Core Scientific Plans to Go Public in SPAC Deal

Core Scientific Plans to Go Public in SPAC Deal

Core Scientific, a cryptocurrency mining company, is planning to list its shares on Nasdaq through a merger with a special purpose acquisition company.

  • Core Scientific, the largest host of bitcoin mining machines in North America, plans to merge with Power & Digital Infrastructure Acquisition, the company said in a statement.
  • The company will be valued at about $4.3 billion.
  • The anchor investor in Power & Digital Infrastructure Acquisition is BlackRock, the world's largest asset manager.
  • In May, Michael Levitt, the co-founder and chairman of Core Scientific, took over as CEO after Kevin Turner stepped down.
  • Levitt will continue as CEO after the combination.
  • The company also said it mined 928 BTC in the second quarter, taking its tally in the first half of the year to 1,683 BTC.
  • It forecast fiscal 2021 revenue of $493 million and fiscal 2022 revenue of $1.1 billion. Its fiscal year ends in January.
  • The news was first reported by CNBC.
  • UPDATE (July 21, 13:46 UTC): Adds details on management, revenue forecasts.

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