Core Scientific is a major blockchain custody and digital asset mining company, listed through a merger with Power & Digital Infrastructure Acquisition Corp. The transaction valued the combined company at approximately US$4.3 billion.
Core Scientific will be listed on NASDAQ
Core Scientific Holding Co., one of the largest blockchain custody and digital asset mining companies in North America, announced on Wednesday that it plans to go public on the Nasdaq through a special purpose acquisition company (SPAC).
The crypto company has signed a “final merger agreement” with Power & Digital Infrastructure Acquisition Corp. (NASDAQ: XPDI), a publicly traded SPAC backed by Blackrock, the world’s largest asset management company.
According to the agreement, XPDI will acquire Core Scientific. The combined company is expected to operate as Core Scientific Inc. and will remain a public company on the Nasdaq stock market.
The announcement stated:
transaction [acquisition] The combined company is valued at an implied fully diluted pro forma enterprise value of approximately US$4.3 billion.
Core Scientific describes 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.
Core Scientific co-founder Darin Feinstein explained that the company’s blockchain infrastructure business “is supported by more than 70 blockchain and infrastructure related patents and applications.” He commented: “We are proud to be able to unite our company and enter the capital market.”
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