Fortitude, a Zcash mining platform wholly owned by Digital Currency Group, announced a business combination with Nasdaq-listed Heartsciences on June 23, targeting a second-half 2026 closing. Digital Currency Group is expected to own approximately 95% of the combined company on a fully diluted basis at closing. The transaction aims to provide Fortitude with public-market capital access to expand its venture mining platform, which the company described as the first publicly traded mining operation focused on early-stage proof-of-work opportunities with a track record in Zcash.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions including approval by Heartsciences shareholders. After closing, the combined company is expected to operate under the Fortitude brand. Fortitude CEO Andrea Childs is expected to lead the combined company, while current Heartsciences CEO Andrew Simpson is slated to continue leading the healthcare business unit. Heartsciences trades on Nasdaq under the symbol HSCS.
Digital Currency Group to Hold 95% Stake in Combined Company
Under the deal terms, Digital Currency Group is expected to own about 95% of the combined company on a fully diluted basis at closing. Fortitude describes itself as a vertically integrated digital asset mining platform anchored in zcash (ZEC). The company disclosed it believes Fortitude would become the first publicly traded venture mining platform with a track record of identifying early-stage proof-of-work opportunities.
Zcash launched in 2016 from Bitcoin's codebase and carries a fixed 21 million coin supply. The network combines proof-of-work mining with optional privacy features through shielded transactions. Digital Currency Group founder and CEO Barry Silbert stated: "Zcash is a clear example of Fortitude's venture mining model in action: early conviction in an important protocol, paired with the infrastructure required to support and scale it."
Fortitude Reports 366 ZEC Daily Production and 1,000% Trailing Return
Fortitude began mining ZEC in 2019 and said it has scaled annualized production to 157,000 ZEC, or about 366 ZEC per day, as of May 31, 2026. The company said ZEC delivered a trailing 12-month return of more than 1,000% as of June 15, 2026.
Fortitude said its model combines hardware procurement, infrastructure deployment, research and development, and a long-term Zcash position. It also owns and operates data center capacity backed by competitive long-term power contracts. Childs remarked on June 23 that the company's business model is designed to allow quick movement when promising opportunities appear. She added that public-company status could provide "flexibility and access to capital" to accelerate the venture mining platform.
Zcash Network Operates on 1.5625 ZEC Block Reward Ahead of 2028 Halving
Zcash mining operates on the Equihash proof-of-work algorithm, with a target block time of about 75 seconds. As of June 2026, the block reward is 1.5625 ZEC, with the next halving expected in late 2028, cutting that reward to 0.78125 ZEC. Recent Zcash network hashrate estimates stood around 17.22 GS/s, with Equihash ASICs dominating production.
Heartsciences said Fortitude stood out after it reviewed multiple potential transactions during 2025. Simpson said the combination gives shareholders continued ownership in a scaled business while allowing the company to keep advancing Myovista Insights and its artificial intelligence-enabled ECG technology.
Canaccord Genuity and Ducera Partners are advising Fortitude, with Ropes & Gray serving as its legal counsel. Foley Shechter Ablovatskiy is legal counsel to Heartsciences, while Houlihan Capital acted as special financial adviser to Heartsciences.
FAQ
What did Fortitude announce on June 23?
Fortitude announced a business combination with Nasdaq-listed Heartsciences targeting a second-half 2026 closing. The transaction is expected to result in Digital Currency Group owning approximately 95% of the combined company on a fully diluted basis at closing.
How much Zcash does Fortitude produce daily?
Fortitude reported annualized production of 157,000 ZEC, or about 366 ZEC per day, as of May 31, 2026. The company began mining ZEC in 2019.
When is the next Zcash block reward halving expected?
The next Zcash halving is expected in late 2028. As of June 2026, the block reward is 1.5625 ZEC, and the halving will cut that reward to 0.78125 ZEC.
