Crypto mining equipment manufacturer Bitmain will invest $53.9 million in cryptocurrency mining firm Core Scientific in common stock, according to a Sept. 21 announcement.

According to the press statement, Core Scientific will acquire 27,000 Bitcoin (BTC) mining servers from Bitmain for $23.1 million in cash. The units will potentially boost its hash rate by 4.1 exhashes and are expected to be delivered in the fourth quarter of this year.

The move is part of Core Scientific’s bankruptcy plan, initially detailed last month. Cryptocurrency custody firm Anchorage Digital was also mentioned as potentially taking an equity stake in the company.

Core Scientific filed for Chapter 11 bankruptcy protection in December 2022 after its revenue witnessed a significant drop amid last year’s crypto price slump and rising energy prices. The firm has since made several moves, including its reported restructuring plan, to emerge from bankruptcy.

A bankruptcy court will determine the value of the company’s stock per share in accordance with the Chapter 11 reorganization plan. Approval of the plan is expected in the fourth quarter of this year.

Bitmain CEO Max Hua said that the investment comes as the two firms look to expand their “long-standing” relationship as part of a supply contract. The crypto rig maker has also signed a new hosting agreement with Core Scientific.

Core Scientific currently operates approximately 206,000 mining rigs for both hosting and self-mining purposes. The company’s U.S. facilities have a total hash rate of 22 exahashes per second. In August alone, Core Scientific said it produced 965 Bitcoin through self-mining. Additionally, during the first eight months of 2021, the company produced 9,755 BTC.