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    Core Scientific Investors Block CoreWeave Acquisition Agreement

    Ethan CarterBy No Comments2 Mins Read
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    Core Scientific, a Bitcoin miner, was unable to secure approval for a merger with the AI infrastructure firm CoreWeave during a shareholder meeting on Thursday.

    The preliminary vote results will be reported in a filing with the Securities and Exchange Commission (SEC) on Friday, as stated in Core Scientific’s announcement.

    In July, CoreWeave completed a $9 billion acquisition, pending shareholder approval, which would provide Core Scientific shareholders with 0.1235 shares of CoreWeave Class A common stock for each share they hold of Core Scientific.

    Following the shareholder vote news, Core Scientific’s shares dropped by over 5% on Thursday. Cointelegraph attempted to contact the company for comment but did not receive a response before publication.

    Companies
    The intraday performance of Core Scientific’s shares on Thursday after the shareholders meeting vote. Source: TradingView

    This deal has been closely watched by investors for over a year, influencing share prices for both firms and highlighting the increasing connections between the Bitcoin mining and artificial intelligence industries.

    Related: CleanSpark shares soar as Bitcoin miner announces AI expansion

    Resistance from Shareholders

    CoreWeave re-entered negotiations to acquire Core Scientific in June, resulting in a 23% surge in its share price on that trading day.

    In June 2024, Core Scientific turned down a buyout proposal from CoreWeave that valued the company at $1 billion, or $5.75 per share, arguing it “significantly” undervalued the firm.

    Since negotiations resumed with CoreWeave, Core Scientific’s stock has increased more than threefold from its low in April 2025, climbing from $6.20 to approximately $20.90 as of this writing.

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    Core Scientific’s stock price movement from March to October. Source: TradingView

    Conversely, CoreWeave shares have declined following the announcement of the proposed merger, dropping from about $163 to around $100 by the end of July.

    Some shareholders of Core Scientific expressed their opposition to the buyout offer after the deal’s finalization in July, including Two Seas Capital, the largest active shareholder, citing issues with the transaction’s valuation.

    “The proposed sale significantly undervalues the company and exposes shareholders to considerable economic risk,” Two Seas Capital stated in August.

    Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining