Core Scientific, one of the largest Bitcoin (BTC) mining companies in North America, is listed on the Nasdaq.
According to CNBC, Core completed a $ 4.3 billion merger with Power & Digital Infrastructure Acquisition Corp, a special purpose vehicle for acquisitions (SPAC), on Wednesday. Apart from the planned evaluation, further listing details such as the trade ticker and the start of actual public trade are not yet known at the time of going to press.
The SPAC merger and subsequent listing on the Nasdaq will add Core to the ranks of other publicly traded Bitcoin mining companies in the US such as Riot Blockchain and Marathon Digital.
Core CEO Mike Levitt revealed in an interview that the company has mined over 3,000 BTC since early 2021, with the company holding 1,683 bitcoin, which is currently valued at $ 53 million at the time of writing.
The company reportedly had sales of $ 60 million in 2020 and expects to see an eight-fold increase in 2021. In fact, North American miners are counting on China’s crypto mining interruptions to boost their revenues in 2021.
Levitt also described the company’s mining infrastructure framework as “unparalleled,” stating that Core holds over 70 patents in blockchain-related patents.
With locations in the Midwest and Southern United States, Core will double the market cap of other competitors like Marathon and Riot Blockchain, with a potential valuation of $ 4.3 billion.
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With bitcoin mining stocks continuing to be a useful way for some institutional investors to get indirect BTC exposure, several miners are choosing to go public. This trend has also contributed to an increase in crypto-related SPAC deals and direct listings.
In March, Bitfury’s US Bitcoin miner subsidiary Cipher Mining announced a $ 2 billion SPAC merger with Good Works Acquisition Corp., which is listed on the Nasdaq. at .