The largest active shareholder of Bitcoin mining company Core Scientific, Two Seas Capital, announced that it will vote against the acquisition proposal put forth by AI infrastructure company CoreWeave.
The investment firm holds a 6.5% stake in Core Scientific and believes that the $9 billion valuation agreement finalized in July undervalues the company. Shareholders wrote in a letter on Thursday:
"The fact that Core Scientific's stock price dropped 30% within days of the trading announcement strongly indicates that other investors share the same view."
Since 2024, CoreWeave has been eyeing the acquisition of Core Scientific, and investors are also watching for signs of whether the two companies will reach a deal.
CoreWeave leases AI data centers from Core Scientific. By acquiring Core Scientific, CoreWeave could significantly expand its data center capacity to support the growing demand for AI infrastructure.
"As the demand for AI training and inference grows, the need for energy and HPC infrastructure has surged," Two Seas Capital stated in a press release. "Core Scientific has a unique advantage in meeting this growing demand and has a clear growth path to achieve compound growth in the coming years."
Core Scientific's stock price rose 3% to $14.38 after the shareholder letter was released. CoreWeave's intraday gains approached 9%, remaining up as of the time of publication.
CoreWeave has made multiple acquisition proposals for Core Scientific, including the latest $9 billion offer in July, but all offers were initially deemed too low and rejected.
The deal had stalled at one point. In June, both parties resumed negotiations, and on that day, Core Scientific's stock price rose over 23%, but it saw a pullback in July.
As of the time of publication, CoreWeave's market capitalization exceeds $58.1 billion, while Core Scientific's market capitalization is over $4.3 billion.
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Original: “Core Scientific's largest shareholder to vote against CoreWeave's acquisition proposal”
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