According to ChainCatcher news, citing The Block and the Wall Street Journal, cloud computing company CoreWeave has once again proposed an acquisition of the Bitcoin mining company Core Scientific, with the deal expected to be completed within weeks. This is CoreWeave’s second attempt at acquiring the company after a $1 billion (at $5.75 per share) offer was rejected in June 2024. As a result of this news, Core Scientific’s stock price surged 28% that day, raising its market capitalization to approximately $3.6 billion.
Core Scientific went public through a SPAC merger in January 2022, and filed for bankruptcy protection in December of the same year due to a big pump in Bitcoin. After completing restructuring last year, it re-listed on Nasdaq. The two companies had previously signed a long-term cooperation agreement, where Core Scientific will provide about 200 megawatts of infrastructure to support CoreWeave’s high-performance computing services. If this acquisition is successful, it will accelerate the integration of AI and cryptocurrency mining infrastructure.
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