BlackRock provided a loan to a bankrupt crypto mining company

Core Scientific is one of the largest Bitcoin miners, contributing almost 10% of the computing power of the entire Bitcoin network.

BlackRock Inc. is among a group of creditors that loaned money to Bitcoin miner Core Scientific Inc. so it could continue to operate while in bankruptcy.

- Advertisement -

BlackRock has pledged a $17 million loan through funds and accounts managed by its subsidiaries, Bloomberg reports.

Read Also: Core Ethereum Developers Discuss Upgrades, Hard Forks

The Austin, Texas-based cryptocurrency mining company declared bankruptcy last week and gained access to $37.5 million in fresh cash from a group of creditors holding most of its convertible securities, more than $550 million. The loan has a 10% interest rate that is payable in kind.

Read Also: BlackRock enters the cryptocurrency market through Coinbase

Core Scientific is one of the largest Bitcoin miners, contributing nearly 10% of the computing power to secure the entire Bitcoin network.

It is among a small group of companies that raised millions by issuing debt during the cryptocurrency’s recent boom, but struggled to stay in business after its value plummeted and energy prices skyrocketed.

Previous Articles:

- Advertisement -

Latest News

Shopify, Coinbase Launch USDC Payments; Mastercard Expands Crypto Access

Shopify and Coinbase allow merchants to accept USDC stablecoin payments, making crypto transactions easier...

Coinbase Launches Wrapped ADA and LTC on Base, COIN Hits New High

Coinbase has introduced wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum...

ClickFix Attacks Surge 517% in 2025, Fake CAPTCHAs Spread Malware

ClickFix attacks using fake CAPTCHA verifications have risen by 517% in early 2025, according...

FHFA Orders Fannie, Freddie to Consider Crypto as Mortgage Collateral

The U.S. Federal Housing Finance Agency ordered Fannie Mae and Freddie Mac to consider...

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

Must Read

Top 7 BEST Crypto Trading Bots for Beginners

QUICK NAVIGATIONQuick Look: Top 3 Best Crypto Trading BotsWhat Exactly is a Crypto Trading Bot?How I Chose These Trading BotsTop 7 Crypto Trading Bots...