Core Scientific raises $1 billion from Morgan Stanley… “Data center development”
Summary
- Core Scientific said it raised $1 billion in funding from Morgan Stanley.
- The loan applies an interest rate of SOFR plus 2.5% and is set to be used for data center development and other purposes.
- Core Scientific said it sold Bitcoin worth $175 million as it shifts its business model toward artificial intelligence (AI) infrastructure.
Forecast Trend Report by Period
US Bitcoin (BTC) miner Core Scientific has raised $1 billion in funding from global investment bank (IB) Morgan Stanley.
According to CoinDesk on the 5th (local time), Core Scientific recently signed a $500 million term loan commitment with Morgan Stanley. The commitment also includes an option for Core Scientific to raise an additional $500 million subject to certain conditions. The loan carries an interest rate of SOFR plus 2.5%.
Core Scientific plans to use the additional funds for data center development and other purposes. Core Scientific Chief Executive Officer (CEO) Adam Sullivan said, “The additional capital will allow us to accelerate projects that are in the preparation stage and respond effectively to rising customer demand.”
Meanwhile, Core Scientific is pivoting its business model toward artificial intelligence (AI) infrastructure. As part of the shift, Core Scientific recently sold $175 million worth of Bitcoin.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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