Fortitude Mining Holdings, Inc. (“Fortitude” or the “Company”), a vertically-integrated digital asset mining platform anchored in Zcash, today announced its subsidiary Fortitude Mining, LLC’s entry into a letter of intent (“LOI”) with BITMAIN Technologies Delaware Limited (“BITMAIN”) providing Fortitude with a priority supply allocation for BITMAIN’s next-generation Zcash mining equipment, which has not yet been commercially released, by way of an indicative, non-binding commitment to purchase up to $100 million of such equipment. The purchase commitment is subject to entry into a binding purchase agreement once final specifications and pricing are released, and provides flexibility to scale the purchase up (subject to availability and BITMAIN’s consent) or down, following the official announcement of the equipment.
Fortitude currently operates approximately 4.7 GSol/s of Equihash hashrate, representing a meaningful share of Zcash network mining capacity. The Company has more than 60 MW of contracted power capacity across seven sites in South Dakota, Nebraska, Texas and New York. Combined with Fortitude’s previously announced 9,000-unit order of BITMAIN ANTMINER Z15 Pro miners, the potential addition of BITMAIN’s next-generation equipment is expected to build on this existing operating platform as Fortitude continues to scale its Zcash mining capacity.
The LOI represents an extension of the commercial relationship between Fortitude and BITMAIN and is designed to provide Fortitude with priority supply chain allocation for BITMAIN’s next-generation Zcash mining equipment while the LOI remains in effect, positioning Fortitude for early access to the equipment. The equipment is expected to start shipping in the second quarter of 2027.
“Fortitude’s vision is to be the largest vertically-integrated Zcash mining platform,” said Jaime Leverton, CEO of Fortitude. “Securing a priority supply allocation for BITMAIN’s next-generation equipment, alongside our existing operating base and previously announced Z15 Pro order, positions Fortitude to expand its fleet with industry-leading hardware as it becomes available. We believe there is a significant opportunity to invest in Zcash mining infrastructure today, and Fortitude is well positioned to lead that buildout.”
“Fortitude is one of the first Zcash mining companies to publicly announce an LOI for our next-generation Zcash mining equipment at this scale, making this an important milestone for both companies and for the Zcash mining ecosystem,” said a BITMAIN executive. “This relationship brings together BITMAIN’s leadership in mining technology and engineering with Fortitude’s vertically integrated power, infrastructure and operating capabilities. We see a strong opportunity to build a long-term relationship with Fortitude as the Zcash mining ecosystem continues to scale.”
DCG Credit Facility Commitment Increased to $70 Million to Support the Potential Investment, with $20 Million Draw in ZEC Planned in Near Term
Fortitude also today announced its subsidiary Fortitude Mining, LLC’s entry into an amendment to further upsize its existing credit facility with Digital Currency Group, Inc. (“DCG”), Fortitude’s parent company (as amended, the “DCG Credit Facility”). The amendment is intended to support Fortitude’s potential investment pursuant to the LOI by increasing the aggregate commitment under the DCG Credit Facility from $50 million to $70 million. Together with the approximately $22.7 million of existing borrowing capacity, Fortitude now has approximately $42.7 million of remaining borrowing capacity, subject to the terms of the DCG Credit Facility.
The LOI requires the payment of a refundable deposit equal to 20% of the commitment amount, or $20 million. Fortitude plans to draw the $20 million required to pay the deposit this week, which Fortitude expects will be funded by DCG in ZEC and which Fortitude would plan to liquidate through one or more market transactions to fund the deposit payment.
After the additional $20 million borrowing, Fortitude will have borrowed approximately $47.3 million under the DCG Credit Facility to date, including approximately $8.4 million drawn by Fortitude last week (in the form of 5,790.4798 ZEC) which it then liquidated for aggregate proceeds of approximately $8.3 million, and Fortitude will have approximately $22.7 million of borrowing capacity remaining. As previously announced, the recent amendment to the DCG Credit Facility provides DCG the option to fund loans in ZEC rather than cash, with such ZEC loans to be denominated and repayable in U.S. dollars (valued at the time of transfer pursuant to the terms of the DCG Credit Facility). Fortitude currently expects that any of the remaining approximately $22.7 million of commitment funded by DCG would be in ZEC rather than U.S. dollars.
In addition to the upsized commitment under the DCG Credit Facility described above, DCG may also provide additional funding to Fortitude in the form of ZEC to support additional capital requirements associated with Fortitude’s operations and growth initiatives through FY 2027, which Fortitude would also plan to liquidate in order to use the proceeds for such purposes.
Advancing Toward the Public Markets
Fortitude continues to advance its previously announced proposed business combination with HeartSciences Inc. (Nasdaq: HSCS) (“HeartSciences”) (such transaction, the “Proposed Transaction”). Upon completion of the Proposed Transaction, Fortitude is expected to become a publicly traded company, which is intended to provide Fortitude with access to the public markets as it continues to scale its Zcash mining operations and expand its power and infrastructure platform.
The Proposed Transaction is expected to support Fortitude’s strategy of building a diversified venture mining platform anchored in Zcash, with a focus on high-conviction Proof-of-Work networks, and the infrastructure required to support Fortitude’s growth.
