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Core Scientific Plans to Go Public in SPAC Deal
The company will be valued at $4.3 billion.
Updated Sep 14, 2021, 1:28 p.m. Published Jul 21, 2021, 1:25 p.m.
Core Scientific, a cryptocurrency mining company, is planning to list its shares on Nasdaq through a merger with a special purpose acquisition company.
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- 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.
See also: Bitcoin Miner Core Scientific Inks Deal With Bitmain for 112K Antminers
UPDATE (July 21, 13:46 UTC): Adds details on management, revenue forecasts.
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