Zcash miner Fortitude Mining Holdings has secured a path to the public markets through an all-stock merger with HeartSciences, a deal that will put the cryptocurrency mining company on the Nasdaq without a traditional initial public offering.
summary
- Fortitude will go public through an all-stock merger with Nasdaq-listed HeartSciences.
- Shares of HeartSciences rose as much as 91% after the deal was announced.
- The deal comes as renewed interest in Zcash has led to increased interest in privacy-focused cryptocurrency companies.
According to a subscriber advertisement Released Tuesday, Fortitude and HeartSciences have agreed to merge in a deal that will leave Fortitude’s management team with control of the combined company. The company is expected to operate under the Fortitude name and trade on the Nasdaq under the ticker symbol TUDE, subject to regulatory approvals.
Under the terms of the deal, existing HeartSciences shareholders will retain a minority ownership interest. HeartSciences, which develops AI-powered heart diagnostic technologies, will continue to operate under the leadership of CEO Andrew Simpson.
Explaining the decision, Simpson said the merger would help remove what he described as a “continuous cycle of capital raising” while delivering what the company believes is the most favorable outcome for shareholders.
Although the two companies operate in unrelated industries, the structure gives Fortitude access to public equity markets through a company already listed on the Nasdaq.
For HeartSciences, the agreement provides ongoing exposure to a publicly traded entity while allowing its healthcare operations to remain active.
Fortitude gains public listing without IPO
Rather than seeking a traditional stock market debut, Fortitude is following a route many cryptocurrency companies have previously used to reach public investors. According to the two companies, the deal is structured as a merger that would result in Fortitude taking a public listing.
Similar methods have been used elsewhere in the sector. Bitcoin mining company Core Scientific entered the public markets through a SPAC merger in 2022, while Cipher Mining also became publicly traded through a merger-based structure rather than a traditional IPO.
Investor reaction was immediate. According to data from Yahoo Finance, HeartSciences shares, which continue to trade under the ticker HSCS until the deal closes, rose as much as 91% during Tuesday’s session.
The announcement comes at a time of increased interest in Zcash and privacy-focused cryptocurrencies. Recent discussions surrounding the planned EU anti-money laundering framework Suggested The maximum cash payout of 10,000 euros (about $11,500) has drawn renewed attention to privacy-preserving digital assets.
Earlier this month, according to public comments shared on social media, Helios CEO Mert Mumtaz said: Description of Zcash As one of the strongest privacy-focused encryption networks. His comments came as market participants discussed how future compliance requirements could impact cryptocurrency users across Europe.
HeartSciences remains loss-making as Zcash production grows
Financially, the two companies are entering the merger from very different positions.
According to the MarketScreener website DataHeartSciences remained unprofitable in fiscal 2025, posting a net loss of $8.77 million compared to a loss of $6.61 million the previous year. The company generated limited revenues during the period but continued to develop its healthcare products.
During fiscal 2025, HeartSciences launched the MyoVista Insights software platform, which the company said is designed to modernize existing ECG management systems.
Meanwhile, Fortitude has disclosed little financial information because it remains privately owned. However, the company reported that its annual production reached 157,000 Zcash coins as of May 31.
According to data from crypto.news, Zcash (Like you) was trading near $417 per token, with a market cap of around $6.99 billion at the time of writing.
