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Core Scientific secured a $500 million loan facility from Morgan Stanley, with an option to increase it to $1 billion
Financing will support data center expansion for AI and HPC workloads, alongside Bitcoin mining
Company is pivoting its infrastructure to focus more on AI and high-density computing
This follows a recent Q4 earnings miss and a prior Chapter 11 bankruptcy restructuring.
Deep Dive
Core Scientific, a Bitcoin mining and data center company, has secured a strategic financing agreement with Morgan Stanley, establishing a $500 million loan facility with an option to increase it to $1 billion. This financing is intended for general corporate purposes, including the expansion of data center assets, equipment purchases, real estate acquisition, and securing power agreements.
The company operates large-scale data centers across several US states, hosting both Bitcoin mining equipment and high-density computing workloads. The 364-day loan facility carries an interest rate of SOFR plus 2.5%. While Core Scientific currently generates most of its revenue from Bitcoin mining, it is actively converting a significant portion of its data center footprint to support AI-related and other high-density computing workloads. This strategic shift follows a recent fourth-quarter earnings miss, which saw crypto mining income drop by nearly 50% year-over-year.
Core Scientific emerged from Chapter 11 bankruptcy protection in January 2024, following a restructuring process initiated in December 2022 due to financial strains from falling Bitcoin prices and rising energy costs. Post-restructuring, the company began repurposing its infrastructure for AI and high-performance computing (HPC). A key development was a 12-year agreement signed in June 2024 with AI cloud provider CoreWeave to supply data center capacity for HPC. An earlier proposed acquisition by CoreWeave in July 2025, valued at approximately $9 billion, did not proceed due to insufficient shareholder approval.
Core Scientific's pivot aligns with a broader trend in the Bitcoin mining industry. Other companies are also repurposing their infrastructure for AI and HPC workloads. Hive Digital Technologies announced its expansion into HPC, aiming to build an AI infrastructure business with projected annual revenues of $100 million. Similarly, TeraWulf signed 10-year colocation agreements valued at $3.7 billion with Fluidstack, a deal partially backed by Google.
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SEC proposes interpretative guidance on federal securities laws for crypto assets. Proposal aims to clarify which tokens are considered securities under SEC purview. Interpretative guidance carries more weight than staff-level statements. Move comes as crypto market structure bill progresses in US Senate.
IRS proposes mandating electronic delivery of tax forms for crypto users. Exchanges may terminate relationships with clients refusing electronic tax form delivery. Proposal prohibits retroactive revocation of consent for electronic forms. Tax compliance is a cited barrier to crypto adoption for US users.
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Core Scientific secures up to $1 billion in funding from Morgan Stanley. Funding will accelerate the transition of Bitcoin mining facilities into AI data centers. The company aims to generate significantly more revenue per kilowatt-hour from AI hosting compared to Bitcoin mining. This strategic shift follows Core Scientific missing Q4 revenue estimates and a prior sale of Bitcoin holdings.
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Core Scientific secured up to $1 billion in financing from Morgan Stanley. The company is pivoting from Bitcoin mining to AI data center infrastructure. Financing is structured as a 364-day term loan. Core Scientific plans to monetize substantially all its Bitcoin holdings to fund the transition.
Nvidia CEO Jensen Huang indicates the end of major investments in OpenAI and Anthropic. Nvidia's decision avoids taking sides amidst escalating controversies and competition between AI labs. The company previously invested $30 billion in OpenAI and $10 billion in Anthropic. Nvidia aims to maintain neutrality as a GPU supplier to multiple AI companies.
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BlockDAG (BDAG) is now live on Coinstore, BitMart, and Pionex USA with market makers targeting $0.2 and projecting 100x upside. Bitcoin Cash (BCH) faces bearish technicals, trading below key MAs and needing to reclaim $504.60 for upside. Ethereum (ETH) shows a cautious bounce around $2,080 but remains in a descending channel, facing resistance at $2,150. BlockDAG's projected market cap could exceed $1.2 billion, aiming for a top 50 ranking with trading volume forecasts surpassing Kaspa and Solana.
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XRP liquidity on Binance has dropped significantly to 0.097, increasing volatility risk. Shiba Inu burn rate surged 53,954% in 24 hours, coinciding with a 6.35% price increase. Rockefeller Capital Management increased its MicroStrategy (MSTR) stake by 146% to 198,283 shares.
Bitcoin price surged 7% on March 4, 2026, from $68K to $73.5K. Institutional TWAP orders totaling $790 million and $560 million in ETF inflows fueled the rally. US demand surge indicated by a $61 Coinbase premium, alongside 8,000 BTC withdrawn from exchanges. A $3.5 billion spike in derivatives leverage presents a key risk for potential liquidations.
Short seller Culper Research initiates a bearish position against ETH and BitMine (BMNR). Culper cites Ethereum's December 2025 Fusaka upgrade as impairing ETH tokenomics and reducing validator yields. Report estimates Ethereum fees have dropped approximately 90% post-upgrade. Vitalik Buterin has sold nearly 20,000 ETH this year, adding to the bearish narrative.
Dogecoin (DOGE) experienced an 8% decline in the last 24 hours, leading losses among top 100 cryptocurrencies. The meme coin category is the only top 20 market cap category in the red over the last 24 hours. Analyst suggests Dogecoin's value relies on the attention economy, not sustainable rallies. DOGE is down 87% from its 2021 all-time high of $0.73.
BlockDAG (BDAG) trading is live on Coinstore, BitMart, and Pionex USA, with market makers projecting targets of $0.2-$0.5. Aave (AAVE) shows potential for a breakout to $131 driven by whale accumulation and clearing a bullish flag formation. Chainlink (LINK) surged over 14% due to institutional adoption and integrations, with Grayscale's trust holding over $70 million. BlockDAG's DAG architecture supports 10,000 TPS, with projections of a $1.2 billion market cap and outperforming early Solana staking yields.
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SEC Chairman Paul Atkins supports the passage of the CLARITY Act for clear digital asset rules. Representative French Hill highlights bipartisan support for the CLARITY Act and GENIUS Act in the House. The CLARITY Act aims to provide a regulatory framework for the US cryptocurrency market. Lobbying efforts from traditional banking and crypto industries are currently delaying legislative progress.
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