The Block21 minutes ago

Published on January 24, 2024 04:38 GMT+00:00edited on January 24, 2024 04:39 GMT+00:00

Texas-based bitcoin mining firm Core Scientific has announced its return to Nasdaq, resuming trading on Wednesday, as a result of reorganization efforts following its 2022 bankruptcy filing.

The company said in a Tuesday statement that its restructuring plan allowed it to cut $400 million in debt by converting equipment lender and convertible note holder debt into equity. 

Core Scientific said its plan could also further reduce its debt through the conversion of remaining convertible debt, investors’ exercise of applicable warrants, as well as the use of available cash to pay down debt.

“We are poised to execute our pragmatic growth plan, continue preparing for the coming halving and create value by transforming energy into high value compute for bitcoin mining and other potential …