• BTC miner Core Scientific has reportedly secured a $500 million fundraising round led by BlackRock, Apollo Capital, Kensico Capital, Ibex Investors, and others.
• The company filed for bankruptcy protection at the end of last year but continued mining BTC to repay debt holders.
• BlackRock lent Core Scientific approximately $38 million by purchasing its secured convertible notes.
Core Scientific, a US-based bitcoin miner, recently announced that it has secured a massive $500 million fundraising round from several high-profile investors such as BlackRock, Apollo Capital, Kensico Capital, Ibex Investors, and more. This substantial investment will help the company to continue its operations, even after it filed for bankruptcy protection at the end of last year.
The bankruptcy filing did not stop Core Scientific from mining BTC, as the company continued to do so in order to repay its debt holders. It is believed that BlackRock, the world’s largest asset manager, was the most significant investor in this fundraising round, as it lent the company approximately $38 million by purchasing its secured convertible notes.
Ibex Investors, a venture capital firm, was the largest contributor to the $500 million fundraising round. The firm invested around $150 million in Core Scientific, which makes it the largest investor in the company. Other participants in the round included Apollo Capital, Kensico Capital, and a number of undisclosed investors.
The CEO of Core Scientific, Kevin Turner, commented on the fundraising round and said that the company is “incredibly grateful” for the support of the investors in this round. He also added that the funds will be used to expand Core Scientific’s capabilities and increase its market share.
Core Scientific has been around since 2018 and is one of the leading bitcoin miners in the United States. The company operates more than 40,000 machines across seven states and is responsible for mining nearly 8% of all Bitcoin. With the help of this new investment, the company will be able to further expand its operations and increase its market share.