Core reveals bondholder names
And Hut8 dodged the Genesis bullet
In a new bankruptcy court filing this week, Core Scientific has identified a list of investors who hold interests in its secured convertible notes and debtor-in-possession financing commitments.
The list includes a dozen institutions, mostly from the TradFi world, that bought close to a total of $500 million in convertible notes in Apr'21 and Aug'21.
As Core Scientific entered into Chapter 11 bankruptcy protection, some of these investors made further DIP loans and commitments.
Per the chart visualized by TheMinerMag, some of the notable names include Apollo Capital, MassMutual, and funds managed by BlackRock. The latter two also made the largest contribution to Core Scientific’s DIP financing, accounting for 48% of the total investment amount.
Check this data page for more details.
Speaking of Chapter 11, DCG’s Genesis is the latest crypto firm filing for bankruptcy protection. The identified creditors with the largest three unsecured claims are Gemini ($765M), Bybit’s investment arm Mirana Corp ($151M), and the already distressed Babel Finance ($150M).
The list of creditors with the top 50 unsecured claims doesn’t seem to include any major bitcoin mining operations as Hut8 managed to dodge the bullet. It provided a 1,000 BTC unsecured loan to Genesis in Q1'22 to earn an annualized interest of 2% but no longer had any of those outstanding since Q2'22.
Regulation news
Digihost takeover of NY gas plant for crypto mining invites lawsuit - Grist
Financial news
Genesis Capital owes more than $3.6 billion to top 50 creditors - The Block
Bitcoin Miner GRIID’s NYSE Arrival Delayed Again - Decrypt
Crypto Mining Stocks Eye Best Month in a Year Atop Bitcoin Jump - Bloomberg
Corporate news
CleanSpark moves ahead with 50MW expansion - The Block
BIT Mining Shares Rise 32% After New Crypto Mining Machine Release - MarketWatch
Hardware and Infrastructure
Crypto mining, which relies on abundant power, expanding in Iowa - Quad-City Times
Bitcoin mining difficulty jumps 10%, its biggest move since October - The Block
Feature
How the blare of a crypto mine woke up this Blue Ridge Mountain town - CNN
In rural Wisconsin, former employees lift curtain on troubled crypto mine - Wausau Pilot & Review
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