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Cryptoprowl.com / Cryptocurrency firm Core Scientific (NASDAQ: $CORZ ) has secured $1 billion U.S. in strategic financing from Wall Street investment bank Morgan Stanley (NYSE: $MS ).

The loan from Morgan Stanley will be used by Core Scientific to support the development of its artificial intelligence (A.I.) data centres, according to the company.

The loan includes an immediate $500 million U.S., with an option for another $500 million U.S., subject to standard conditions.

Core Scientific Chief Executive Officer (CEO) Adam Sullivan said in a news release that the additional capital will allow the company to move faster on it's A.I. pivot.

Like other similar companies, Core Scientific is in the process of shifting from being a pureplay Bitcoin (CRYPTO: $BTC ) miner to also providing A.I. and high-performance computing (HPC).

Core Scientific said it will use the loan from Morgan Stanley to purchase equipment and land, and secure energy needed to run its data centres.

News of the loan comes days after Core Scientific's latest financial results, in which the company disclosed that it sold $175 million U.S. worth of Bitcoin as it pivots toward A.I.

Morgan Stanley is expanding its footprint in cryptocurrencies, with plans to launch its own spot Bitcoin exchange-traded fund (ETF) this year.

CORZ stock has risen 65% over the last 12 months to trade at $15.84 U.S. per share.