JPMorgan and Morgan Stanley Expand $1 Billion Credit Facility for Core Scientific
JPMorgan Chase Bank has committed $500 million to Core Scientific, expanding the company's total credit facility to $1 billion. This follows a similar $500 million pledge from Morgan Stanley under the same 364-day loan agreement. Borrowings under the facility will carry an interest rate of SOFR plus 2.50%.
Core Scientific plans to allocate the funds toward property acquisition, energy contracts, and the conversion of existing mining sites into high-density computing centers. CEO Adam Sullivan emphasized the strategic importance of the financing, stating, "With $1 billion of total financing capacity now available, we are well positioned to execute on our development and go-to-market strategy."
The move signals growing institutional confidence in Bitcoin mining infrastructure. Core Scientific's expansion into high-density computing centers reflects broader industry trends toward diversified blockchain infrastructure.
