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Bankrupt U.S. Bitcoin mining company Core Scientific has approached the court with a filing permitting it to sell its Bitmain coupons. Core Scientific filed at the United States bankruptcy court for the southern district of Texas Houston Division, seeking to dispose of the coupons that have become of no use to the company.
Core Scientific holds $6 million worth of Bitmain coupons under tight conditions. The vouchers are product-specific and cannot exchange for cash with Bitmain. Coupon holders can only use them to purchase S19 miners from Bitmain.
Some of these conditions make the coupons useless for Core Scientific, considering its current status. The requirements also include that the vouchers can only fund 30% of the total payment for the S19 miners purchased from Bitmain.
S19 miners are older and do not perform as well as the recent versions during mining operations. Many miners closed operations and flooded the market with second-hand S19 miners. Demand for this category of miners also dropped significantly because of the bear market and the clampdown on Bitcoin miners in China.
Core Scientific’s situation became more complicated with the developments mentioned above. They will not be able to get the coupons’ total value once the court approves the filing.
According to reports, two proposals are currently on the table for Core Scientific. One of them is to sell $1.9 million worth of coupons for $285,000. The second proposal values $4.8 million coupons at $713,000. Both transactions imply that Core Scientific may trade the coupons for 15% of their value. The company has already engaged third parties that may be willing to take up the coupons at highly discounted rates.
Core Scientific’s situation becomes more complicated, knowing that the coupons are nearing expiry. They are due to expire between March and April 2023, when the company hopes it will have emerged from its chapter 11 reorganization. Core Scientific clarifies that it has no plans of acquiring more S19 miners in the future.
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- Source: https://coinedition.com/core-scientific-seeks-court-approval-to-sell-6m-bitmain-coupons/