Core Scientific, which says it’s the biggest U.S. bitcoin mining company, is going public via SPAC

SourceCNBC
SectorFinancial Markets
CountryMiddle east

Cryptocurrency mining operator Core Scientific said Wednesday it is listing on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp. The deal with the special purpose acquisition company values Core Scientific at roughly $4.3 billion. It’s not clear when trading will begin.

The ticker name was not announced. Core, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, is one of the largest providers of blockchain infrastructure and hosting, as well as one of the largest digital asset miners, in North America. Rival bitcoin miners and have market capitalizations of $2.18 billion and $2.25 billion, respectively. Core’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications,” said Darin Feinstein, co-founder and co-chairman. has had a wild year, before crashing to a current value of around $31,500, but it’s still up more than 245% from a year ago. SPACs of bitcoin mining companies are another way to bet on...read more...