Core Scientific secures up to $1B loan from Morgan Stanley

Cryptocurrency mining firm Core Scientific (CORZ) has announced it secured up to $1 billion in strategic financing from Morgan Stanley. The agreement includes an initial 364-day loan commitment of $500 million, with an accordion option to increase the amount by an additional $500 million subject to certain conditions. Core Scientific recently announced a strategic shift to become an AI data center infrastructure company and revealed that it sold 1,900 BTC ($175 million) in January.