Core Scientific Plans to Go Public in SPAC Deal

The company will be valued at $4.3 billion.

Jul 21, 2021 at 1:25 p.m. UTC

Updated Sep 14, 2021 at 1:28 p.m. UTC

core-scientific-calvert-overhead — Core Scientific's mining facility in Calvert City, Ky.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.