Core Scientific receives a $500 million loan from Morgan Stanley, expandable to $1 billion

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Deep Tide TechFlow News, on March 5th, according to The Block, Bitcoin mining company Core Scientific has secured a $500 million, 364-day loan from Morgan Stanley, with an extension option that could increase the total to $1 billion.

Core Scientific stated that it will use the funds to purchase real estate, cover early development costs, acquire additional energy contracts, and buy equipment to transform its existing facilities in Texas, Georgia, and North Carolina into infrastructure capable of supporting compute-intensive workloads.

The company is shifting from Bitcoin mining to providing high-density hosting services for AI clients. According to its annual report filed this week, Core Scientific expects to liquidate “almost all” of its Bitcoin reserves by 2026 to support this transition.

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