Bitcoin mining firm Core Scientific to list on Nasdaq via merger deal

U.S. bitcoin mining and colocation provider Core Scientific has said it's going public via a merger deal.

The firm said in an announcement on Wednesday that it has entered a definitive merger agreement that will see it acquired by Nasdaq-listed Power & Digital Infrastructure Acquisition Corp (XPDI), whose anchor investor is the asset manager BlackRock.

After the transaction, the two will operate as Core Scientific and remain public on the Nasdaq stock exchange with a boosted valuation of about $4.3 billion.

In addition, Core Scientific said it also has a pending acquisition of Blockcap, another bitcoin mining firm founded by Core Scentific's co-founder Darin Feinstein.

Core Scientific said it mined 928 bitcoin in Q2 and 1,683 BTC in the first half of this year. It foresees the revenue for this year to be nearly $500 million with an adjusted EBITDA of $203 million.