SCHEDULE 13G/A: Bitmain-Related Entities Disclose 1.9% Stake in Core Scientific

Tospring Technology Limited, Bitmain Technologies Holding Limited, and Ketuan Zhan have jointly disclosed a 1.9% beneficial ownership stake in Core Scientific, Inc. as of December 31, 2024.

Summary

• Tospring Technology Limited, Bitmain Technologies Holding Limited, and Ketuan Zhan collectively reported beneficial ownership of 5,367,572 shares of Core Scientific, Inc. common stock.
• This ownership represents 1.9% of Core Scientific's outstanding common stock.
• The percentage is calculated based on 279,253,024 shares of common stock outstanding as of October 31, 2024, as reported in Core Scientific's Form 10-Q filed on November 6, 2024.
• Tospring Technology Limited, incorporated in Seychelles, is a wholly owned subsidiary of Bitmain Technologies Holding Limited.
• Bitmain Technologies Holding Limited, incorporated in the Cayman Islands, is ultimately controlled by Mr. Ketuan Zhan, a Chinese citizen.
• All reporting persons hold sole voting and sole dispositive power over the 5,367,572 shares.
• The securities were not acquired and are not held for the purpose of changing or influencing the control of Core Scientific, Inc.

Sentiment

Score: 5

Explanation: Neutral. This is a factual disclosure of beneficial ownership, not a performance report or strategic announcement that would typically carry positive or negative sentiment.

Positives

• The filing provides transparency regarding the ownership structure of a significant industry player, Bitmain, in Core Scientific, a major bitcoin mining company.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Industry Context

This filing highlights the continued interconnectedness within the cryptocurrency mining industry. Core Scientific is a prominent bitcoin mining and data center hosting company, while Bitmain is a leading designer and manufacturer of cryptocurrency mining hardware (ASICs). The disclosed ownership by Bitmain-related entities suggests a strategic interest or existing relationship between a major hardware supplier and a large-scale mining operator.

Comparison to Industry Standards

• This is a standard Schedule 13G filing, which is a routine disclosure for passive beneficial ownership of less than 20% of a company's shares. The 1.9% stake is not indicative of control or a significant shift in ownership structure that would typically warrant direct comparison to major M&A or strategic investments in the industry.
• The relationship between a hardware manufacturer (Bitmain) and a mining operator (Core Scientific) is common in the industry, often involving equipment sales, financing, or strategic partnerships. This filing, however, only discloses a passive equity stake.

Related Party Transactions

• Tospring Technology Limited is a wholly owned subsidiary of Bitmain Technologies Holding Limited.
• Bitmain Technologies Holding Limited is ultimately controlled by Mr. Ketuan Zhan, establishing a clear chain of control and related party relationship among the reporting entities.

Stakeholder Impact

• Shareholders: Provides transparency regarding a notable, albeit passive, ownership stake by entities related to a major industry player (Bitmain).

Key Dates

Keywords

Core Scientific, Bitmain, Tospring Technology Limited, Ketuan Zhan, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Bitcoin Mining, Cryptocurrency