Zcash 10X’d in a year but DCG’s Zcash miner kept losing money

Fortitude Mining Holdings, the Zcash (ZEC) mining platform owned by Barry Silbert’s Digital Currency Group (DCG), has disclosed a set of disappointing financials that reveal tons of debt, years of losses, and ZEC as a minority of revenue.

The disclosure, which also reveals a highly adjusted EBITDA that disregards $32 million of depreciation, paints a very different picture to a pitch deck published by Fortitude last month.

The deck, which is listed on the company’s website, proudly claims that as of a conveniently selected period of the 2025 fiscal year, Fortitude was debt-free.

However, compelled by SEC rules to disclose more up-to-date financials pursuant to its all-stock merger with publicly-traded HeartSciences Inc., the company has admitted that it signed a $26 million credit facility on June 1 and drew over $8.3 million of actual debt from that facility before the deck was published on June 23.

The disappointment doesn’t end there.

The pitch deck also declared Fortitude Mining “a Zcash ecosystem leader.” However, filings show a $12.6 million net loss for 2025. That loss added to a $14.3 million in 2024.

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