U.S. cryptocurrency miner Core Scientific Holding is set to list on the Nasdaq exchange through a merger with a special-purpose acquisitions company, boosting the value of the combined business to around US$4.3 billion.
Fast facts
- Core Scientific, one of the biggest crypto mining companies in the U.S., announced yesterday that it had entered into merger agreement with Power & Digital Infrastructure Acquisition Corp., a publicly traded SPAC.
- The deal with the SPAC, which is subject to shareholder approval, values the combined entity at around US$4.3 billion. The new business is expected to operate as Core Scientific Inc. and remain a publicly listed company on Nasdaq, according to the announcement.
- The merger is expected to bring in US$ 300 million in net cash, which the company said would be used to fund mining equipment purchases and infrastructure build-out.
- In the first half of this year, Core Scientific mined 1,683 Bitcoin that are now worth about US$54 million.
- Alex Mashinsky, CEO of crypto-yield earning platform Celsius, told Forkast.News in an interview that Core Scientific’s upcoming public listing was “obviously phenomenal news, not just for Celsius but also to our entire community because their investment is doing very well.”
- Celsius last month announced that it was investing US$200 million in Core Scientific and two other mining companies — Rhodium Enterprises and Luxor Technologies. “With Core or with Rhodium or with other companies, that is a guaranteed source of Bitcoin so that we don’t care what happens on exchanges or DeFi or institutions, if we have a factory that every 10 minutes print 6.25 Bitcoin,” Mashinsky said.
