Core Scientific, a NASDAQ-listed Bitcoin mining company, reportedly received $500 million worth of funds from giant financiers, including BlackRock, Apollo Capital, Kensico Capital, and Ibex Investors.

In December 2022, Core Scientific filed for bankruptcy due to unfavorable market conditions. The prolonged bear market and the fluctuating price of Bitcoin affected the crypto miner. Despite the bankruptcy, the company continued Bitcoin mining to repay debts.

According to a court filing reported by Bloomberg, BlackRock Inc. and Apollo Global Management Inc. are among the group of creditors to the Bitcoin miner. Both asset management institutions contributed $23 million to Core Scientific so that it could continue the mining operations. Ibex Investors was the largest contributor, financing nearly $100 million.   

BlackRock, the America-based world’s largest asset management institution, is trying to introduce a new way of planning crypto asset management. Recently, the institution introduced a private spot Bitcoin trust. The fund provided by the trust will only be available to US investors, and it aids in tracking Bitcoin performance.

The CEO of BlackRock, Larry Fink, earlier predicted a Bitcoin and Ethereum price crash. Fink stated, “I believe the next generation for markets, the next generation for securities, will be tokenization of securities. I actually believe this technology is going to be very important.”

Miners are finding present market conditions…