BlackRock among bankrupt miner Core Scientific's creditors

Quick Take

  • BlackRock committed $17 million of Core Scientific’s new $75 million loan from convertible notes shareholders.
  • The investment firm had $37.9 million in secured convertible notes as of Dec. 28. 

Investment firm BlackRock is among the largest creditors of bitcoin miner Core Scientific, which filed for Chapter 11 bankruptcy last week.

Its subsidiaries committed $17 million of the new $75 million loan the miner got from convertible notes shareholders as part of its prearranged bankruptcy deal, according to a document filed with the U.S. Securities and Exchange Commission on Thursday.

BlackRock already owned $37.9 million in secured convertible notes as of Dec. 28. The miner went public last year via a deal with a special purpose acquisition company (SPAC), with BlackRock serving as anchor investor.

Core Scientific's plans involve converting most of its debt into equity with the help of the bankruptcy court. The firm doesn't plan to sell off any machines or operating facilities but it is considering the sale of sites under development.


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Core had about $1 billion in debt in October, mostly in the form of convertible notes.

Other major creditors include also bankrupt crypto lender BlockFi, investment banking firm B. Riley, crypto financial services firm NYDIG and Anchor Labs, the parent company of digital asset bank Anchorage Digital.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).


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