North America’s Biggest Bitcoin Miner Debuts After SPAC Vote
Investors in one of North America’s largest Bitcoin miners have approved a plan to go public through an estimated $4.3 billion merger with the special purpose acquisition company Power & Digital Infrastructure Acquisition Corp.
Rechristened Core Scientific Inc., the Austin, Texas-based firm said it would be the biggest based on processing power, with combined mining capacity on the Bitcoin network that exceeds that of competitors. The company mines for itself and provides internet hosting services for other large-scale miners across the data centers it owns and operates. Core Scientific began trading on the Nasdaq on Thursday under its own symbol, CORZ.
Power & Digital shares hadn’t seen much life since late November when the blank-check company hit a peak of almost $15 as a rout in that corner of equity capital markets took hold. The IPOX SPAC Index is off almost 40% since its February 2020 peak, according to data compiled by Bloomberg. Core Scientific shares fell as much as 3.5% to $9.26 on Thursday before paring losses.