U.S. Bitcoin mining giant Core Scientific will list on Nasdaq through $4.3B SPAC transaction

Core Scientific, one of the largest Bitcoins (Bitcoin) The North American mining business will be publicly listed on Nasdaq.

According to a CNBC report on Wednesday, Core has Inking In a US$4.3 billion merger with Power & Digital Infrastructure Acquisition Corp, a special purpose acquisition company (SPAC). In addition to the planned valuation, as of the time of writing, other listing details such as the transaction code and the start of the actual public transaction have not been announced.

The SPAC merger and subsequent NASDAQ listing will allow Core to join the ranks of US-listed Bitcoin mining companies such as Riot Blockchain and Marathon Digital.

Core CEO Mike Levitt revealed in an interview that since the beginning of 2021, the company has mined more than 3,000 BTC, and the company holds 1,683 Bitcoins, which are currently valued at $53 million as of the time of writing.

According to reports, the company’s revenue in 2020 is 60 million U.S. dollars and is expected to increase by 8 times in 2021. In fact, North American miners are pinning their hopes on the disruption of crypto mining in China to increase their revenue in 2021.

Levitt also described the company’s mining infrastructure framework as “unparalleled,” saying that Core holds more than 70 blockchain-related patents.

Core’s operations in the Midwest and South of the United States are valued at $4.3 billion, which will make the company’s market value double that of other competitors such as Marathon and Riot Blockchain.

related: Four North American Bitcoin miners can benefit from the East-West transition

Since Bitcoin mining stocks are still a useful way for some institutional investors to gain indirect BTC exposure, some miners choose to go public.This trend has also contributed to Increase in crypto-related SPAC transactions And direct listing.

As early as March, Cipher Mining, Bitfury’s US Bitcoin miner subsidiary Announcing a $2 billion SPAC merger And Good Works Acquisition Corp., which is listed on the Nasdaq. As Cointelegraph previously reported, Australian Bitcoin miner Iris Energy is also Hope to raise 200 million US dollars Before planning to go public on the Nasdaq.