Fortitude Taps Jaime Leverton as CEO Ahead of Nasdaq Deal

Fortitude, backed by Barry Silbert’s Digital Currency Group, was spun out of Foundry’s mining business in January 2025 and has made Zcash, or ZEC, the anchor of its vertically integrated proof-of-work strategy. Mining economics hinge heavily on electricity prices and machine efficiency, making ownership of low-cost power infrastructure central to the company’s effort to control production expenses and scale output as it prepares to enter public markets.

On July 28, Fortitude said its 12-megawatt Grand Island, Nebraska, facility had completed construction and electrical testing, lifting its self-owned power portfolio to more than 60 MW across seven sites. Power is expected to cost about $0.045 per kilowatt-hour, while next-generation miners could cut direct cash cost per ZEC by 43% to roughly $40 from $70. Fortitude and HeartSciences signed an all-stock merger agreement on June 23, targeting completion in the second half of 2026; the combined company is expected to trade on Nasdaq as “TUDE.”

Fortitude is a wholly owned digital asset mining subsidiary of Digital Currency Group (DCG) that has mined the privacy-focused proof-of-work cryptocurrency Zcash since 2019. Its reverse merger with Nasdaq-listed AI healthcare technology company HeartSciences will allow it to enter the public market without a traditional IPO. The deal will also create a new regulated equity investment channel for the Zcash industry.

The companies signed an all-stock merger agreement on June 23, 2026, and expect the transaction to close in the second half of the year, subject to approval by HeartSciences shareholders and Nasdaq. The combined company will retain the Fortitude name and trade under the ticker TUDE. DCG is expected to own 95% and contribute $2 million in cash or an equivalent amount of Zcash. As of May 31, Fortitude had annualized production of 157,000 ZEC and produced about 366 ZEC a day.