Core Scientific, a Bitcoin mining company, did not receive the necessary approval for a merger with AI infrastructure firm CoreWeave during a shareholder meeting held on Thursday.
The conclusive results from the preliminary vote will be revealed in a Securities and Exchange Commission (SEC) filing on Friday, as stated in Core Scientific’s announcement.
CoreWeave completed the $9 billion acquisition in July, pending shareholder approval, where Core Scientific shareholders would receive 0.1235 shares of CoreWeave Class A common stock for each share of Core Scientific they hold.
Following the news of the shareholder vote, Core Scientific’s shares dropped by over 5% on Thursday. Cointelegraph attempted to contact the company but did not receive a response by the time of publication.
This deal has been of significant interest to investors for over a year, influencing the share prices of both firms and highlighting the increasing connection between the Bitcoin mining and artificial intelligence sectors.
Related: CleanSpark shares surge as Bitcoin miner announces AI expansion
Resistance from Shareholders
CoreWeave revived discussions to acquire Core Scientific in June, leading to a 23% increase in its share price within a single trading session.
In June 2024, Core Scientific turned down a buyout proposal from CoreWeave that valued the company at around $1 billion, or $5.75 per share, arguing it “significantly” undervalued the firm.
Since restarting negotiations with CoreWeave, the miner’s stock price has more than tripled from its April 2025 low, climbing from $6.20 to approximately $20.90 as of writing.
Conversely, shares of CoreWeave have experienced a downturn following the announcement of the prospective deal, declining from about $163 to a low of around $100 by late July.
Some shareholders of Core Scientific expressed their opposition to the buyout proposal after the deal was concluded in July, including Two Seas Capital, the company’s largest active shareholder, citing concerns about the deal’s valuation.
“The proposed sale significantly undervalues the company and unnecessarily exposes its shareholders to substantial economic risk,” Two Seas Capital stated in August.
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