Core Scientific was preparing to enter the Nasdaq in 2021 after agreeing to merge with Power & Digital Infrastructure Acquisition Corp., a special purpose acquisition company (SPAC). The deal valued the Bitcoin mining company at about $4.3 billion.
At the time, the deal was seen as another sign that large Bitcoin miners were moving into the US stock market. Core Scientific was one of the largest Bitcoin mining and hosting companies in North America, with mining sites across several US states.
The original CNBC report said Core expected strong revenue growth in 2021. CEO Mike Levitt also said the company had mined more than 3,000 BTC during the first part of that year.
Core Scientific eventually completed the Nasdaq deal
The planned listing did not stay a plan for long. Core Scientific completed its merger with XPDI in January 2022. The new company kept the Core Scientific name and began trading on Nasdaq under the ticker CORZ on January 20, 2022.
The deal gave Core about $200.7 million in net cash from XPDI’s trust account after transaction costs. The company planned to use the money to buy more mining machines and build more mining sites.
The listing came during a period when several Bitcoin miners were seeking access to public markets. Cipher Mining, the US mining unit of Bitfury, had also announced a $2 billion SPAC merger in 2021.
For investors, public listings gave a way to gain exposure to the Bitcoin mining business without buying Bitcoin directly. But the companies also faced large costs for power, mining machines and data centers. Their results could therefore change quickly when Bitcoin prices or mining conditions changed.
Also Read: Poolin Files for Bankruptcy, Seeks $52M Sale of Texas Bitcoin Mining Assets
Bankruptcy changed Core Scientific’s story
Core Scientific later faced a major financial crisis. The company filed for Chapter 11 bankruptcy protection in December 2022 after falling Bitcoin prices, high power costs and debt pressure hurt its business.
The company did not disappear, however. In January 2024, Core Scientific completed its bankruptcy plan and returned to the public market. It emerged with a new board, new owners and a stronger balance sheet.
Since then, Core has also started changing its business. Bitcoin mining remains part of its operations, but the company is putting more focus on data centers for high-density computing. Its current investor materials describe the company as a digital infrastructure business serving high-density colocation customers.
That shift has continued in 2026. In August, Core completed its acquisition of Polaris DS for about $444 million. The deal added about 440 megawatts of power capacity and helped the company plan a 1.5-gigawatt expansion at its Muskogee, Oklahoma site.
Core Scientific also remains listed on Nasdaq under CORZ. Its latest filings show that the company is now building a business that goes beyond Bitcoin mining.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
