Core Scientific shares slide as CoreWeave agrees to $9 billion all-stock acquisition for the bitcoin miner

The Block

2025-07-07 21:33:35

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GPU-cloud firm CoreWeave agreed Monday to acquire Texas-based bitcoin miner Core Scientific in an all-stock transaction that values the target at roughly $9 billion and secures more than a gigawatt of U.S. data-center power for artificial-intelligence workloads.

Under the merger terms, Core Scientific shareholders will receive 0.1235 CoreWeave Class A shares for each Core Scientific share (ticker CORZ), equal to $20.40 a share based on CoreWeave’s July 3 closing price. The offer represents a 66% premium to Core Scientific’s unaffected price of $12.30 in late June when reports of a takeover resurfaced. CoreWeave attempted to acquire the firm at least once in 2024.

The deal, approved by both boards, is slated to close in the fourth quarter of 2025, pending regulatory clearances and a vote of Core Scientific investors. At completion, existing Core Scientific holders will own less than 10% of the combined company.

CoreWeave (ticker CRWV) rents high-performance Nvidia clusters to clients such as OpenAI and Microsoft and has raced to lock in cheap electricity. It already hosts GPUs at several Core Scientific sites under a 12-year agreement signed last year.

Purchasing the beleaguered bitcoin miner will allow CoreWeave to expand its business and scale operations, CEO Michael Intrator said in a statement. The agreement also cancels the future lease contract between both firms, which was worth about $10 billion.

"Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion," Intrator stated.

Core Scientific filed for bankruptcy under Chapter 11 protection in December 2022, roughly 11 months after it went public in January through a $4.3 billion SPAC merger. Shares of the bitcoin miner, listed on Nasdaq last year after reorganization, fell about 20% at Monday's market open. The company has 977 BTC on its books worth an estimated $105 million at current prices, according to Bitcoin Treasuries data.

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