Crypto Mining Company Core Scientific to Go Public on Nasdaq With a $4.3B Valuation

1 week ago

Another cryptocurrency-focused company – Core Scientific – has outlied aspirations to go public through a merger with a SPAC.

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Core Scientific, a digital asset mining firm, aims to be the next company from the crypto space in line to become publicly traded at a $4.3 billion evaluation. Instead of an IPO, Core will merge with a SPAC called Power & Digital Infrastructure Acquisition Corp.

  • As reported on July 21st, Core Scientific, a crypto miner with operations in several US states, plans to go public on Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp – a special purpose acquisition company (SPAC).

  • After the deal, both parties’ estimated valuation should skyrocket to just over $4 billion.

  • However, the company has failed to provide more details about when precisely it aims to become public or what would be the ticker.

  • According to Darin Feinstein, co-founder and co-chairman of Core, the company’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications.”

  • Core’s CEO, Mike Levitt, indicated that his firm had mined more than 3,000 bitcoins so far this year. Additionally, he outlined significant demand for its products as the capacity is “basically sold out through 2022.”

  • Should Core indeed become a publicly traded company, it will join a growing number of digital asset representatives available for trading on giant exchanges.

  • Perhaps the biggest name to do so earlier this year was Coinbase. The largest US crypto trading venue went public on Nasdaq with a valuation of $100 billion.

  • As Coinbase was preparing for the move, other crypto-affiliated firms like Bakkt, eToro, and Kraken highlighted similar plans.

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