Asher Genoot, the newly-appointed Hut 8 CEO, said he will focus on “creating lasting shareholder value.”

Bitcoin mining firm Hut 8 announced a leadership transition, replacing its CEO weeks after “pump-and-dump” allegations against the company were published by the controversial short-selling firm JCapital Research.

On Feb. 7, the Miami-based Bitcoin  mining company published a press release saying that its former CEO Jaime Leverton will depart from his position. Asher Genoot, the president and a member of the company’s board of directors, will replace the now-former executive.

Bill Tai, chairman of the board of Hut 8, said in the announcement that the company is at a “pivotal inflection point,” as they just completed the merger with US Bitcoin Corp (USBTC). The executive added that Genoot will bring a “disciplined, proven approach” to unlock the potential of the merger.

Genoot said in the announcement that he will focus on strengthening operations and “creating lasting shareholder value.” The executive expressed confidence in the team and said it will publish details on its near-term strategy soon.

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In September 2023, Hut 8 received the final clearance from the Canadian Supreme Court to complete its merger with USBTC. Following the merger, the company boosted its BTC reserves in October.

However, on Jan. 19, Hut 8 shares tanked after the short-selling firm JCapital Research published allegations warning Hut 8 investors of an “upcoming pump and dump.” The company claimed that the merger with fellow miner USBTC could place investors in harm’s way.

The research firm, which admits to being short-side biased, pointed toward the $725 million merger deal and claimed USBTC had a history of “legal trouble.” The company also highlighted in the report that the majority of the merged Bitcoin miner’s shares are being held by an “undisclosed related party.” Hut shares fell from $9.30 to $7.10 after the report was published.

Following the report, Hut 8 issued a blanket denial, describing the report as misleading. The company said that it was a “deliberate attempt to spread misinformation” and was filled with inaccurate information and misrepresented data. The company also alleged that the report was “designed for the sole purpose of negatively impacting Hut 8’s share price for the short seller’s own benefit.”