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In the latest crypto SPAC deal, the Bitcoin miner will merge with Power & Digital Infrastructure Acquisition Corp.
Core Scientific, one of North America’s largest Bitcoin (BTC) mining firms, is ready to go public 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.
Core will join the ranks of other publicly traded Bitcoin mining businesses in the United States, such as Riot Blockchain and Marathon Digital, as a result of the SPAC merger and subsequent Nasdaq listing.
Core CEO Mike Levitt claimed in an interview that the company had mined over 3,000 BTC since the beginning of 2021, with the company currently owning 1,683 Bitcoin worth $53 million.
According to reports, the company made $60 million in revenue in 2020 and expects an eight-fold growth in 2021. Indeed, North American miners are counting on China’s crypto mining problems to boost their profits in 2021.
Core possesses around 70 patents in blockchain-related technologies, according to Levitt, who also called the company’s mining infrastructure design as “unparalleled.”
Core, which is based in the Midwest and Southern United States, might be valued at $4.3 billion, putting it on par with rivals Marathon and Riot Blockchain in terms of market capitalisation.
With Bitcoin mining stocks proving to be a popular strategy for institutional investors to obtain indirect BTC exposure, several miners are opting to go public. This trend has also resulted in a rise in crypto-related SPAC and direct listings.
Bitfury’s Bitcoin mining company Cipher Mining announced a $2 billion SPAC merger with Nasdaq-listed Good Works Acquisition Corp in March. Iris Energy, an Australian Bitcoin miner, is also aiming to fund $200 million ahead of a proposed Nasdaq offering, as previously revealed by Cointelegraph.