- July 21, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The Bitcoin miner will merge with Power & Digital Infrastructure Acquisition Corp in the latest crypto SPAC deal.
Core Scientific, one of the largest Bitcoin (BTC) mining operations in North America is set for a public listing on Nasdaq.
According to CNBC on Wednesday, Core has inked a $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp — a special purpose acquisition company (SPAC). Apart from the planned valuation, other listing details like trading ticker and the start of actual public trading are yet to be revealed as of the time of writing.
The SPAC merger and subsequent Nasdaq listing will see Core join the ranks of fellow publicly-traded Bitcoin mining companies in the United States like Riot Blockchain and Marathon Digital.
Core CEO Mike Levitt revealed in an interview 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 as of the time of writing.
The company reportedly earned $60 million in revenue for 2020 and is projecting an eight-fold increase in 2021. Indeed, North American miners are banking on the crypto mining disruptions in China to increase their earnings in 2021.
Levitt also described the company’s mining infrastructure framework as “unparalleled,” stating 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 valuation will put the firm at double the market capitalization of other rivals like Marathon, and Riot Blockchain.
Related: Four North American Bitcoin miners that could benefit from the East-West shift
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.
Back in March, Bitfury’s U.S. Bitcoin miner subsidiary Cipher Mining announced a $2 billion SPAC merger with Nasdaq-listed Good Works Acquisition Corp. As previously reported by Cointelegraph, Aussie Bitcoin miner Iris Energy is also looking to raise $200 million ahead of a planned Nasdaq listing.
