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0 CommentsMajor blockchain hosting and digital asset mining company Core Scientific is going public through a merger with Power & Digital Infrastructure Acquisition Corp., valued at around $4.3 billion combined.
On Wednesday, Core Scientific Holding Co., one of the largest mining companies in North America, announced its plan to go public on Nasdaq via a special purpose acquisition company (SPAC). The crypto firm has entered into “a definitive merger agreement” with Power & Digital Infrastructure Acquisition Corp., backed by the world’s top asset manager Blackrock. The combined company is expected to operate as Core Scientific Inc. and remain publicly listed on the Nasdaq.
“The transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $4.3 billion,” the announcement states.
Darin Feinstein, Core Scientific co-founder, claimed the company’s blockchain infrastructure business is “backed by more than 70 blockchain and infrastructure-related patents and applications.” As he said, “We are proud to unite our companies and move forward into the capital markets.”
Core CEO Mike Levitt told CNBC that the company had mined over 3,000 BTC since 2021 and holding 1,683 Bitcoin, currently valued at $53 million. The company earned $60 million in revenue for 2020 and is projecting an eight-fold growth in 2021.
Levitt also described the company’s mining infrastructure framework as “unparalleled,” as Core holds over 70 blockchain-related patents.
Core Scientific operates in North Dakota, North Carolina, Georgia, and Kentucky and describes itself as “a 100% net carbon neutral, vertically integrated blockchain infrastructure and mining company.”
A $4.3 billion valuation will put Core Scientific much higher by the market capitalization of other rivals like Marathon and Riot Blockchain.
