Eleven Months After Going Public via SPAC, Texas-Based Bitcoin Miner Core Scientific Files for Bankruptcy | Wolf Street

Austin-based Bitcoin miner and crypto-hosting-platform Core Scientific – one of the largest publicly traded crypto miners with data centers in several states, including Texas – filed for chapter 11 bankruptcy on December 21, just about exactly 11 months after going public via merger with a SPAC on January 20, 2022.

The day the merger with the SPAC was completed on January 20, the stock had a market cap of $2.8 billion, already down sharply from the peak of $4.5 billion after the announcement of the merger but before the completion of the merger. Today, forget it. Shares are at a few cents (data via YCharts):

Eleven Months After Going Public via SPAC, Texas-Based Bitcoin Miner Core Scientific Files for Bankruptcy | Wolf Street