Core Scientific, a digital asset mining company, aims to be the next crypto space company in line to go public with a valuation of $ 4.3 billion. Instead of an IPO, Core will merge with a SPAC called Power & Digital Infrastructure Acquisition Corp.
- As reported on July 21, Core Scientific, a cryptocurrency miner with operations in several US states, plans to go public on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp, a special purpose acquisition company (SPAC).
- After the deal, both parties’ estimated valuation is expected to skyrocket to just over $ 4 billion.
- However, the company failed to provide more details on when exactly it aims to go public or what the ticker would be.
- According to Darin Feinstein, co-founder and co-chair of Core, the “blockchain infrastructure business is unparalleled, supported by over 70 blockchains and infrastructure-related patents and applications.”
- Core CEO Mike Levitt indicated that his company has mined more than 3,000 bitcoins this year. Additionally, it outlined significant demand for its products as capacity is “basically exhausted until 2022”.
- Should Core truly 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 for doing it earlier this year was Coinbase. The largest cryptocurrency trading venue in the United States was listed on the Nasdaq with a valuation of $ 100 billion.
- While Coinbase was preparing for the move, other cryptocurrency affiliates such as Bakkt, eToro, and Kraken have highlighted similar plans.
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