Bitcoin ( BTC ) miner Core Scientific has closed a $55-million equity financing round as it returns to solvency.

According to the Jan. 8 announcement , the $55-million equity offering expired last week and was oversubscribed. “As a result of this successful raise, and following full repayment of previously drawn amounts on our DIP [debtor-in-possession] financing, we are set to emerge from Chapter 11 in January with enhanced liquidity and in a strong position to continue executing our growth plans,” said Core Scientific CEO Adam Sullivan.

In its most recent financial statement, dated November 2023, the company disclosed $2.3 billion in assets and $559 million in liabilities for a total equity of $1.8 billion. The company plans to relist on the Nasdaq exchange after bankruptcy proceedings are finalized.

On Jan. 4, Core Scientific announced that it had prepaid the outstanding DIP balance provided by its lender Riley Financial. The $35 million in available funding under the DIP agreement remains accessible to the company.

Core Scientific filed for bankruptcy in December 2022 due to a combination of the crypto winter, rising energy prices, increased mining difficulty and bad debt lent to crypto firm Celsius . Under its restructuring plan, the company would emerge from bankruptcy with $709 million in net debt and $791 million in shareholder’s equity. Core Scientific shareholders will receive new shares exchanged at a ratio of 25:1 to provide them with $1.08 per pre-exchange share. Meanwhile, noteholders will receive $1.628 on every $1 of face value for convertible notes due in April and $1.201 per $1 face value for notes with an August due date.

Related: Core Scientific seals $77M Bitmain deal for 27K Bitcoin mining rigs