Core Scientific, the Bitcoin mining firm that filed for Chapter 11 reorganization in December 2022, is gearing up to exit bankruptcy in the next few days.

In a press release on Tuesday, the firm announced that the bankruptcy court has approved the firm’s reorganization plan, clearing the way for them to re-list shares on the Nasdaq by the end of January 2024.


Under the terms of the plan, Core’s shareholders will receive shares of the company’s new common stock, representing 60% of the new equity. The news comes on the heels of Core’s oversubscribed $55 million equity rights offering, which was completed earlier this month. 

Core CEO Adam Sullivan described the plan’s confirmation as a “defining moment,” noting that the company would emerge from bankruptcy even stronger than before.

“With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating value for our shareholders as we execute our growth plan, de-lever our balance sheet and deliver superior efficiency at scale,” said Sullivan.

Core declared bankruptcy when Bitcoin had fallen to a low of $16,000, following a number of crypto firms that either shut down or downsized in light of the crypto winter. Bitcoin is now changing hands at around $43,000 after rising more than 150% over the last year, largely driven by the approval of 11 spot Bitcoin exchange traded funds (ETFs) that began trading last week.

However, a report from CoinShares earlier this week suggested that only a handful of Bitcoin miners could remain profitable after the upcoming Bitcoin halving which is scheduled to take place in March.