Core Scientific, which previously said it didn't have enough cash to last 2022, has been offered a $72 million lifeline that could save it from bankruptcy.
) miner Core Scientific $72 million in financing to avoid bankruptcy and preserve value for Core Scientific stakeholders.
B. Riley, a top lender to Core Scientific with $42 million in loans currently outstanding, outlined the terms of the financing agreement in a Dec. 14The finance platform suggested the remaining $32 million would be conditional on the BTC miner suspending all payments to equipment lenders while Bitcoin prices are below $18,500.
The last time the price of Bitcoin was above $18,500 was on Nov. 9, before it fell over 14% in one day. B. Riley’s assessment of the predicament Core Scientific is in was scathing, suggesting it had deployed “an aggressive, ill-conceived strategy […] to continue to build out power facilities and expand miners while never selling Bitcoin on hand and never hedging prices.”
It noted due to this approach Core Scientific was forced to sell 9,618 BTC in April at a value of $362 million which represented a significant loss to the miner.
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