American Bitcoin Mining Giant Core Scientific on Nasdaq through Trading SP. listed

Jul 21, 2021

Core Scientific, one of the largest Bitcoin (BTC) mining companies in North America, is publicly listed on the Nasdaq.

According to CNBC, Core signed a $ 4.3 billion deal on Wednesday with Power & Digital Infrastructure Acquisition Corp – a special purpose vehicle for acquisitions (SPAC). Apart from the planned pricing, further listing details such as the trade code and the actual start of public trade are not yet known at the time of going to press.

The SPAC merger and subsequent Nasdaq listing will add Core to the ranks of listed Bitcoin miners in the US such as Riot Blockchain and Marathon Digital.

Core CEO Mike Levitt revealed in an interview that the company has mined over 3,000 BTC since early 2021, with the company holding 1,683 bitcoins, which are currently valued at $ 53 million at press time.

According to the report, the company has already had sales of $ 60 million for 2020 and is expected to grow eight-fold by 2021. In fact, North American miners are relying on mining disruptions in cryptocurrency mining in China to increase income in 2021.

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

With locations in the Midwest and South America, Core, with a potential valuation of $ 4.3 billion, would see the company double the market cap of other competitors like Marathon and Riot Blockchain.

Connected: Four North American bitcoin miners could benefit from the east-west shift

Since bitcoin mining stocks continue to be a useful way for some institutional investors to get indirect BTC exposure, multiple miners are voting publicly. This trend has also contributed to an increase in crypto-related SPAC transactions and live listings.

In March, the American subsidiary of the Bitcoin mining company Cipher Mining of Bitfury announced the merger of SPAC with Good Works Acquisition Corp., which is listed on the Nasdaq. As Cointelegraph already reported, the Australian Bitcoin miner Iris Energy also wants to raise $ 200 million before the planned listing on the Nasdaq.

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