Core Scientific Strategic Financing Increased to $1 Billion with Additional $500 Million Commitment from JPMorgan Chase

BlockBeats News, March 23rd, Bitcoin mining firm Core Scientific announced that JPMorgan Chase, through its 364-day credit financing agreement, has added a $500 million commitment to the expansion clause, increasing the total financing amount to $1 billion. Previously, Morgan Stanley had committed $500 million. The financing rate is the Secured Overnight Financing Rate (SOFR) plus 250 basis points (2.5%).

The company plans to use the funds for general corporate purposes related to data center asset development, including equipment purchases, preliminary development, land acquisition, and additional data center power purchases.