HeartSciences (Fortitude Mining) NASDAQ: HSCS exp. TUDE
Vertically integrated digital asset mining platform anchored in Zcash. Going
public via business combination with HeartSciences Inc. (Nasdaq: HSCS) • fortitudemining.com
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$3.17
-10.96% (24h)
Realized Hashrate
4.0 GSol/s
Equihash industrial mining fleet
Q2 Zcash Mined
33,646 ZEC
$40.4M mined value at spot
All-in Production Cost
±$70 / ZEC
94.2% Gross Mining Margin
Balance Sheet Holdings
According to filings of Fortitude Mining Holdings, Inc. and reported mining production telemetry, we assume that Fortitude keeps 20% of the ZEC on its balance sheet and applies a moderate accumulation policy. This figure is subject to operational expenditures, working capital management, and actual treasury reserve allocations upon closing of the business combination.
11,063 ZEC
$13.3M treasury reserve
Merger Consideration
All-Stock
HeartSciences combination
Pro-Forma Ownership
85.5%
Fortitude equity holders
Unit Economics & Cash Generation
Equihash
ASIC
Mining economics benchmarking per coin extraction cost vs prevailing spot market value.
| Economic Variable | Per ZEC | Q2 Run-Rate |
|---|---|---|
| Realized Hashrate Fleet | 4.0 GSol/s | 33,646 ZEC mined |
| Estimated Direct Production Cost | ~$70.00 | ~$2.4M |
| Spot Market Benchmark Value | $1,201.20 | $40.4M |
| Net Mining Margin Spread | +$1,131.20 | +$38.1M |
| Gross Mining Margin % | 94.2% | — |
| Treasury Retention Rate | High (ZODL strategy) | 11,063 ZEC held |
Competitive Moat: Low-cost
industrial power and proprietary mining infrastructure yield an estimated production
cost of ~$70 per ZEC, providing substantial cash generation and margin protection.
Nasdaq Listing & Combination Progress
In
Progress
Execution milestones tracking the business combination between HeartSciences (HSCS) and
Fortitude Mining.
✓
1. Definitive Merger Agreement Executed
Completed
All-stock transaction valuing combined company to become primary pure-play Zcash
institutional miner on Nasdaq.
✓
2. SEC Preliminary Proxy Statement Filed
Completed
Detailed operational roadmap, balance sheet disclosures, and executive
compensation disclosures submitted.
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3. SEC Review & Shareholder Vote (DEFA14A)
In Review
Series of DEFA14A statutory proxy filings progressing toward shareholder
approval and closing.
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4. Nasdaq Ticker Symbol Transition to "TUDE"
Pending Close
Upon closing of the combination, the merged entity will trade under new Nasdaq
ticker "TUDE".
HeartSciences & Fortitude Mining Disclosures & News
RSS ↗Direct statutory DEFA14A
proxy filings, 8-K combination updates, and announcements from fortitudemining.com
Official SEC Edgar filing accession #0001213900-26-111377. Form type: DEFA14A.
Heartsciences Files Definitive Proxy Statement For Proposed Business Combination With Fortitude Mining TradingView
Official SEC Edgar filing accession #0001213900-26-110718. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-110492. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-109894. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-107250. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-107238. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-106985. Form type: DEFA14A.
Fortitude expands Zcash mining push with up to $100 million equipment commitment The Block
Fortitude Doubles Down on Zcash Mining With $100M BITMAIN Commitment Yahoo Finance
Fortitude Secures Priority Supply Allocation for BITMAIN’s Next-Generation Zcash Mining Equipment, Announces $100 Million Non-Binding Purchase Commitment, and Additional Upsizin...
Official SEC Edgar filing accession #0001213900-26-106514. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-106500. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-104895. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-102844. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-101858. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-101139. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-101016. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100755. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100752. Form type: 8-K.
Zcash miner Fortitude names former Hut 8 chief Jaime Leverton CEO ahead of Nasdaq deal CoinDesk
Official SEC Edgar filing accession #0001213900-26-100572. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100189. Form type: DEFA14A.
Official SEC Edgar filing accession #0001213900-26-100185. Form type: 8-K.
Official SEC Edgar filing accession #0001213900-26-100161. Form type: DEFA14A.
Shares issued at $2.43, a 22% premium to the closing price on the purchase date, with Fortitude receiving no additional merger consideration in respect of the investmentFortitud...
Fortitude targets 145% Zcash mining capacity increase with $31.5 million Bitmain order - The Block
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Fortitude targets 145% Zcash mining capacity increase with $31.5 million Bitmain order The Block
Company believes proposed Fortitude Mining Holdings business combination represents a significant value creation opportunity for the Company’s shareholders Fiscal 2026 saw the f...
FAIRPORT, N.Y., July 28, 2026--Fortitude expands its owned power advantage by energizing its first greenfield build at an attractive power cost.
The Digital Currency Group-owned Zcash miner brought its first greenfield site online as it looks to lower mining costs and advance plans to become a public company.
Company believes proposed Fortitude merger represents a significant opportunity for the Company’s shareholders; preliminary proxy statement in connection with the Proposed Trans...
By Karen Roman Fortitude Mining Holdings, Inc., a Zcash mining platform, has agreed to merge with HeartSciences Inc. (Nasdaq: HSCS) in an all-stock transaction that will take th...
FAIRPORT, N.Y., June 23, 2026--Fortitude Mining Holdings, Inc. ("Fortitude"), a vertically-integrated digital asset mining platform anchored in Zcash, and HeartSciences Inc. (Na...
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