Zcash Mining Exposure Comes to Wall Street as Fortitude Targets Nasdaq Listing

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Heartsciences shareholders. After closing, the combined company is expected to operate under the Fortitude brand.

Fortitude CEO Andrea Childs is expected to lead the combined company, while current Heartsciences CEO Andrew Simpson is slated to continue leading the healthcare business unit. Heartsciences already trades on Nasdaq under the symbol HSCS.

DCG’s Zcash Mining Bet Moves Toward Nasdaq

Fortitude is currently wholly owned by Digital Currency Group, known as DCG, and describes itself as a vertically integrated digital asset mining platform anchored in zcash (ZEC). Under the deal terms, DCG is expected to own about 95% of the combined company on a fully diluted basis at closing.

The company disclosed it believes Fortitude would become the first publicly traded venture mining platform with a track record of identifying early-stage proof-of-work opportunities. Its core strategy centers on ZEC, the native asset of the Zcash network.

Zcash launched in 2016 from Bitcoin’s codebase and carries a fixed 21 million coin supply. The network combines proof-of-work ( PoW) mining with optional privacy features through shielded transactions, an area DCG founder and CEO Barry Silbert has repeatedly framed as increasingly relevant as more finance moves onchain.

“Zcash is a clear example of Fortitude’s venture mining model in action: early conviction in an important protocol, paired with the infrastructure required to support and scale it,” Silbert said.

366 ZEC Per Day and a 1,000% Return

Fortitude began mining ZEC in 2019 and said it has scaled annualized production to 157,000 ZEC, or about 366 ZEC per day, as of May 31, 2026. The company said ZEC delivered a trailing 12-month return of more than 1,000% as of June 15, 2026.

That price performance gives the transaction a sharper market angle than a standard mining merger. For traders, the deal creates a potential public-equity proxy tied to Zcash mining economics, ZEC price action, network hashrate, power costs, and Fortitude’s ability to keep production costs below market value.

Fortitude said its model combines hardware procurement, infrastructure deployment, research and development, and a long-term Zcash position. It also owns and operates data center capacity backed by competitive long-term power contracts.

“Our business model is designed to allow us to move quickly when we see promising opportunities,” Childs remarked on Tuesday. She added that public-company status could provide “flexibility and access to capital” to accelerate the company’s venture mining platform.

What It Means for the Industry

Zcash mining operates on the Equihash proof-of-work algorithm, with a target block time of about 75 seconds. As of June 2026, the block reward is 1.5625 ZEC, with the next halving expected in late 2028, cutting that reward to 0.78125 ZEC.

Recent Zcash network hashrate estimates stood around 17.22 GS/s, with Equihash ASICs dominating production. That means Fortitude’s public-market story will likely be judged against ZEC price trends, difficulty, energy costs and the company’s daily output.

Heartsciences said Fortitude stood out after it reviewed multiple potential transactions during 2025. Simpson said the combination gives shareholders continued ownership in a scaled business while allowing the company to keep advancing Myovista Insights and its artificial intelligence (AI)-enabled ECG technology.

Canaccord Genuity and Ducera Partners are advising Fortitude, with Ropes & Gray serving as its legal counsel. Foley Shechter Ablovatskiy is legal counsel to Heartsciences, while Houlihan Capital acted as special financial adviser to Heartsciences.