U.S.-based AI healthcare company HeartSciences Inc. (NASDAQ: HSCS) has announced a definitive all-stock merger agreement with Fortitude Mining Holdings LLC. Once the transaction is completed, Fortitude Mining will become a publicly traded company and is expected to operate under the Fortitude brand with the proposed Nasdaq ticker “TUDE.” The merger is expected to close during the second half of 2026 (H2 2026), subject to shareholder approval, regulatory clearances, and customary closing conditions.
Company Introduction
About HeartSciences
HeartSciences is a U.S.-based medical technology company focused on improving the early detection of cardiovascular diseases through Artificial Intelligence (AI).
Its flagship technology, MyoVista Insights, enhances traditional electrocardiogram (ECG) testing by using AI algorithms to identify heart conditions that may not be visible through conventional ECG analysis. The company has spent years developing AI-powered cardiac diagnostic software and has pursued FDA clearances for its technology.
Key Highlights
- AI-powered ECG diagnostic technology
- Focus on early detection of heart diseases
- Developer of MyoVista Insights platform
- Nasdaq-listed company (Ticker: HSCS)
- Healthcare and medical technology business
About Fortitude Mining
Fortitude Mining is a cryptocurrency mining company that was formed in 2025 after Digital Currency Group (DCG) separated Foundry’s self-mining operations into an independent business.
The company specializes in Zcash (ZEC) mining and operates a vertically integrated mining platform, managing everything from mining infrastructure to operational support. Fortitude aims to become one of the leading publicly traded cryptocurrency mining companies.
Key Highlights
- Cryptocurrency mining company
- Focus on Zcash (ZEC) mining
- Spin-off from Foundry’s mining business
- Backed by Digital Currency Group (DCG)
- Vertically integrated mining platform
Key Merger Details
| Item | Details |
| Announcement Date | June 23, 2026 |
| Acquirer Company | Fortitude Mining (Combined Company) |
| Target Company | HeartSciences (NASDAQ: HSCS) |
| Deal Type | All-Stock Merger (Reverse Merger) |
| Deal Value | Not Disclosed |
| Industry | Cryptocurrency Mining / Digital Asset Mining |
| Acquirer HQ Country | United States |
| Acquirer Exchange | Nasdaq (expected after closing) |
| Ticker | Proposed: TUDE |
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How Will the Merger Work?
This transaction is structured as a reverse merger, allowing Fortitude Mining to become a publicly traded company without going through a traditional Initial Public Offering (IPO).
After the merger:
- Existing Fortitude owners are expected to own approximately 95% of the combined company.
- Current HeartSciences shareholders will own roughly 5%.
- Fortitude’s existing management team will lead the combined business.
- The company will primarily operate as a cryptocurrency mining business under the Fortitude name.
Why Did HeartSciences Enter This Deal?
Although HeartSciences developed innovative AI-powered healthcare technologies, the company faced challenges in achieving significant commercial growth.
By entering this merger, HeartSciences gains several advantages:
- Provides shareholders with exposure to a new high-growth industry.
- Maintains its Nasdaq listing.
- Creates value through a strategic business transformation.
- Enables Fortitude to access public capital markets quickly.
This type of reverse merger has become an increasingly popular route for private companies seeking a faster path to public markets.
Why Is This Merger Important for Fortitude Mining?
For Fortitude, the merger offers several strategic benefits.
Instead of pursuing a lengthy and expensive traditional IPO process, the company can:
- Become publicly traded more quickly.
- Access institutional and retail investors.
- Raise capital more efficiently in the future.
- Increase its visibility within the cryptocurrency industry.
- Accelerate long-term business expansion.
The Role of Digital Currency Group (DCG)
Digital Currency Group (DCG), one of the world’s leading cryptocurrency investment firms, is Fortitude Mining’s primary shareholder.
Following the merger, DCG is expected to retain approximately 95% ownership of the combined company, demonstrating its long-term confidence in Fortitude’s mining operations and growth strategy.
What Happens to HeartSciences’ Healthcare Business?
Following the completion of the merger, the combined company’s primary focus will shift from AI-powered healthcare technology to cryptocurrency mining.
While HeartSciences built its reputation around cardiac diagnostic software, the merged company is expected to operate mainly as a digital asset mining business. Such transformations are common in reverse merger transactions where the private company’s business becomes the primary operating business.
What Does This Mean for Investors?
The merger presents both opportunities and risks for investors.
Potential Benefits
- Exposure to the growing cryptocurrency industry.
- Faster access to public capital markets for Fortitude.
- Potential for future business expansion.
- Continued Nasdaq listing.
- New long-term growth opportunities.
Key Risks
- Significant shift away from healthcare into cryptocurrency mining.
- High volatility in cryptocurrency prices.
- Mining profitability depends on cryptocurrency prices and electricity costs.
- Regulatory changes could impact mining operations.
- Existing HeartSciences shareholders will experience substantial ownership dilution.
Market Analysis
The HeartSciences–Fortitude Mining merger reflects a broader trend in U.S. capital markets, where private companies increasingly use reverse mergers instead of traditional IPOs to enter public markets.
For Fortitude, becoming publicly listed could improve access to institutional capital, strengthen brand recognition, and support future expansion.
However, the company’s future performance will largely depend on:
- Cryptocurrency market conditions.
- Zcash mining profitability.
- Energy costs.
- Regulatory developments.
- Investor sentiment toward digital assets.
If cryptocurrency markets remain strong, Fortitude could benefit significantly from its public listing. Conversely, prolonged weakness in crypto prices or unfavorable regulations could negatively affect financial performance.
What Investors Should Watch Next
The following milestones will determine the success of the transaction:
- Approval by HeartSciences shareholders.
- Regulatory approvals.
- Nasdaq listing approval.
- Confirmation of the TUDE ticker symbol.
- Completion of the merger in the second half of 2026.
- Future business strategy and financial guidance from the combined company.
Outcome
The proposed merger between HeartSciences and Fortitude Mining is one of the more unusual corporate transactions of 2026. It transforms an AI healthcare company into a publicly traded cryptocurrency mining platform through a reverse merger.
For Fortitude, the deal provides a faster and more cost-effective route to the public markets. For HeartSciences shareholders, it offers exposure to the digital asset sector but also introduces higher business and market risks. As the transaction progresses, investors should closely monitor shareholder approvals, regulatory developments, and the combined company’s long-term strategy before making investment decisions.
Source: Heartsciences news
