Core Scientific reported a net profit of $580 million in the first quarter, mainly due to adjustments in the valuation of warrants.

PANews reported on May 8 that Core Scientific, a Nasdaq-listed Bitcoin mining company, achieved a net profit of $580.7 million in Q1 2025, doubling year-on-year, mainly due to a non-cash gain of $621.5 million from warrants adjusted by market capitalization after last year’s bankruptcy restructuring. Despite a sharp year-on-year decline in revenue to $7.95 million, the company is transforming and expanding its high-performance computing business and has signed a large energy services agreement with CoreWeave, which is expected to bring in $360 million in revenue next year.