Zcash miner Fortitude Mining Holdings and HeartSciences jointly announced on June 23 that they have reached an all-stock merger agreement. After the merger, the combined company will be listed on Nasdaq under the name Fortitude, with the stock ticker TUDE (pending approval). After the news was released, HeartSciences shares (HSCS) surged as much as 91% during Tuesday’s trading session.
The deal structure and Fortitude’s path to listing
According to the companies’ joint statement, the transaction structure is an all-stock merger, and after the merger Fortitude will take over the publicly listed business. HeartSciences CEO Andrew Simpson said in explaining this decision that the merger helps eliminate the “cycle of continuously raising capital,” while delivering the most favorable outcome for shareholders.
Similar approaches are not uncommon in crypto mining: Bitcoin miner Core Scientific entered the public market via a SPAC merger in 2022, and Cipher Mining also listed through a merger structure rather than a traditional IPO. The advantage of this deal is that it benefits both parties: Fortitude gains a faster route into the public market, while HeartSciences can continue holding shares in the listed company and keep operating its healthcare business.
Fortitude’s annualized Zcash output and the market backdrop for privacy-focused crypto
Fortitude reported that as of May 31, 2026, its annualized Zcash (ZEC) production has reached 15.7 ten thousand coins. Because Fortitude is still a private company, it discloses fewer detailed financial figures. At the time of the report, Zcash was trading at about $417 per coin, with a market cap of roughly $699 million.
At the time of this deal announcement, attention returned to Zcash and privacy-focused cryptocurrencies: discussions around the EU’s planned anti-money laundering framework and a proposed €10,000 (about $11,500) cash-payment cap sparked renewed interest in privacy digital assets. Helius CEO Mert Mumtaz publicly commented on social media, describing Zcash as one of the most privacy-focused crypto networks.
HeartSciences’ financial situation: FY2025 loss of $8.77 million
Based on data from MarketScreener, HeartSciences still did not turn a profit in fiscal year 2025, with a net loss of $8.77 million (compared with a loss of $6.61 million in the prior year), and limited revenue. In fiscal year 2025, HeartSciences launched a MyoVista Insights software platform, which the company said is intended to modernize existing ECG management systems.
FAQ
Why did Fortitude choose to merge with HeartSciences instead of a traditional IPO?
According to reports, HeartSciences CEO Andrew Simpson said that the merger helps eliminate the “cycle of continuously raising capital” and delivers the most favorable outcome for shareholders. For Fortitude, merging with an already listed company is a faster path to going public that does not require traditional IPO roadshows; this kind of structure has precedents in crypto mining, with both Core Scientific and Cipher Mining adopting similar approaches.
How will the original businesses of Fortitude and HeartSciences be arranged after the merger?
According to the joint statement, the merged company will operate under the Fortitude name, with the Fortitude management team in control; HeartSciences CEO Andrew Simpson will continue to lead the healthcare business; and HeartSciences’ existing shareholders will retain a minority stake, while the AI cardiac diagnostics business will also continue to operate.
What regulatory pressures are Zcash and privacy-focused cryptocurrencies facing right now?
According to reports, discussions on the EU’s planned anti-money laundering framework and a proposed €10,000 cash-payment cap have again drawn market attention to protecting the regulatory standing of privacy digital assets. The report did not further disclose specific regulatory restrictions, but noted that these discussions are deepening market focus on privacy-focused cryptocurrencies.
