Core Scientific, a Bitcoin mining company in the United States, announced on Tuesday (16th) that its bankruptcy reorganization plan has been approved by the court, and it is expected to relist on the Nasdaq exchange by the end of this month.
According to a press release, under the reorganization plan, Core Scientific will fully repay existing debts, and existing shareholders will receive approximately 60% equity in the new company. Adam Sullivan, CEO of Core Scientific, stated:
Prior to the approval of the reorganization plan, Core Scientific had recently completed a proposed $55 million equity issuance earlier this month, which was also one of the final steps in the restructuring process.
Based on Bitcoin hash rate calculations, Core Scientific was the largest Bitcoin mining company during the peak of the cryptocurrency bull market in 2021. However, Core Scientific filed for bankruptcy protection on December 21, 2022, when the price of Bitcoin had fallen to $16,000.
According to a report released in December of last year, Core Scientific expects to have 182,000 mining machines for its own operations this year, increasing to nearly 1.1 million by 2027. The company also anticipates annual revenue to reach nearly $600 million in 2024 and close to $1 billion by 2027.
Source: Related report: “Bitmain agrees to invest $53.9 million in North American mining company Core Scientific”