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Core Scientific inks $4.3 billion SPAC merger, gears up for Nasdaq listing

CryptocurrencyJul 24, 2021 07:30AM ET
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Core Scientific inks $4.3 billion SPAC merger, gears up for Nasdaq listing

U.S. Bitcoin mining giant Core Scientific is gearing up for a NASDAQ listing after inking a merger with Power & Digital Infrastructure Acquisition Corp.

According to a CNBC report on Wednesday, Core Scientific’s merger with the special purpose acquisition company (SPAC) is worth a whopping $4.3 billion, and it will earn the firm a public listing on NASDAQ.

Core Scientific, which has its operations in North Dakota, North Carolina, Georgia, and Kentucky, is one of the largest providers of blockchain infrastructure, hosting, and mining operations in North America. The SPAC merger and the ensuing listing on NASDAQ will see Core join the ranks of other publicly-traded Bitcoin mining companies such as Marathon Digital and Riot Blockchain (NASDAQ:RIOT) in the U.S.

Core’s CEO Mike Levitt revealed in an interview that his company had mined well over 3,000 BTC and holds 1,683 BTC since the beginning of 2020.

Meanwhile, North American miners are looking to capitalize on China’s continuous witch-hunt on crypto mining to increase their crypto earnings in 2021. Core is gunning for an eight-fold increase this 2021 compared to the $60 million it reportedly earned as revenue in 2020.

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Core Scientific inks $4.3 billion SPAC merger, gears up for Nasdaq listing
 

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Rochdi Djebbar
Rochdi Djebbar Jul 24, 2021 11:40AM ET
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