Zcash miner Fortitude Mining Holdings has secured a path to the public markets through an all-stock merger with HeartSciences, a transaction that will place the crypto mining company on the Nasdaq without a traditional IPO.
Summary
- Fortitude will go public through an all-stock merger with Nasdaq-listed HeartSciences.
- HeartSciences shares surged as much as 91% after the transaction was announced.
- The deal comes as renewed attention on Zcash boosts interest in privacy-focused crypto firms.
According to a joint announcement released Tuesday, Fortitude and HeartSciences have agreed to combine in a deal that will leave Fortitude’s management team in control of the merged company. The business is expected to operate under the Fortitude name and trade on Nasdaq under the ticker symbol TUDE, subject to regulatory approvals.
Under the terms of the transaction, existing HeartSciences shareholders will retain a minority ownership stake. HeartSciences, which develops AI-powered cardiac diagnostic technologies, will continue operating under the leadership of chief executive Andrew Simpson.
Explaining the decision, Simpson said the merger would help remove what he described as the “constant cycle of raising capital” while offering what the company believes is the most favorable outcome for shareholders.
Although the two companies operate in unrelated industries, the structure effectively gives Fortitude access to public equity markets through an already listed Nasdaq company.
For HeartSciences, the agreement provides continued exposure to a publicly traded entity while allowing its healthcare operations to remain active.
Fortitude gains public listing without an IPO
Rather than pursuing a conventional stock market debut, Fortitude is following a route that several crypto firms have previously used to reach public investors. According to the companies, the transaction is structured as a merger that will result in Fortitude taking over the public listing.
Similar approaches have been used elsewhere in the sector. Bitcoin mining company Core Scientific entered public markets through a SPAC merger in 2022, while Cipher Mining also became publicly traded through a merger-based structure instead of a traditional IPO.
Investor reaction was immediate. According to data from Yahoo Finance, shares of HeartSciences, which continue to trade under the ticker HSCS until the transaction closes, climbed as much as 91% during Tuesday’s session.
The announcement arrives at a time when interest in Zcash and privacy-focused cryptocurrencies has increased. Recent discussions surrounding the European Union’s planned anti-money laundering framework and proposed €10,000 (about $11,500) cash payment cap have drawn renewed attention to privacy-preserving digital assets.
Earlier this month, according to public comments shared on social media, Helius chief executive Mert Mumtaz described Zcash as one of the strongest privacy-focused crypto networks. His remarks came as market participants debated how future compliance requirements could affect cryptocurrency users across Europe.
HeartSciences remains loss-making as Zcash output grows
Financially, the two companies enter the merger from very different positions.
According to MarketScreener data, HeartSciences remained unprofitable in fiscal 2025, reporting a net loss of $8.77 million compared with a loss of $6.61 million a year earlier. The company generated limited revenue during the period but continued developing its healthcare products.
During fiscal 2025, HeartSciences launched its MyoVista Insights software platform, which the company said is designed to modernize existing ECG management systems.
Fortitude, meanwhile, has disclosed little financial information because it remains privately held. Even so, the company reported that its annualized production reached 157,000 Zcash as of May 31.
According to data from crypto.news, Zcash (ZEC) was trading near $417 per token, with a market capitalization of approximately $6.99 billion at the time of writing.
