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Core Scientific, a Bitcoin mining company, announced on Wednesday that it had returned to Nasdaq and resumed trading following its restructuring efforts after its 2022 bankruptcy filing.
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The company said in a statement on Tuesday that its restructuring plan had allowed it to reduce its debt by $400 million by converting its equipment loan and convertible noteholder debt into equity.
Core Scientific said its plan could further reduce its debt by converting the remaining convertible debt, providing investors with valid guarantees, and using its existing cash to pay down debt.
The CEO of Core Scientific, Adam Sullivan, said in a statement: “We are ready to execute on our pragmatic growth plan, continue to prepare for the upcoming halving, and create value by converting energy into high-value computing for bitcoin mining and other potential applications.”
Core Scientific, which currently operates mining facilities with a capacity of 724 megawatts in five states in the United States, plans to increase its total mining capacity by more than 50% over the next four years as it plans to bring new Bitcoin miners online.
In December 2022, the company filed for Chapter 11 bankruptcy protection after declines in cryptocurrency prices and a series of market failures. Major creditors included BlackRock and investment bank B. Riley.
Shares of bitcoin miners Marathon Digital and Riot Platforms have fallen this month following bitcoin volatility after the United States approved multiple spot bitcoin exchange-traded funds on January 10. Marathon Digital’s shares have fallen 29.74% since the beginning of the month, and Riot Platforms has fallen 26.77%.