BlackRock pledges $17 million in new loan to bankruptcy-filed Core Scientific

According to a document submitted by the asset management giant BlackRock to the US Securities and Exchange Commission (SEC), BlackRock has promised to provide 1,700 yuan to Core Scientific, a bitcoin mining company that filed for bankruptcy, through funds and accounts managed by its subsidiaries. million as part of a $75 million convertible note that Core Scientific disclosed in late December. As of Dec. 28, funds managed by BlackRock held $37.9 million in Core Scientific's secured convertible notes. BlackRock is Core Scientific's largest shareholder, according to FactSet data. Foresight News previously reported that in late December, Core Scientific's application to secure a $37.5 million loan from a group of existing creditors to fund a bankruptcy reorganization had been provisionally approved by the court, and that Core Scientific would seek final approval and approval of the loan in January. Permission to borrow an additional $37.5 million.