Bitmain to take a stake in Core Scientific miner

ASIC manufacturer Bitmain is about to acquire a shareholding in Core Scientific while the bitcoin miner prepares for release from the bankruptcy.

According to a file submitted to the court in charge of the bankruptcy proceedings (Chapter 11) of Core Scientific, Bitmain is expected to take a stake in the listed miner, which filed for bankruptcy at the end of 2022.

Chinese industrialist plans to sell 27,000 machines – its new S19j XP model – to the American crypto-mining firm for 23 million in cash and the equivalent of 54 million dollars at shares of the company. The transaction will reduce Core Scientific’s debt by approximately $30 million.

Anchorage, a major US crypto-custody player and Core creditor, also plans to take a stake in Core Scientific. participation in the company. His other major creditorsincluding BlockFi, should opt for the secured debt.

The restructuring plan proposed this week will be submitted to a vote of creditors and will require court approval to go ahead.

Earlier this year, the miner of BTC managed to secure a loan totaling $75 million to keep its head above water. Blackrock, its largest shareholder, lent $17 million. The Texas-based firm subsequently sold 20% of its machines to NYDIG in order to settle a $38 million loan.

Core Scientificwhich continued to operate during its bankruptcy proceedings, is one of the world’s largest bitcoin miners in terms of hashrate.

To followCrypto news and Web3find RoyalsBlue.com on TwitterLinkedin, Facebook or Telegram