Bankrupt Crypto Miner Soars in Move Reminiscent of Hertz (2)

Core Scientific Inc. surged by a record 73% on Thursday just a day after the Bitcoin miner became the latest cryptocurrency company to file for bankruptcy.

It’s a move reminiscent of the one seen in Revlon Inc. earlier this year after its own Chapter 11 filing. Retail traders caused similarly confusing spikes of other bankrupt companies in mid-2020 including Hertz Global Holdings Inc. and JCPenney.

“Maybe after seeing the list of creditors and assets on hand, investors could have gained some confidence that there actually will be a positive future,” said Matthew Kimmell, digital asset analyst at crypto investment ...