Bankrupt cryptocurrency miner Core Scientific Inc. has appointed Adam Sullivan, an investment banking veteran, as its new president, the company said in a court filing dated Monday.

See related article: U.S. crypto miner Core Scientific files for Chapter 11 bankruptcy, continues to mine Bitcoin

Fast facts

  • Sullivan, whose most recent role was managing director of XMS Capital Partners, where he oversaw over US$5 billion of transactions. He also represented the Power and Digital Infrastructure Acquisition Corporation in its acquisition of Core Scientific Holding Company in 2021, the company said.
  • Sullivan will report to Mike Levitt, chief executive officer of Core Scientific, and will work on financial and strategic matters while assisting with the negotiation of a reorganization plan, according to the filing.
  • Core Scientific’s current president, Todd DuChene, will continue serving as chief legal officer and will take on a new role as chief administrative officer.
  • In December, the Texas-based miner filed for Chapter 11 bankruptcy protection amid falling crypto prices and rising energy costs. The company added that it will continue to operating its existing self-mining and hosting operations, which has remained “significantly cash flow positive on a debt-free basis.”
  • The company is expected to bring Sullivan on board 15 days after the bankruptcy court approved the employment motion, the filing showed.

See related article: Arkansas joins Montana, Texas with bills on guidelines, protection for Bitcoin miners