US bitcoin mining company Core Scientific announced on Tuesday (16th) that its bankruptcy reorganization plan has been approved by the court and is expected to relist on the NASDAQ exchange at 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% of the shares in the new company. Core Scientific CEO Adam Sullivan stated that prior to the approval of the reorganization plan, Core Scientific had completed the proposed $55 million equity issuance earlier this month, which was also one of the final steps in the company’s restructuring.
Based on bitcoin mining power calculations, Core Scientific was the largest publicly listed 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 last year, Core Scientific expects to have 182,000 mining machines for its own operations this year, increasing to nearly 1.1 million machines by 2027. The company also expects its annual revenue to reach nearly $600 million in 2024 and nearly $1 billion by 2027.
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Related report: “Bitmain agrees to invest $53.9 million in North American mining company Core Scientific.”
