Power & Digital Infrastructure Acquisition (XPDIW) Stock Rockets: More To Come?

Blockchain hosting and cryptocurrency mining are two lines of businesses that often leads to considerable excitement among investors. Hence, it was no surprise to see that the Power & Digital Infrastructure Acquisition Corp (NASDAQ:XPDIW) came into sharp focus investors yesterday and ended up recording gains of as much as 26%.

The company announced yesterday that it is going to take the digital asset mining and blockchain hosting company Core Scientific Holding Co. The deal that is going to take Core Scientific public is going to place a value of $4.3 billion on the combined entity.

Core Scientific is a company that is known for providing specific solutions to big ticket customers in the blockchain and crypto mining space. It should be noted that Power & Digital Infrastructure Acquisition is a SPAC or a special purpose acquisition company and in recent month such SPAC merger deals have unlocked plenty of value for investors.

It was also announced by Power & Digital Infrastructure Acquisition that once the merger is completed, the new entity is most likely going to operate under the name Core Scientific. It now remains to be seen if the Power & Digital Infrastructure Acquisition stock can continue to add to its gains today.

Market Reaction:

On Wednesday, XPDIW stock soared 26.28% at $1.73 with more than 1.87 million shares. The stock has moved within a range of $1.5665 – 1.9001 after opening the trade at $1.64.