Bitcoin Miner Core Scientific Plans $3.3B Private Debt Raise Through New Finance Subsidiary

Core Scientific said it will issue $3.3 billion of senior secured notes due 2031 in a private placement to qualified institutional buyers, with the notes guaranteed by five subsidiaries and secured by first‑priority liens. Net proceeds will fund a debt service reserve and be distributed to the parent to repay a 364‑day credit facility; JPMorgan and Morgan Stanley previously added ~$1.0 billion of capacity. The deal underpins the company’s pivot from bitcoin mining to high‑density AI colocation across multiple U.S. data‑center projects, and Core plans to sell the majority of its bitcoin holdings in 2026 to fund the expansion—an action that could exert selling pressure on BTC while strengthening Core’s balance sheet for its AI strategy.