Core Scientific Bitcoin Miner is Back in Game, Listed on Nasdaq 

Core Scientific, one of the biggest Bitcoin miners and hosting solutions providers is all set to resume its functions on Nasdaq. Once proclaimed bankrupt, the company obtained the green flag from the court and succeeded in its restructuring plan. Trading is planned to restart on Wednesday, January 24.

Core Scientific is Back in the Game

“We went through a very successful Chapter 11 bankruptcy process,” said Adam Sullivan, the CEO of Core.

On Tuesday, Core Scientific accomplished its reorganization procedure and is driving to relist its shares on the Nasdaq on Wednesday. Additionally, Core is preparing to cut the debt. The company’s reforming scheme applies to cut $400 Million in debt by changing exchangeable note holders and devices lender debt into equity.   

Furthermore, the plan is to further lower the debt by converting the remaining convertible debt, the investor’s exercise of applicable warrants, and available cash to pay the debt. Additionally, the company is scheduled to increase its mining capacity by over 50% in the next four years to deploy new Bitcoin miners.  

In December 2022, the company was forced to go bankrupt due to not having sufficient cash in hand to repay the financing debt owed on equipment it was leasing. At that time, Core Scientific stock has fallen by more than 98%. Just after crypto winter in 2022, the value of Bitcoin fell over 60%, which is one of the main causes behind Core’s bankruptcy.   

However, the company filed for Chapter 11 bankruptcy protection and got a green flag to resume its functions. As a result, the company is ready to relist its share on the Nasdaq.    

In 2023, the company generated around 13,762 BTC from its owned fleet of miners and 5,512 BTC on behalf of its hosting community.    

Additionally, the approval of spot Bitcoin ETF on January 10 influenced many of the Bitcoin miners like Marathon Digital and Riot Platforms. Riot platform witnessed a loss of over 32.6% whereas Marathon Digital lost around 29.74%.   

Who is on the Team? 

As the court approved the Chapter 11 bankruptcy protection, Core Scientific announced its new team to play effectively in the market. Surprisingly, the company announced six new independent directors based on relevant expertise and fresh perspectives.   

Adam Sullivan is the President and CEO of Core Scientific whereas Todd Becker is the President and CEO of Green Plains Inc. Jeff Booth, founding partner at Ego Death Capital is also involved in the team. 

Core Scientific is a Bitcoin mining and hosting solution provider, operating in the market since 2017. The company serves in five U.S. states including Texas, North Dakota, North Carolina Georgia, and Kentucky.  

Disclaimer 

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.