Bitmain And Anchorage To Take Equity In Core Scientific’s Bankruptcy: Report
Key Points:
- Bitmain and Anchorage Digital are expected to take equity stakes in Core Scientific as part of its bankruptcy.
- Core Scientific plans to purchase 27,000 units of Bitmain’s most powerful air-cooled model for $77.1 million, with funding from cash and equity.
According to CoinDesk, Bitmain & Anchorage Digital to take equity stakes in Core Scientific’s bankruptcy. Core to buy 27K Bitmain Antminer S19j XPs. Creditors vote on reorganization plan.
Bitmain and Anchorage Digital are reportedly set to take equity stakes in Core Scientific, the second-largest publicly listed Bitcoin miner, as part of Core’s bankruptcy. The company’s reorganization plan is subject to a vote by creditors and depends on court approval for many of the settlements described.
Core Scientific plans to purchase 27,000 units of Bitmain Antminer S19j XPs, the manufacturer’s most powerful air-cooled model, for $77.1 million, funded by $23 million in cash and $54 million in equity in the company once the plan is effective, reducing their need for new cash.
Bitmain’s stake in a publicly listed miner is expected to be their first. Companies that have lent funds to Core Scientific to buy equipment can elect to convert their claims into equity or take on secured debt in the emerging company at 80% of the value of their claims.
Only Anchorage Digital is expected to pick the equity option. Core Scientific is negotiating a settlement with lender Foundry to recover Foundry’s claim fully and is awaiting court approval on a number of settlements with equipment and services providers.
Core Scientific is the world’s largest publicly listed miner in terms of total hashrate, even though Marathon Digital Holdings is quickly catching up. They filed for bankruptcy in December 2022, when much of the industry was struggling amid high energy prices and a slumping bitcoin price.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Author
News
Bitmain And Anchorage To Take Equity In Core Scientific’s Bankruptcy: Report
Key Points:
- Bitmain and Anchorage Digital are expected to take equity stakes in Core Scientific as part of its bankruptcy.
- Core Scientific plans to purchase 27,000 units of Bitmain’s most powerful air-cooled model for $77.1 million, with funding from cash and equity.
According to CoinDesk, Bitmain & Anchorage Digital to take equity stakes in Core Scientific’s bankruptcy. Core to buy 27K Bitmain Antminer S19j XPs. Creditors vote on reorganization plan.
Bitmain and Anchorage Digital are reportedly set to take equity stakes in Core Scientific, the second-largest publicly listed Bitcoin miner, as part of Core’s bankruptcy. The company’s reorganization plan is subject to a vote by creditors and depends on court approval for many of the settlements described.
Core Scientific plans to purchase 27,000 units of Bitmain Antminer S19j XPs, the manufacturer’s most powerful air-cooled model, for $77.1 million, funded by $23 million in cash and $54 million in equity in the company once the plan is effective, reducing their need for new cash.
Bitmain’s stake in a publicly listed miner is expected to be their first. Companies that have lent funds to Core Scientific to buy equipment can elect to convert their claims into equity or take on secured debt in the emerging company at 80% of the value of their claims.
Only Anchorage Digital is expected to pick the equity option. Core Scientific is negotiating a settlement with lender Foundry to recover Foundry’s claim fully and is awaiting court approval on a number of settlements with equipment and services providers.
Core Scientific is the world’s largest publicly listed miner in terms of total hashrate, even though Marathon Digital Holdings is quickly catching up. They filed for bankruptcy in December 2022, when much of the industry was struggling amid high energy prices and a slumping bitcoin price.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Other Posts
Related Posts
Organic Coverage
