Core Scientific, once the largest U.S. Bitcoin miner and now shifting to AI compute, faces dissent from Two Seas Capital over its valuation in the proposed all-stock $9 billion merger with CoreWeave amid a 30% share price drop.
Core Scientific, transitioning from Bitcoin mining to AI infrastructure, is set to merge with CoreWeave in an all-stock $9 billion deal. Its largest shareholder, Two Seas Capital, holding a 6.3% stake, opposes the merger at the current valuation, citing a 30% drop in share price and exposure to stock volatility despite also owning CoreWeave shares.