On January 20, Core Scientific, a popular blockchain and Artificial Intelligence hosting, transaction processing and application development company, announced that it has officially gone public. The Austin-based bitcoin mining company debuted on the Nasdaq Stock Exchange on January 20. The announcement by Core Scientific comes after the cryptocurrency mining firm completed a merger with Power & Digital Infrastructure Acquisition Corp ('XPDI') through a SPAC (special purpose acquisition company). The resulting company is named Core Scientific, Inc. Now, Core Scientific, one of the largest publicly-traded blockchain infrastructure providers and digital asset miners in North America, is currently trading on the Nasdaq Stock Exchange as a public company.
At a special meeting held yesterday, the Board of Directors of XPDI and its shareholders unanimously approved the merger with Core Scientific. The ticker symbols for Core Scientific’s common stock and warrants are 'CORZ' and 'CORZW', respectively, and started trading on the Nasdaq Stock Market on January 20, 2022.
Mike Levitt, the Co-Chairman and CEO of Core Scientific, talked about the merger and stated the development represents a huge milestone in the company’s goals to grow its capacities. The executive stated that the firm is more excited about what comes after the debut. He said: “Entering the public markets represents a significant milestone in Core Scientific’s evolution, yet we are even more excited about the future opportunities for value creation. As one of the largest publicly-traded blockchain infrastructure providers and digital asset miners in North America, we are focused on growing our capacity, defending and securing the blockchain ecosystem and building long-term shareholder value.”
Core Scientific Continues Shaping Mining Operations in North America
The move by Core Scientific to list its shares on a public stock market comes at a time when the bitcoin mining company remains committed to expanding its business and production. In August last year, Core Scientific completed a purchase of 112,800 application specific circuit (ASIC) Bitcoin mining machines from Bitmain in order to double its inventory of mining machines. Core Scientific used half of the machines for its own Bitcoin mining and the other half was under contract with existing clients. In December 2020, Core Scientific partnered with Foundry, a digital asset mining and staking firm, in order to get up to $23 million in financing its clients’ mining equipment. The funding provided Core Scientific and its clients with the opportunity to expand the capacity for mining machines in North America. The expansion of its capacity has helped the firm to increase its global share of Bitcoin’s hashrate from 5% to 12%. The company’s commitment aligns with North America’s growing presence in Bitcoin mining. Other competitors, like Marathon, Riot, Blockcap and Gryphon, expanded their operations last year.
