Core Scientific, a leading blockchain computing data center and software solution provider, has received confirmation from the United States Bankruptcy Court for the Southern District of Texas for its Chapter 11 reorganization plan. With this approval, the company is set to emerge and re-list on the Nasdaq by the end of January 2024.

Shareholders will be granted shares of Core Scientific's new common stock and warrants, constituting approximately 60% of the company's new equity. The reorganization plan includes equitizing around $400 million in secured and unsecured claims, reducing annual debt service by approximately $60 million, and infusing $95 million in new-money exit capital.

Core Scientific's exit from bankruptcy coincides with a rise in Bitcoin prices to $43,000, driven by renewed investor interest following the SEC's approval of spot ETFs in the US and anticipation of the upcoming BTC halving. The company's successful reorganization reflects the optimistic outlook for the blockchain market and its growth potential.