Core Scientific Raises $400 Million in Convertible Debt Offering
CryptoNewsTerminal Staff14 Aug, 2024
Core Scientific Raises $400 Million in Convertible Debt Offering
Core Scientific (NASDAQ: CORZ), a leading cryptocurrency mining company, has increased the size of its convertible debt offering from $350 million to $400 million. The notes will mature in 2029 and will be sold to institutional buyers. The proceeds from the offering will be used for debt repayment and general corporate purposes. This convertible debt offering follows a similar offering by Core Scientific in December 2022, in which the company raised $100 million. The company's increased need for capital suggests that it is expanding its operations or investing in new projects. Core Scientific is one of the largest cryptocurrency mining companies in the world. The company operates a fleet of over 100,000 mining rigs and has a hashrate of over 10 EH/s.
