Prominent Bitcoin mining firm Core Scientific has successfully navigated crypto winter and received the green light for its Chapter 11 reorganization plans from the Southern District of Texas bankruptcy court.
The mining firm is now expected to re-list its shares on the Nasdaq by the end of the month after a significant turnaround. Core Scientific is set to fully settle its existing debts, and current shareholders are set to receive approximately 60% equity in the newly restructured company.
The approval follows the completion of a substantial $55 million equity rights offering earlier in the month, marking one of the final steps in the company’s reorganization journey.
During the 2021 bitcoin boom, Core Scientific was the largest publicly traded bitcoin miner in terms of computing power, boasting 143,000 mining rigs. As the price of Bitcoin plunged to around $16,000, the firm ended up filing for Chapter 11 bankruptcy protection in December 2022.
As renewed interest in the cryptocurrency space has seen the price of Bitcoin surge amid the launch of spot Bitcoin exchange-traded funds (ETFs) in the US, the firm is making a comeback and expects nearly $1 billion in annual revenue by 2027.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/jan/17/
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