Major Crypto Mining Company Core Scientific Going Public on Nasdaq With $4.3 Billion Valuation

Major Crypto Mining Company Core Scientific Going Public on Nasdaq With $4.3 Billion Valuation

Core Scientific, a major blockchain hosting and digital asset mining company, is going public through a merger with Power & Digital Infrastructure Acquisition Corp. The deal values the combined company at approximately $4.3 billion. Core Scientific to List on Nasdaq

Core Scientific Holding Co., one of the largest blockchain hosting and digital asset mining companies in North America, announced Wednesday 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. (Nasdaq: XPDI), a publicly traded SPAC backed by the world’s largest asset manager, Blackrock.

Under the agreement, XPDI will acquire Core Scientific. The combined company is expected to operate as Core Scientific Inc. and remain a publicly listed company on the Nasdaq stock market.

The announcement states: The transaction [acquisition] values the combined company at an implied fully diluted pro forma enterprise value of approximately $4.3 billion.

Core Scientific described itself as “a 100% net carbon neutral, vertically integrated blockchain infrastructure and mining company.” It has operations in North Dakota, North Carolina, Georgia, and Kentucky.

Darin Feinstein, co-founder of Core Scientific, explained that the company’s blockchain infrastructure business is “backed by more than 70 blockchain and infrastructure-related patents and applications.” He commented, “We are proud to unite our companies and move forward into the capital markets.”

What do you think about Core Scientific going public on Nasdaq via SPAC? Let us know in the comments section below. Russian Crypto Industry Scrambles to Attract Miners as Kazakhstan Overtakes Russia in Mining Volume MINING | 3 days ago Ukraine’s ‘Largest Illegal’ Mining Facility May Have Been a FIFA Bot Farm MINING | 4 days ago Tags in this story Core Scientific, core scientific nasdaq listing, IPO, Merger, Nasdaq Listing, SPAC

Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments