Bitcoin miner Core Scientific has announced the mandatory conversion of its secured convertible notes due in 2029 into approximately 45 million shares of common stock, valued at $260 million. Triggered on July 5, the conversion will take place on July 10. The company also announced the extinguishment of a contingent payment obligation for unsecured creditors, eliminating the need for additional payments. The conversion and extinguishment mark significant progress for Core Scientific, which emerged from bankruptcy in January. Core's shares currently trade at $10.14 on the Nasdaq, reflecting a six-month gain of 194.2%.