TechFlow News, March 5: According to The Block, Bitcoin mining company Core Scientific has secured a $500 million, 364-day loan from Morgan Stanley, with an option to expand the total amount to $1 billion.
Core Scientific stated it will use these funds to acquire real estate, cover upfront development costs, procure additional energy contracts, and purchase equipment—transforming its existing facilities in Texas, Georgia, and North Carolina into infrastructure capable of supporting compute-intensive workloads.
The company is pivoting from Bitcoin mining to providing high-density colocation services for artificial intelligence (AI) customers. According to its annual report filed this week, Core Scientific expects to monetize “nearly all” of its Bitcoin holdings by 2026 to support this transition.
