Share this article
Bitcoin Miner Core Scientific Gets $100M Equity Financing Despite Bear Market
The miner has the right but no obligation to sell the shares to investment bank B. Riley.
By Aoyon Ashraf
Updated May 11, 2023, 4:16 p.m. Published Jul 21, 2022, 10:06 p.m.
Core Scientific (CORZ), the largest bitcoin miner by hashrate, or total computing power, has signed an agreement with investment bank B. Riley to issue up to $100 million of shares to the bank over two years to enhance liquidity.
Core Scientific has the right but no obligation to issue these new shares, subject to some limitations and conditions, according to a statement. The company plans to use this additional funding to bolster its balance sheet and help the miner expand, Core CEO Mike Levitt said in the statement.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The deal comes as a crypto bear market hammers shares of the publicly traded miners. Stocks of some of these publicly traded miners, including Core, have fallen anywhere between 50% to 80% this year.
The miner has also issued B. Riley 573,381 shares of common stock as consideration for B. Riley’s commitment to purchase Core Scientific shares.
Core has been raising cash by selling some of the bitcoin it has been mining. Last month, it sold 7,202 bitcoins at an average price of $23,000 to raise about $167 million. The miner said it intends to use the proceeds from the sales mainly for payments toward ASIC servers, capital investments in additional data-center capacity and debt repayments.
Read more: Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Lebih untuk Anda
Coinbase’s Base faces builder backlash over creator coin push
Builders on Base are pushing back against the network’s close alignment with Zora, arguing the creator-coin narrative sidelines established projects.
Yang perlu diketahui:
- Base has seen a surge in creator-coin issuance via Zora, with daily token mints surpassing Solana in August, boosting onchain activity and attention.
- Some Base-native projects say marketing and social support has become narrowly focused on Zora-linked initiatives, leaving other established communities without recognition.
- While Base continues to process more than 10 million transactions per day, critics warn that deteriorating builder sentiment could push projects toward rival chains like Solana or Sui.
Top Stories
