Summary
TLDR: Core Scientific is focusing on de-leveraging its business and acquiring machines after the Bitcoin halving. The company emerged from bankruptcy in January and plans to purchase machines from struggling companies post-halving. They are also leasing capacity in their datacenter to cloud provider CoreWeave. The company’s strategy is to prepare for post-halving opportunities and focus on long-term growth in artificial intelligence and high-performance computing.
Key Points
1. Core Scientific is focused on de-leveraging its business and acquiring machines after the Bitcoin halving event in April.
2. The company emerged from bankruptcy in January by converting debt to equity, reducing its net debt to $571 million.
3. Core Scientific plans to purchase machines from struggling companies post-halving and is looking to unlock cash tied up in convertible debt securities.