Last updated on September 2nd, 2021 at 10:54 pm
One of the biggest Bitcoin mining operators in North America, Core Scientific, is ready for a public listing on Nasdaq following a $4.3 billion deal with SPAC.
Core, according to CNBC on Wednesday, inked the $4.3 billion mergers with Power & Digital Infrastructure Acquisition Corp — a special purpose acquisition company (SPAC). As of press time, in addition to the proposed valuation, listing details like the trading ticker and the start of actual public trading are yet to be disclosed.
The SPAC merger and subsequent Nasdaq listing will see Core join the ranks of other publicly traded Bitcoin mining companies in the United States like Riot Blockchain and Marathon Digital.
The company is projecting an eight-fold increase for its 2021 revenue after it reportedly earned $60 million in 2020.
In an interview, Core CEO Mike Levitt revealed that the company had mined over 3,000 BTC since the start of 2021 with the firm holding 1,683 Bitcoin, currently valued at $53 million.
The implication is that North American miners, surely, are leveraging the crypto mining disruptions in China to increase their earnings in 2021.
While describing the company’s mining infrastructure framework as “unparalleled,” Levitt stated that Core holds over 70 patents in blockchain-related patents.
Operating out of locations in the Midwest and Southern United States, Core’s possible $4.3 billion valuations will put the firm at double the market capitalization of other rivals like Marathon, and Riot Blockchain.
With Bitcoin mining stocks continuing to remain a useful way to gain indirect BTC exposure for some institutional investors, several miners are electing to go public. This trend has also contributed to an increase in crypto-related SPAC deals and direct listings.
Bitfury’s U.S. Bitcoin miner subsidiary Cipher Mining, in May 2021 announced a $2 billion SPAC merger with Nasdaq-listed Good Works Acquisition Corp.
