SCHEDULE: Susquehanna Affiliates Disclose 4.9% Stake in Core Scientific

A group of affiliated Susquehanna entities has disclosed a 4.9% beneficial ownership stake in Core Scientific, Inc., held for ordinary business purposes.

Summary

• G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC, collectively referred to as "Reporting Persons," beneficially own 15,268,201 shares of Core Scientific, Inc. common stock.
• This aggregate ownership represents 4.9% of the company's outstanding common stock, based on 307,355,193 shares outstanding as of September 19, 2025.
• The shares were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of Core Scientific.
• The beneficial ownership includes shares directly held, as well as shares issuable upon the exercise of warrants and options, such as 16,691 shares from warrants for G1 Execution Services, LLC, 481,100 shares from options for SIG Brokerage, LP, and 13,000,000 shares from options plus 226,741 shares from warrants for Susquehanna Securities, LLC.

Sentiment

Score: 6

Explanation: The disclosure of a significant, albeit passive, institutional stake by a reputable financial group like Susquehanna affiliates is generally viewed as a neutral to slightly positive signal, indicating market interest without implying immediate operational changes or activist pressure.

Positives

• A significant institutional investor group, Susquehanna affiliates, holds a substantial stake, indicating their confidence or interest in Core Scientific.
• The ownership is stated to be for ordinary course of business, suggesting a passive investment rather than an activist stance that could create uncertainty.

Industry Context

This filing indicates continued institutional interest in Core Scientific, a company operating in the blockchain and cryptocurrency mining sector. Large passive stakes by financial institutions like Susquehanna affiliates are common and can signal market liquidity and investor confidence in the underlying asset class, even if the investment is not strategic.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder may provide a degree of confidence or stability, as it indicates a large, passive investment in the company.
• Management: No direct impact on management or operations is implied, as the stake is declared as passive and not for influencing control.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a passive ownership stake by a group of affiliated broker-dealers. While the presence of a significant institutional investor can be a positive signal, the filing itself does not contain operational, financial, or strategic information sufficient to warrant a 'buy' or 'sell' recommendation. It merely confirms a substantial, non-controlling interest, suggesting a 'hold' stance until further fundamental information becomes available.

Keywords

Core Scientific, Susquehanna, G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, Susquehanna Securities, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Passive Investment, Blockchain, Cryptocurrency Mining