Shares of Core Scientific, a Bitcoin mining company, jumped over 20% in the past week, driven by anticipation of a Federal Reserve interest rate cut and the company’s ambitious AI data center expansion plans. The Fed’s decision to lower rates, boosting risk assets like stocks and cryptocurrencies, further fueled the rally.
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Core Scientific Inc. (CORZ) shares declined on Tuesday after the company announced a proposed offering of $350 million in convertible senior notes. The company plans to use the proceeds to repay outstanding loans and redeem its senior secured notes due in 2028. This move comes as Core Scientific faces financial pressure in the cryptocurrency mining industry.