Core Scientific, on Wednesday, announced that it plans to list on the NASDAQ exchange in a deal. Core Scientific is one of the largest hosts of bitcoin mining machines in North America. The company said in a statement that it plans to merge with Power & Digital Infrastructure Acquisition.
As part of the deal, Core will merge into a special-purpose acquisition company Power & Digital Infrastructure, and receive about $345 million to invest in additional equipment and infrastructure.
The company revealed it expects total revenue of $493 million and adjusted earnings of $203 million this year. Core forecasts revenues of $1.1 billion and earnings of nearly $600 million in 2022
The company also said it mined over 928 BTC in Q2 2021, and 1683 BTC in Q1 2021. They are currently worth about $53 million. In May, Michael Levitt, chairman of Core Scientific, took over as CEO after Kevin Turner stepped down. Levitt will continue as CEO after the merger.
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Core Scientific is a 100% net carbon neutral, vertically integrated blockchain infrastructure and mining company. Existing shareholders of Core Scientific are retaining 100% of their equity in the combined company. Core Scientific stakeholders will own approximately 89%.
