📢Good news! Bitcoin mining company Core Scientific recently announced that its outstanding secured convertible notes due in 2029 will be forcibly converted. 🎉
According to the announcement on July 8, the conversion will result in approximately 45 million shares of Core Scientific common stock being exchanged for $260 million in convertible debt. 💰💰
The forced conversion was triggered on July 5, when Core's stock remained above $2.1 billion for 20 consecutive trading days based on the daily volume-weighted average price (VWAP). 📈📈
The notes will be converted into common stock on July 10. This is undoubtedly a strong support for Bitcoin, let us wait and see how this will affect the future trend of Bitcoin! 🚀🚀