Core Scientific shares tumble on first day of relisting 

Core said Tuesday that it had emerged from “from Chapter 11 with a strengthened balance sheet” and shares re-hit the Nasdaq Wednesday

article-image

Core Scientific and Adobe Stock modified by Blockworks

share

After a little over a year of bankruptcy proceedings, bitcoin mining company Core Scientific has completed its reorganization requirements. The firm announced its relisting on the Nasdaq on Wednesday.

Core Scientific (CORZ) shares immediately plummeted more than 30% after the opening bell Wednesday, dipping to around $3.50 from their opening price of $5.89. 

“Price volatility is not a surprise,” a spokesperson for Core Scientific told Blockworks. “We remain focused on executing our pragmatic growth plan to deliver long-term shareholder value.”

The company filed for bankruptcy in December 2022 after struggling to cover debt obligations after bitcoin lost more than 60% of its value from 2021. Core was among several mining operations that took out high-interest loans to fund growth amid the 2021 bull market.

Read more: Bitcoin miner Core Scientific files bankruptcy, stock tanks 30%

The reorganization plan, which the US Bankruptcy Court for the Southern District of Texas approved last week, called for “100% recovery to all creditors…and significant recovery to existing equity holders,” according to court documents. The plan includes the equitization of about $400 million in secured and unsecured claims, as well as a decrease in annual debt service by roughly $60 million.

Core said Tuesday that it had emerged from “from Chapter 11 with a strengthened balance sheet” after successfully reducing its debt by $400 million “through the conversion of equipment lender and convertible note holder debt to equity.” 

Bitcoin mining stocks broadly posted mixed returns Wednesday, with Marathon Digital and Riot Platforms losing 3.5% and 2.7%, respectively, midway through the session. Hut 8 Corp, which is down close to 50% since the start of 2024, managed to stay in the green Wednesday with a modest gain of 0.3%. 

Read more: JPMorgan predicts bitcoin mining stock cooldown: CoinDesk

Analysts from Blockworks Research say that the discrepancy may be a sign that mining stockholders are moving away from the asset. This change could be due to the availability of new spot ETFs, which provide a more direct method for gaining bitcoin exposure.

“There’s also the upcoming bitcoin halving (which will reduce miners’ primary source of income by 50%), but that should come as even less of a surprise, seeing as it’s been foreordained since 2008,” Blockworks analysts said in a Jan. 18 note.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (8).png

Research

Meta-aggregators like Titan and Kamino Swap improve price execution for users, making the Solana swapping landscape more competitive. Jupiter has incorporated meta-aggregation features into its latest routing engine to keep users on its front end (own the user, own the flow). At large, teams are treating swaps as a commoditized complement, offering incredibly cheap or free swaps to own the end-user and increase demand for high-margin product offerings (multi-product DeFi). On another note, the divergence in the concentration of aggregator volume between DEXs suggests increased specialization at the DEX layer by asset type.

article-image

Many community banks and credit unions feel like they missed the fintech craze — and they don’t want to miss stablecoins

article-image

BlackRock COO Rob Goldstein noted that the firm had been looking into crypto since 2017

article-image

With the June FOMC meeting coming up, the Fed remains unlikely to cut interest rates. Is this the right move?

article-image

The crypto-optional shooter is expected to release on Steam in a few weeks

article-image

The new airdrop campaign reaches 50,000 users, setting the stage for Spark’s 10-year token distribution