Bitcoin mining firm Hut 8 has introduced a management transition roughly three weeks after an activist short-selling agency revealed a report containing allegations towards the miner’s administration practices and funds.
In line with an official launch, former CEO Jaime Leverton shall be instantly succeeded by Asher Genoot, who has served as Hut 8’s president since November 2023.
Hut 8 Declares New Chief Government
Genoot co-founded Bitcoin miner U.S. Bitcoin Corp (USBTC) and served because the agency’s president earlier than merging with Hut 8 final 12 months. The merger deal noticed Hut 8’s frequent inventory (TSX) change to New Hut (HUT) as the brand new firm was named Hut 8 Corp.
The Hut 8 Board of Administrators stated the completion of the merger deal signaled the necessity to set a brand new strategic path and a management transition. Board chair Invoice Tai stated Asher will convey a disciplined and confirmed strategy to unlock the mixed firm’s potential.
Commenting on the newest growth, the brand new CEO stated: “As I work with the board to outline a brand new technique for the corporate, I’m targeted on strengthening operations, driving worthwhile progress, and creating lasting shareholder worth.
I’m extra assured than ever within the power of our crew and talent to execute. I sit up for sharing extra particulars about our near-term technique and dealing intently with the total group and board to execute on it.”
Leverton, who has served Hut 8 as CEO for 3 years, will depart the corporate because the board has determined.
Brief-seller Accusations
Hut 8’s transition into a brand new management comes inside a month after J Capital Analysis known as HUT an “apparent pump and dump goal,” as Hut 8 inherited a pile of debt from USBTC. The January 18 report alleged that USBTC could have gone bankrupt if Hut 8 had waited one month to shut the merger deal.
Per J Capital, USBTC is backed by promoters with a historical past of authorized hassle. The mining firm seems to have defaulted on a mortgage and paid authorities fines twice, its founders have restricted share lock-ups, and insiders could quickly offload their inventory.
Nevertheless, the mixed firm has countered the claims, insisting that the report comprises inaccuracies, misrepresented information, and false characterizations about its enterprise.
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