Bitcoin (BTC) miner Core Scientific (CORZ) is emerging from bankruptcy and relisting shares this month

Core Scientific, one of the crypto winter's most prominent victims among Bitcoin miners, has received approval from the Southern District of Texas Bankruptcy Court for its Chapter 11 restructuring plans and expects to have its shares back on the Nasdaq by the end of this month be noted.

According to a press release, under the restructuring plan, the company will pay off its existing debts in full and existing shareholders will receive approximately 60% of the new company's equity.

“Today’s plan confirmation is a pivotal moment in our reorganization; We are poised to emerge by the end of this month as an even stronger company, with a highly motivated team poised for success,” Core CEO Adam Sullivan said in the statement.

The approval came after the company completed its planned $55 million rights offering earlier this month. This was one of the final steps for the miner to complete its restructuring.

At the height of the 2021 bull market, when the price of Bitcoin rose by 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 December 21, 2022, the price of Bitcoin had fallen to around $16,000.

The company is now emerging from bankruptcy as Bitcoin price has risen to $43,000, driven by renewed investor interest after spot Bitcoin exchange-traded funds (ETFs) were banned by the SEC US approved, and in advance of the upcoming Bitcoin halving.

The miner still expects to retain its top position among its peers as it emerges from bankruptcy, according to a recent presentation. This year, the company expects to have 182,000 mining devices for its own operations and is expected to increase this number to almost 1.1 million in 2027. Core also expects annual sales to reach nearly $600 million in 2024 and increase to nearly $1 billion by 2027.

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