Core Scientific, among the largest publicly traded crypto mining operators in North America, sold almost all of its bitcoin holdings last month.
Why it matters: Crypto miners typically enjoy fat profit margins comparable to that of the luxury goods sector, but with bitcoin falling below $20,000 last month, some operators have started strategically selling crypto stockpiles to weather market turmoil.
Driving the news: The crypto mining shop sold 7,202 bitcoins at an average price of roughly $23,000, for total proceeds of approximately $167 million in June, according to the company.
By the numbers: Core Scientific as of June held 1,959 bitcoins; in May the shop reported holdings of 8,058.
What they're saying: "We are working to strengthen our balance sheet and enhance liquidity to meet this challenging environment," CEO Mike Levitt, said in a statement Monday.
Between the lines: Publicly traded crypto companies are getting hit with a double-whammy of stock market turmoil and declines in coin prices.
Details: Core Scientific owns and operates data centers in Georgia, Kentucky, North Carolina and North Dakota.
What we're watching: We'll see what this means for Core Scientific, and other publicly traded mining firms, when the earnings show-and-tell starts.
What's next: Core Scientific is expected to report second quarter earnings on August 11.
Related Posts
