Zcash Miner Fortitude to List on Nasdaq via Merger with HeartSciences as TUDE

Zcash miner Fortitude Mining Holdings is taking a shortcut to the Nasdaq by merging with HeartSciences in an all-stock deal that will put the mining firm on a U.S. exchange without a traditional IPO. What happened - Fortitude and HeartSciences agreed to combine in a transaction that will leave Fortitude’s management in control of the merged company, which is expected to operate under the Fortitude name and — pending regulatory approvals — begin trading on Nasdaq under the ticker TUDE. - HeartSciences shareholders will retain a minority stake, and the healthcare business will remain active under CEO Andrew Simpson. Simpson said the deal helps end the “constant cycle of raising capital” while delivering what the companies view as the best outcome for shareholders. Why this matters - The structure is effectively a reverse merger: Fortitude gains access to public equity markets by merging into an already-listed company rather than launching a conventional IPO. Crypto firms have used similar routes recently — for example, Bitcoin miner Core Scientific went public via a SPAC in 2022 and Cipher Mining also used merger-based approaches. - Market reaction was immediate: HeartSciences shares, which still trade under HSCS until the deal closes, jumped as much as 91% in Tuesday trading, according to Yahoo Finance. Financial and business snapshot - HeartSciences, which develops AI-powered cardiac diagnostics, remained unprofitable in fiscal 2025, reporting a net loss of $8.77 million versus $6.61 million a year earlier. The company recorded limited revenue while continuing product development, including the launch of its MyoVista Insights ECG-management platform during the year. - Fortitude is still private and has disclosed limited financial detail, but said its annualized output reached 157,000 Zcash (ZEC) as of May 31. Bigger picture for Zcash and privacy coins - The announcement comes amid renewed interest in privacy-focused cryptocurrencies. EU debates over an updated anti-money-laundering framework and a proposed €10,000 cash-payment cap have shone a spotlight on privacy-preserving digital assets. Earlier this month, Helius CEO Mert Mumtaz publicly called Zcash one of the strongest privacy-focused crypto networks. - At the time of reporting, ZEC traded near $417 per token, with an approximate market cap of $6.99 billion (per crypto.news). What’s next - The merger must clear regulatory approvals before Fortitude can begin trading as TUDE. If completed, the deal would give Fortitude public-market access and liquidity without the costs and timeline of a traditional IPO, while allowing HeartSciences to remain a publicly traded healthcare operator with a retained stake. This move underscores a growing trend of crypto companies using merger structures to reach public investors as market conditions and fundraising dynamics make traditional IPOs less attractive.