About BITMAIN
BITMAIN is the world’s leading manufacturer of digital currency servers. Since its establishment in 2013, its brand ANTMINER has maintained technological and market advantages, serving customers in over 100 countries and regions worldwide.
About Fortitude
Fortitude, currently wholly-owned by DCG, is an institutional-scale, vertically-integrated venture mining platform operating across the Proof-of-Work ecosystem and anchored in Zcash. Fortitude pairs self-mining operations with an owned data center footprint, a diversified power portfolio backed by competitive long-term contracts, and disciplined capital allocation to identify and scale high-conviction opportunities in emerging Proof-of-Work ecosystems, beginning with its leadership position in the Zcash network. Fortitude is led by an experienced team of operators, capital markets professionals, and digital asset specialists with a track record of identifying and scaling high-conviction opportunities and building privacy-preserving digital asset infrastructure.
For more information, visit www.fortitudemining.com and follow Fortitude on X at @FortitudeCrypto
In the ordinary course of business, Fortitude currently sells or otherwise monetizes all the digital assets that it mines, including ZEC. In addition, Fortitude and its affiliates and subsidiaries, including DCG, from time to time sell, pledge or otherwise monetize their digital asset holdings, including ZEC. The funds received from such sales, pledges, or other monetization activities are used to fund operating expenses and capital investments, as well as for other purposes, including to hedge exposures and realize investment gains.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “expect,” “plan,” “will,” “would,” “believe,” “intend,” “potential,” “may” and other words of similar meaning, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, express or implied statements relating to Fortitude and its plans and expectations concerning the LOI with BITMAIN, including the potential purchase of BITMAIN’s next-generation Zcash mining equipment, the entry into a binding purchase agreement, the amount of mining equipment ultimately purchased and any potential increase in the size of the purchase, the timing of the release of final specifications and pricing and the expected timing of shipment of such equipment, the expected benefits of such equipment and of Fortitude’s commercial relationship with BITMAIN; Fortitude’s plans and expectations concerning draws on the DCG Credit Facility, future funding from DCG, sales of ZEC into the market; and the expectation that the Proposed Transaction will bring Fortitude to the public markets. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements.
These forward-looking statements are based on management’s current expectations and assumptions as of the date of this press release and are subject to a number of known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the following: the risk that the Proposed Transaction may not be completed on the anticipated timeline or at all; the failure to satisfy the conditions to the closing of the Proposed Transaction, including obtaining the requisite approval of the HeartSciences shareholders; market, macroeconomic, or other conditions that could adversely affect either HeartSciences or Fortitude, or the combined company; risks related to the integration of the two companies and the management of a newly public company; risks relating to Fortitude’s operations and business, including the highly volatile nature of the price of Zcash and other cryptocurrencies; and risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally. Additional factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements in this press release are discussed in the amended preliminary proxy statement filed on Schedule 14A by HeartSciences with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction on September 18, 2026 (the “Preliminary Proxy Statement”), HeartSciences’ 2026 Annual Report on Form 10-K, filed with the SEC on July 23, 2026, HeartSciences’ Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2026, filed with the SEC on September 14, 2026, and other HeartSciences’ reports filed with the SEC from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements. Each of HeartSciences and Fortitude expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. All forward-looking statements are made as of the date of this press release.
Additional Information About the Proposed Transaction and Where to Find It
This press release may be deemed solicitation material in respect of the Proposed Transaction. In connection with the Proposed Transaction, HeartSciences has filed the Preliminary Proxy Statement and may file additional relevant materials with SEC. Following the filing of a definitive proxy statement with the SEC, HeartSciences will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the Proposed Transaction. INVESTORS AND SHAREHOLDERS OF HEARTSCIENCES ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT HEARTSCIENCES HAS FILED OR MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT HEARTSCIENCES AND THE PROPOSED TRANSACTION. THIS PRESS RELEASE DOES NOT CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING THE PROPOSED TRANSACTION AND RELATED MATTERS AND IS NOT INTENDED TO PROVIDE THE BASIS FOR ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF SUCH MATTERS. The preliminary proxy statement, the definitive proxy statement and other relevant materials in connection with the Proposed Transaction (when they become available), and any other documents filed by HeartSciences with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders may obtain free copies of the documents filed with the SEC or by sending a request to the HeartSciences Investor Relations Department at investorrelations@heartsciences.com.
Participants in the Solicitation
HeartSciences and Fortitude, their respective directors and executive officers, and certain executive officers of DCG may be deemed to be participants in the solicitation of proxies from HeartSciences’ shareholders with respect to the Proposed Transaction. Information regarding the identity of the potential participants, and their direct or indirect interests in the Proposed Transaction, by security holdings or otherwise, is set forth in the Preliminary Proxy Statement and other materials that have been or may be filed with the SEC in connection with the Proposed Transaction.
No Offer or Solicitation
This press release and the information contained herein is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The Proposed Transaction will be implemented solely pursuant to the terms and conditions of the merger agreement, which contain the full terms and conditions of the Proposed Transaction.
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