Adam Sullivan, who began as CEO of Core Scientific final Friday, is not any stranger to bitcoin mining.
Actually, he’s been intimately concerned within the business since a minimum of 2016. Again then, Sullivan was operating a GPU mining enterprise on the aspect whereas he labored full time at a hedge fund in New York, he advised Blockworks in an interview.
In 2018, Sullivan solely fell extra in love with bitcoin mining when he went to go to rigs all throughout the nation, most of which have been solely 5 to 10 megawatts, he mentioned.
“I went on a highway journey and possibly visited about 60 websites,” he advised Blockworks. “It was unbelievable. I used to be like, you recognize what? That is what I actually, actually like,” he mentioned.
At the moment, Sullivan was working at an funding banking agency known as XMS Capital Companions. There, Sullivan led the digital property crew with a particular concentrate on mergers and acquisitions (M&A) and capital raises within the bitcoin mining business.
One firm he labored carefully with was Riot Platforms. He suggested them on all their capital raises and M&A offers from after they had simply three staff, he mentioned.
XMS additionally labored on Riot’s 2021 acquisition of Whinstone’s 100-acre bitcoin mining website in Rockdale, Texas, an $80 million money deal.
He even labored along with his future employer fairly carefully whereas at XMS, as he was a part of the particular function acquisition firm (SPAC) that took Core Scientific public in 2021.
“I’ve been intimately concerned with the corporate for a lot of years, and it made lots of sense for me to make the transfer over to [Core Scientific],” Sullivan mentioned. “I’ve labored with each firm on this business, labored on in all probability nearly each aspect of each M&A deal that’s occurred in Bitcoin mining.”
Core Scientific co-founder Mike Levitt, who had been serving as chief govt of the corporate since Kevin Turner stepped down from the position in Could 2021, has noticed Sullivan within the position of firm president for practically 5 months.
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Levitt, who will stay as chair of the board, spoke extremely of Sullivan’s capabilities and expertise, saying he was clearly “the best man for the job.”
Sullivan had served as Core Scientific’s president since April 2023.
“I knew that long run we wanted to herald someone that would succeed me,” Levitt advised Blockworks.
Concerning Core Scientific’s chapter proceedings, a spokesperson advised Blockworks the method “is continuing effectively.” Sullivan added that the definitive exit date is unknown, however mentioned that he expects to be out of it “by the top of this yr.”
As a part of its marketing strategy, Core Scientific shall be executing a miner refresh, upgrading its current machines so that they’re extra environment friendly.
One other cornerstone to the plan, based on Sullivan, shall be to pay down any debt remaining after rising from chapter.
“We now have a really sturdy plan popping out of chapter,” Sullivan advised Blockworks. “We absolutely anticipate that this crew will have the ability to execute on what’s a way more tamped down marketing strategy than we had beforehand.”
