Crypto exchange FTX’s collapse and overall crypto market turmoil were not key factors in the decision to merge crypto mining firm Hut 8 with US Bitcoin Corp., according to Hut 8 CEO Jamie Leverton.that the merger was mainly about providing diversified revenue and helping scale the combined businesses, stating:
She added, “I think we're seeing a lot of interest come back into this space, we've seen significant appreciation across the space so far in 2023.” Commenting on the choice of location, Leverton said that it was in the best interest of the business to have “diversified geographies,” adding:
This has class action written all over it. I feel for their shareholders 🫡
In the end, Jaime and Sue compensated themselves well while remaining perfectly content stealing from shareholders through dilution while pitching a “hodl” strategy. Furthermore, their inexperience in acquiring power at scale put their shareholders in this position - brutal.