This PE Firm Owns 6% of Core Scientific After Chapter 11

A Denver-headquartered investment firm appears to have scooped up equity in bitcoin mining firm Core Scientific (NASDAQ: CORZ), becoming a material stockholder with a 6% stake as Core emerges from Chapter 11.

According to Core’s filing on Thursday, Ibex Investor received 6.57 million shares of Core Scientific in connection with the effectiveness of Core’s bankruptcy reorganization plan on Jan. 23. The investment firm also received certain note convertibles into 4.81 million shares.

In total, Ibex directly beneficially owned 11.38 million shares of Core Scientific as of Jan 23, representing 6% of its outstanding common stocks. The holdings were worth about $30 million based on Core’s share price of $2.67 as of Thursday.

Core Scientific relisted on the Nasdaq exchange on Jan. 24 after successfully exiting the Chapter 11 proceeding that it entered in late 2022. Its share price has tumbled 25% since then.

Founded by Justin Borus, Ibex is an investment firm that focuses on private equity but also invests in public stocks, according to its website.

Based on a Form 13F filing for Q3 last year, the firm was holding $88 million worth of public securities as of Sept. 30.

A Form 13F is a quarterly filing required for institutional investment management companies with at least $100 million in assets under management.