Two Seas Capital opposes the $9 billion all-stock merger with CoreWeave, citing undervaluation concerns and exposure to stock volatility as Core Scientific pivots from Bitcoin mining to AI compute infrastructure.
Core Scientific, formerly the largest Bitcoin miner in the U.S. now focused on AI compute infrastructure, is planning a $9 billion all-stock sale to CoreWeave. Two Seas Capital, holding a 6.3% stake and owning CoreWeave shares, opposes the merger due to concerns over undervaluation and the risks attached to an all-equity structure, underscored by a 30% share price drop after the deal announcement.