Bitcoin Miner Core Scientific closes stock business worth $ 100 million after selling BTC

Bitcoin Miner Core Scientific closes stock business worth $ 100 million after selling BTC

The big Bitcoin mining company Core Scientific procures capital by agreeing to sell $ 100 million in equity to investment company B. Riley Principal Capital over the next two years.

A Thursday

To meet the agreement, Core Scientific has given the company 573,381 ordinary shares for its commitment in the equity financing facility. Core Scientific shares are currently being traded for $ 1.87.

according to a sec Submission The miner use the proceeds from the sale of his regular shares for "general corporate purposes". "Securing access to additional capital during unfavorable market conditions improves our liquidity and expands our strategic option," said Mike Levitt, CEO of Core Scientific, in a explanation.

The equity financing of the company based in Austin takes place in the middle of a wide market depression that has loaded the balance of the miners. During the bull market, many Bitcoin-Miner took up high-interest loans to finance their rapid expansion, which also included deals with large stocks on ASIC miners.

In particular, Core Scientific keeps a high degree of mechanically secure debts reported in the past month. However, thanks to its impressive hash rate, the company has a strong cash flow, historically more than any other public mining act that needs to be needed to Machine deliveries to pay off all year round.

A growing number of cryptocurrency miners has recently been forced to sell a significant part of the BTC they have given. Core Scientific said it Les Borsai , co-founder of Wave Financial. "As soon as such miners sell what they have at hand, this usually marks the market center."

The Core Scientific shares have so far fallen by 82 % this year and have fallen by 12 % last month.

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The Post-Bitcoin Miner Core Scientific completes $ 100 million business after BTC has been unloaded.