Today is an important day for Core Scientific. The well-known Bitcoin (BTC) miner is hoping to officially leave bankruptcy behind him today and make a fresh start. If all goes well, the company's shares will be able to trade on the American stock exchange again tomorrow.
The Bitcoin mining giant is putting bankruptcy behind it and returning to the stock market
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Mining
Big Bitcoin losses will enable a new beginning
During the peak of the crypto bull market in 2021, Core Scientific was the largest and most successful publicly traded Bitcoin miner. However, Core Scientific was also one of the biggest victims of the crypto bear market. The Bitcoin miner could not stay afloat and had to file for bankruptcy. However, last week the company received court approval for its restructuring plans. If all goes well, Core Scientific shares will be available for trading again later this week.
“Today’s confirmation of the plans is a pivotal moment in our restructuring. We plan to come back at the end of the month as an even stronger company and with a highly motivated team hungry for success.”
said Adam Sullivan, CEO of Core Scientific. The successful restructuring and relaunch of the company would be great news and would demonstrate the resilience of the company and the Bitcoin mining sector as a whole.
Great plans
The company seems to want to be in the starting blocks with big plans. According to the forecast, the company will have 182,000 mining rigs this year. In addition, there are plans to increase this number to 1.1 million rigs by 2027. Core Scientific expects sales of $600 million this year. Sales are expected to rise to one billion US dollars by 2027.
With the relaunch of Core Scientific, the crypto sector seems to be escaping a lot of misery. The demise of a prominent Bitcoin miner would not be good news for the industry and could have far-reaching consequences.
But not all problems disappeared with the restart. B. Riley Bank is under investigation by the Securities and Exchange Commission (SEC) for alleged securities fraud. The bank is, among other things, a major investor in Core Scientific. Bloomberg reports this.
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