Core Scientific Rises from Bitcoin Challenges, Prepares for Nasdaq Success
Jan 17, 2024
Core Scientific, a prominent Bitcoin mining company hit hard during the crypto winter, has received approval for its Chapter 11 reorganisation plans from a Texas bankruptcy court, with plans to relist its shares on Nasdaq by month-end. Under the approved plan, Core Scientific will fully repay its existing debt, and existing shareholders will receive approximately 60% of the new company's equity. Previously the largest publicly traded Bitcoin miner by computing power, Core Scientific filed for Chapter 11 in December 2022 when Bitcoin's price dipped to around $16,000. With Bitcoin's price now at $43,000, renewed investor interest, and the recent approval of spot Bitcoin ETFs by the SEC, Core Scientific is optimistic about maintaining its industry leadership, projecting 182,000 mining rigs for 2024 and potential annual revenues of nearly $1 billion by 2027.