Fortitude Zcash Miner to Go Public on Nasdaq in All-Stock Merger With HeartSciences

Zcash miner Fortitude Mining Holdings has signed a deal to merge with Nasdaq-listed HeartSciences in an all-stock transaction, giving Fortitude a route to the public markets without a traditional initial public offering. The combined company is expected to operate under the Fortitude name and seek to trade on Nasdaq under the proposed ticker "TUDE", subject to regulatory approval. Fortitude's management team will run the post-merger business, while HeartSciences shareholders will retain a minority stake. Until the transaction closes, HeartSciences will continue trading on Nasdaq under "HSCS." Investors pushed HeartSciences shares sharply higher after the announcement. Data cited from Google Finance showed the stock rising as much as 91% on Tuesday. Deal structure: public listing via reverse-merger mechanics Although Fortitude and HeartSciences operate in different sectors—cryptocurrency mining versus AI-enabled cardiac diagnostics—the transaction has the hallmarks of a reverse merger. Fortitude is effectively using HeartSciences as the already-public vehicle, a structure that can provide faster access to public-market liquidity than launching a new IPO. The approach mirrors pathways used elsewhere in the crypto sector. Prior examples referenced in reporting include Bitcoin miner Core Scientific, which listed through a SPAC merger in 2022, and Cipher Mining, which also went public via a SPAC transaction. HeartSciences CEO Andrew Simpson said the merger could reduce ongoing financing pressure, describing it as a way to "free the company from the constant cycle of raising capital" while offering shareholders what he views as a stronger path forward. HeartSciences financial profile: losses persist as product work continues HeartSciences has remained unprofitable and has not reached meaningful commercial scale. According to MarketScreener, the company posted minimal revenue in fiscal 2025 and widened its net loss to $8.77 million from $6.61 million the prior year. The company continued to invest in its product roadmap, including the fiscal 2025 launch of its MyoVista Insights software platform, positioned as an update to legacy ECG management systems. Fortitude operations: Zcash output disclosed, financials limited As a privately held company, Fortitude has provided limited financial disclosure. In its announcement, it highlighted operating scale, saying it had increased annualized production to 157,000 Zcash (ZEC) as of May 31. At the time of publication, CoinMarketCap data showed ZEC trading around $413, implying a market capitalization of about $6.92 billion. What to watch next Regulatory review will determine whether the combined company can list as planned and adopt the proposed "TUDE" ticker. Investors are also likely to focus on how Fortitude's mining output, costs, and profitability translate into public-company reporting, given the limited disclosures typical of private firms. For HeartSciences shareholders, the transaction also changes the underlying exposure: they hold shares in a medical diagnostics company until closing, after which the combined entity would be centered on crypto mining within a Nasdaq-listed structure. This article was originally published as "Fortitude Zcash Miner Plans Nasdaq Listing Through HeartSciences Merger" on Crypto Breaking News.