Morgan Stanley provides a $500 million loan to Bitcoin mining company Core Scientific

Core Scientific announced on Thursday that it has secured $500 million in financing from Morgan Stanley, enabling the Bitcoin mining company to obtain new funds as it shifts its infrastructure towards artificial intelligence workloads.

According to a statement, the 364-day loan agreement includes an incremental provision that allows the company to increase its loan commitment by an additional $500 million, bringing the potential total to $1 billion. Core Scientific stated that it plans to use the financing for real estate acquisitions, upfront development costs, and to procure additional energy contracts.