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Bitcoin Miner Core Scientific to Emerge From Bankruptcy, Re-List Shares This Month
The company expects to see nearly $600 million in revenue this year.
Updated Mar 8, 2024, 8:04 p.m. Published Jan 16, 2024, 10:05 p.m.
Core Scientific, one of the most prominent victims of the crypto winter among bitcoin miners, received approval for its Chapter 11 reorganization plans from the Southern District of Texas bankruptcy court and expects to re-list its shares on Nasdaq by the end of this month.
Under the reorganization plan, the company will pay its existing debt in full and existing shareholders will get about 60% of the new company's equity, according to a press release.
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“Today’s plan confirmation is a defining moment in our reorganization; we’re poised to emerge by the end of this month as an even stronger company, with a highly motivated team that is aligned for success,” said Core CEO Adam Sullivan in the statement.
The approval came after the company closed its proposed $55 million equity rights offering earlier this month, among the final steps for the miner to complete its reorganization.
At the peak of the 2021 bull market, when the bitcoin price rose more than $60,000, the company was the largest publicly traded bitcoin miner by computing power or hash rate, operating 143,000 mining rigs. However, by the time Core Scientific filed for Chapter 11 on Dec. 21, 2022, the price of bitcoin had tumbled to around $16,000.
The company is now coming out of bankruptcy as the bitcoin price has risen to $43,000, buoyed by renewed interest from investors after spot bitcoin exchange-traded funds (ETFs) were approved by the SEC in the U.S. and ahead of upcoming bitcoin halving.
The miner continues to expect to keep its pole position among peers when it emerges from its bankruptcy, according to a recent presentation, anticipating 182,000 mining rigs for its own operation this year, and ramping those up to almost 1.1 million in 2027. Core also expects to see nearly $600 million in annual revenue in 2024 and up to almost $1 billion by 2027.
Read more: Bitcoin Halving Is Poised to Unleash Darwinism on Miners
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