After a little over a year of bankruptcy proceedings, bitcoin mining company Core Scientific has completed its reorganization requirements. The firm announced its relisting on the Nasdaq on Wednesday.
Core Scientific (CORZ) shares immediately plummeted more than 30% after the opening bell Wednesday, dipping to around $3.50 from their opening price of $5.89.
The company filed for bankruptcy in December 2022 after struggling to cover debt obligations after bitcoin lost more than 60% of its value from 2021. Core was among several mining operations that took out high-interest loans to fund growth amid the 2021 bull market.
SEC Delays BlackRock Spot Ethereum ETF
According to #BreakingNews information, the SEC postponed BlackRock's spot Ethereum ETF application.
If approved, iShares Ethereum Trust, which will be listed on Nasdaq, will provide investors with access to the second largest cryptocurrency, Ethereum, without directly owning it.
BlackRock plans to convert its existing trust into a “spot” ETF; This means that it will directly own ETH instead of futures tied to ETH.
While futures-based crypto ETFs have previously been approved by the U.S. Securities and Exchange Commission (SEC), the regulator has long claimed that the spot crypto market is prone to fraud and manipulation.
