Zcash miner Fortitude borrows a HeartSciences Nasdaq heart, will trade as TUDE 🫀

Zcash mining firm Fortitude Mining Holdings is set to merge with medical technology company HeartSciences in an all-stock transaction that will deliver a Nasdaq listing without a conventional initial public offering, the companies said Tuesday. The deal will leave Fortitude's management in control of the combined entity, which will operate under the Fortitude name and trade on Nasdaq under the ticker symbol TUDE once regulatory approvals are received. Existing HeartSciences shareholders will retain a minority ownership stake. HeartSciences CEO Andrew Simpson said the transaction would allow the company to step off "the constant cycle of raising capital," adding that it represented the best path forward for shareholders. The deal pairs a digital asset miner with a developer of AI-enabled cardiac diagnostics in a structure that mirrors reverse mergers previously used by other crypto operators; Core Scientific and Cipher Mining, for example, both reached the public markets through SPAC transactions. Shares of HeartSciences, which continue to trade on Nasdaq under HSCS pending closing, jumped as much as 91% on Tuesday, according to Google Finance data.

HeartSciences has yet to generate meaningful commercial revenue and has reported consecutive annual net losses. MarketScreener figures show the company posted minimal revenue in fiscal 2025, with its net loss widening to $8.77 million from $6.61 million a year earlier. The company advanced its product roadmap in fiscal 2025 with the launch of MyoVista Insights, a software platform built to modernize existing ECG management systems. Financial details for Fortitude, which remains privately held, have not been disclosed. The company said it had scaled annualized production to 157,000 Zcash (ZEC) as of May 31. At time of publication, ZEC was trading at roughly $413 per token, giving it a market capitalization of $6.92 billion, according to CoinMarketCap data.