Cryptocurrency

Public Miners Start Selling Bitcoin Treasuries

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Core Scientific Sells 7,202 BTC

On July 5, 2022, Core Scientific, the world’s third-largest publicly traded bitcoin miner by market cap ($525.52 million) announced in its June monthly update the sale of 78.6% of its bitcoin holdings.

“During the month of June, the Company sold 7,202 bitcoins at an average price of approximately $23,000 per bitcoin for total proceeds of approximately $167 million. As of June 30, 2022, the Company held 1,959 bitcoins and approximately $132 million in cash on its balance sheet.

“Proceeds from bitcoin sales in June were primarily used for payments for ASIC servers, capital investments in additional data center capacity and scheduled repayment of debt. The Company will continue to sell self-mined bitcoins to pay operating expenses, fund growth, retire debt and maintain liquidity.”

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