expected to operate under the Fortitude name and trade on Nasdaq under the ticker TUDE. The deal remains subject to regulatory approvals.

Under the terms of the agreement, current HeartSciences shareholders will retain a minority stake in the combined entity. HeartSciences, which develops AI-powered cardiac diagnostic technologies, will continue operating under the leadership of CEO Andrew Simpson.

Commenting on the decision, Simpson said the merger would help the company move away from the “constant cycle of raising capital” and, in its view, provide the most favorable outcome for shareholders.

Although the companies operate in unrelated industries, the structure of the deal effectively gives Fortitude access to public equity markets through an already listed Nasdaq company.

For HeartSciences, the agreement means maintaining a connection to a publicly traded entity while allowing its healthcare business to continue operating.

How the market reacted

Investor reaction was immediate. According to Yahoo Finance, shares of HeartSciences, which will continue trading under the ticker HSCS until the deal closes, rose as much as 91% during Tuesday’s session.

HeartSciences (HSCS) stock chart showed the company’s shares climbing more than 55% to $2.75 after the merger with Zcash miner Fortitude Mining Holdings was announced.

The deal was announced amid growing interest in Zcash and privacy-focused cryptocurrencies. Discussions around the European Union’s planned anti-money laundering framework, as well as a proposed €10,000, or about $11,500, cap on cash payments, have once again drawn attention to privacy-oriented digital assets.

Earlier this month, according to public comments on social media, Helius CEO Mert Mumtaz described Zcash as one of the strongest privacy-focused crypto networks. His remarks came as market participants debated how future compliance requirements could affect cryptocurrency users in Europe.

HeartSciences remains unprofitable

From a financial perspective, the two companies are entering the merger from very different positions. HeartSciences remained unprofitable in fiscal 2025. The company reported a net loss of $8.77 million, compared with a loss of $6.61 million a year earlier. During the period, HeartSciences generated limited revenue but continued developing its healthcare products.

In fiscal 2025, HeartSciences launched its MyoVista Insights software platform. According to the company, the platform is designed to modernize existing ECG management systems.

Fortitude, meanwhile, discloses only limited financial information because it remains privately held. Still, the company said that, as of May 31, its annualized production rate had reached 157,000 Zcash.

As a reminder, in early 2025, DCG created the subsidiary Fortitude Mining to attract institutional investors to the cryptocurrency sector.

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