Core Scientific secures $500M Morgan Stanley loan as Bitcoin miners pivot to AI

Core Scientific has obtained a $500 million loan facility from Morgan Stanley, with an option to expand total commitments to $1 billion, to accelerate its shift from Bitcoin mining to AI compute infrastructure. The financing, priced at the Secured Overnight Financing Rate plus 250 basis points, will support data center build‑out as miners face tighter margins following the 2024 Bitcoin halving and rising energy costs. While miners such as Core Scientific and Bitdeer sell BTC to fund AI expansion, corporates like YY Group Holdings are adopting Bitcoin as a long‑term treasury reserve asset.