Core
Scientific,
one
of
the
most
prominent
victims
of
the
crypto
winter
among
bitcoin
miners,
received
approval
for
its
Chapter
11
reorganization
plans
from
the
Southern
District
of
Texas
bankruptcy
court
and
expects
to
re-list
its
shares
on
Nasdaq
by
the
end
of
this
month.
Under
the
reorganization
plan,
the
company
will
pay
its
existing
debt
in
full
and
existing
shareholders
will
get
about
60%
of
the
new
company’s
equity,
according
to
a
press
release.
“Today’s
plan
confirmation
is
a
defining
moment
in
our
reorganization;
we’re
poised
to
emerge
by
the
end
of
this
month
as
an
even
stronger
company,
with
a
highly
motivated
team
that
is
aligned
for
success,”
said
Core
CEO
Adam
Sullivan
in
the
statement.
The
approval
came
after
the
company
closed
its
proposed
$55
million
equity
rights
offering
earlier
this
month,
among
the
final
steps
for
the
miner
to
complete
its
reorganization.
At
the
peak
of
the
2021
bull
market,
when
the
bitcoin
price
rose
more
than
$60,000,
the
company
was
the
largest
publicly
traded
bitcoin
miner
by
computing
power
or
hash
rate,
operating
143,000
mining
rigs.
However,
by
the
time
Core
Scientific
filed
for
Chapter
11
on
Dec.
21,
2022,
the
price
of
bitcoin
had
tumbled
to
around
$16,000.
The
company
is
now
coming
out
of
bankruptcy
as
the
bitcoin
price
has
risen
to
$43,000,
buoyed
by
renewed
interest
from
investors
after
spot
bitcoin
exchange-traded
funds
(ETFs)
were
approved
by
the
SEC
in
the
U.S.
and
ahead
of
upcoming
bitcoin
halving.
The
miner
continues
to
expect
to
keep
its
pole
position
among
peers
when
it
emerges
from
its
bankruptcy,
according
to
a
recent
presentation,
anticipating
182,000
mining
rigs
for
its
own
operation
this
year,
and
ramping
those
up
to
almost
1.1
million
in
2027.
Core
also
expects
to
see
nearly
$600
million
in
annual
revenue
in
2024
and
up
to
almost
$1
billion
by
2027.
