Major Crypto Mining Company Core Scientific Going Public on Nasdaq With $4.3 Billion Valuation
Core Scientific, a major blockchain hosting and digital asset mining company, is going public through a merger with Power & Digital Infrastructure Acquisition Corp. The deal values the combined company at approximately $4.3 billion.
Core Scientific to List on Nasdaq
Core Scientific Holding Co., one of the largest blockchain hosting and digital asset mining companies in North America, announced Wednesday its plan to go public on Nasdaq via a special purpose acquisition company (SPAC).
The crypto firm has entered into “a definitive merger agreement” with Power & Digital Infrastructure Acquisition Corp. (Nasdaq: XPDI), a publicly traded SPAC backed by the world’s largest asset manager, Blackrock.
Under the agreement, XPDI will acquire Core Scientific. The combined company is expected to operate as Core Scientific Inc. and remain a publicly listed company on the Nasdaq stock market.
The announcement states:
The transaction [acquisition] values the combined company at an implied fully diluted pro forma enterprise value of approximately $4.3 billion.
Core Scientific described itself as “a 100% net carbon neutral, vertically integrated blockchain infrastructure and mining company.” It has operations in North Dakota, North Carolina, Georgia, and Kentucky.
Darin Feinstein, co-founder of Core Scientific, explained that the company’s blockchain infrastructure business is “backed by more than 70 blockchain and infrastructure-related patents and applications.” He commented, “We are proud to unite our companies and move forward into the capital markets.”
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