BlackRock, Apollo Among Creditors Lending $500 Million to Core Scientific

BlackRock, Apollo Among Creditors Lending $500 Million to Core Scientific

From bnnbloomberg.ca

BlackRock Inc. and Apollo Global Management Inc. are among a group of creditors that lent around $500 million to bankrupt Bitcoin miner Core Scientific Inc. by purchasing its secured convertible notes, according to a court filing. The disclosure reveals how traditional finance firms helped to bankroll the crypto-mining industry during its boom, when such companies raised billions of dollars by issuing debt. But a plunge in the price of Bitcoin, the largest cryptocurrency, and high electricity costs have slashed the profit margins of the so-called miners that process transactions, threatening the companies with ... (full story)

- Older Stories
Date Set for Oral Arguments in Grayscale’s Appeal of SEC’s Bitcoin ETF Decision
From coindesk.com|Jan 24, 2023
The District of Columbia Court of Appeals has set a date to begin hearing oral arguments in Grayscale Investment’s appeal of the Securities and Exchange Commission’s (SEC) ...
How Japan handles crypto exchanges differently
From axios.com|Jan 24, 2023
Japan's crypto exchanges have different rules than exchanges in other parts of the world. Why it matters: FTX Japan, by all reports, didn't come up short on customer funds, and ...
After the Failure Of Their Stablecoin Experiment, Iran And Russia Will Inevitably Adopt Bitcoin
From bitcoinmagazine.com|Jan 24, 2023
Earlier this month, reports surfaced that the Central Bank of Iran is working with the Russian Association Of The Crypto Industry And Blockchain to create a stablecoin that will ...

- Newer Stories
Federal Reserve and the markets in standoff on rate hikes
From apnews.com|Jan 24, 2023
Sooner or later, either Wall Street or the Federal Reserve has to blink. Nearly a year into the Fed’s drive to quash inflation by hiking interest rates at a blistering pace, ...
Consumers price index: December 2022 quarter
From stats.govt.nz|Jan 24, 2023
Key facts Inflation rate for the December 2022 quarter: • quarterly inflation rate was 1.4 percent • annual inflation rate was 7.2 percent. Quarterly change In the December 2022 ...
Celsius Proposes Restructuring to Offer One-Time ‘Meaningful Recovery’ Payout for Most Creditors
From coindesk.com|Jan 24, 2023
Lawyers for Celsius Network said Tuesday that the bankrupt crypto lender is planning to reinvent itself as a new, publicly traded “recovery corporation” in order to exit the ...

Related Stories