Mining company Core Scientific prepares to enter the stock market through a merger – Bits Media

Core Scientific, one of the largest mining companies in North America, plans to enter the stock market through a merger with Power Corporation & Digital Infrastructure Acquisition Corp.

As reported by CNBC, Core Scientific intends to list shares on the Nasdaq exchange and enter the stock market with the help of specialized company for targeted mergers and acquisitions (SPAC). Core Scientific has already signed a merger agreement $4.3 billion with Power & Digital Infrastructure Acquisition Corp.

The management of Core Scientific has not yet announced the details of Listing, Ticker's designation and the opening date of the tender. After placement on NASDAQ, Core Scientific will replenish the ranks of other publicly traded companies, engaging in bitcoin in the USA. So, Promotions Riot Blockchain and Marathon Digital Holdings are already trading on NASDAQ.

Core Scientific CEO Mike Levitt (Mike Levitt) reported, What from the beginning 2021 the company has produced more 3 000 BTC, And now he owns 1 683 BTC. IN 2020 the revenue of the mining company compiled $60 million. According to Levitt's forecasts, in 2021 This indicator will increase eight times. This may be due to the termination of the work of miners in China and their move to other countries.

After the merger and possible assessment of Core Scientific in $4.3 billion, The company's market capitalization will become twice as much as other competitors, such as Marathon and Riot Blockchain. Besides, Core Scientific has more 70 patents, associated with blockchain, added Levitt.

A few months ago, the Vice President of Fundstrat for the Strategy in Digital Assets Lior Shimron (Leeor Shimron) stated, that investments in the shares of mining firms were much more profitable than direct investments in Bitcoin. This is due to that, that trading exchange funds (ETF) Bitcoin has not yet been approved in the USA, Therefore, the purchase of shares of mining companies is one of the ways to enter the institutions to the cryptocurrency market.