Candice Cooke, United States
Cryptocurrency mining company, Core Scientific, plans $4.3 Bn listing
Core Scientific, the largest host of bitcoin mining machines, has announced that it’s preparing to list its shares on the Nasdaq through a strategic merger.
Core Scientific announced that it would go public through a merger with Power & Digital Infrastructure Acquisition Corp (XPDI.O), a company backed by BlackRock Inc.
The deal values the crypto miner at $4.3 Billion. Core Scientific announced mining 928 bitcoins in the second quarter and forecasts revenues of $493 million and $1.1 billion for fiscal years 2021 and 2022 respectively.
The Special Purpose Acquisition Company (SPAC), Power & Digital raised $345 million in an upsized initial public offering in February. SPACs use the pool of capital raised through their IPOs to merge with a private company and take it public, typically within two years of listing.