Hut 8 agrees to pay $2.35 million to settle a securities class action brought by investors over the company’s 2023 merger with U.S. Bitcoin Corp., according to multiple reports. The dispute centers on alleged disclosure issues related to the merger. Hut 8 has denied any wrongdoing in connection with the claims, the reports state.
The settlement resolves the investor lawsuit without the parties admitting liability. Under the terms described by the outlets, Hut 8 will pay the agreed amount as part of the settlement.
The merger at issue involved Hut 8 and U.S. Bitcoin Corp., which is often referenced in coverage of bitcoin mining companies’ consolidation and related investor disclosures. The reports do not provide details on the specific alleged omissions or misstatements, focusing instead on the settlement amount and the company’s denial of wrongdoing. The $2.35 million agreement brings the lawsuit to an end on negotiated terms.
