Crypto miner Core Scientific sold roughly $165 million worth of Bitcoin last month, as inflation and market turmoil piled on the pressure for public crypto companies.
The NASDAQ-listed firm sold 7,202 Bitcoin during June at an average price of $23,000, leaving it with just 1,959 Bitcoin, bosses told investors yesterday.
As of June 30, the company had $132 million in cash on its balance sheet.
The proceeds will go towards covering the cost of servers, increasing data capacity, and paying off debts, Core Scientific said.
Chief executive Mike Levitt said the group was "working to strengthen our balance sheet and enhance liquidity" in response to current challenges.
"Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation," he said. "Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil."
The company also said it...
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