Share Bitcoin miner Core Scientific shoots up 200 percent

The market is bullish

The market is also bullish on Core Scientific’s stock, as traders bought a total of 6,572 call options on the stock. That’s 136 percent more than the average volume of 2,780 call options, indicating that many are bullish on Core-Scientific right now. Incidentally, a call option is an option to buy Core Scientific at today’s price at a later point in the future.

Suppose the share is at $ 10 today and you buy a call option for 2 months from now, then you can buy the share for $ 10, regardless of the price at that time. Some members of the Bitcoin community also bought stock in the miner, hoping for massive returns if the plan goes through and Core Scientific survives the bear market.

Still in red

Incidentally, we shouldn’t get too excited when it comes to Core Scientific. It’s nice that the company is up 200 percent, but compared to the beginning of the year, the share is still at minus 95 percent. On December 14, creditor B. Riley put forward a plan for Core Scientific shareholders to provide $72 million in financing to the company. That, according to B. Riley, is enough to survive for Core Scientific.

If the deal is accepted, the company will immediately receive $40 million. The rest will get it if it suspends all payments to hardware borrowers until Bitcoin is back above $18,500. At the time of writing, Bitcoin is trading at $17,400 and is still relatively far from that price. The funding would provide Core Scientific with the money to keep itself going for two years.

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