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Core Scientific Plans to Go Public in SPAC Deal
The company will be valued at $4.3 billion.
Core Scientific, a cryptocurrency mining company, is planning to list its shares on Nasdaq through a merger with a special purpose acquisition company.
STORY CONTINUES BELOW
- Core Scientific, the largest host of bitcoin mining machines in North America, plans to merge with Power & Digital Infrastructure Acquisition, the company said in a statement.
- The company will be valued at about $4.3 billion.
- The anchor investor in Power & Digital Infrastructure Acquisition is BlackRock, the world's largest asset manager.
- In May, Michael Levitt, the co-founder and chairman of Core Scientific, took over as CEO after Kevin Turner stepped down.
- Levitt will continue as CEO after the combination.
- The company also said it mined 928 BTC in the second quarter, taking its tally in the first half of the year to 1,683 BTC.
- It forecast fiscal 2021 revenue of $493 million and fiscal 2022 revenue of $1.1 billion. Its fiscal year ends in January.
- The news was first reported by CNBC.
See also: Bitcoin Miner Core Scientific Inks Deal With Bitmain for 112K Antminers
UPDATE (July 21, 13:46 UTC): Adds details on management, revenue forecasts.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
