Cryptomining operator Core Scientific going public via SPAC

Cryptocurrency mining operator Core Scientific said Wednesday it is listing on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp.

The deal with the special purpose acquisition company values Core Scientific at roughly $4.3 billion.

It’s not clear when trading will begin. The ticker name was not announced.

Core, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, is one of the largest providers of blockchain infrastructure and hosting, as well as one of the largest digital asset miners, in North America.

Rival bitcoin miners Riot Blockchain and Marathon Digital have market capitalizations of $2.18 billion and $2.25 billion, respectively.

Core’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications,” said Darin Feinstein, co-founder and co-chairman.

Bitcoin has had a wild year, peaking at more than $63,000 before crashing to a current value of around $31,500, but it’s still up more than 245% from a year ago. SPACs of bitcoin mining companies are another way to bet on the crypto craze with a slightly longer-term time horizon than speculating on the currencies themselves.

Core, which primarily mints bitcoin, says it generated $60 million in revenue in 2020 and anticipates $493 million this year. The company declined to disclose net income or loss.

So far in 2021, Core has minted more than 3,000 bitcoin, including 1,683 for its own account,…