CoreWeave Faces Pushback by Two Seas Over $9B Acquisition
Two Seas Capital, which holds roughly 6.3% of Core Scientific, will vote against CoreWeave’s $9 billion all-stock acquisition bid, arguing it undervalues the AI compute firm and exposes shareholders to CoreWeave stock volatility without downside protection. The CoreWeave acquisition bid, first pursued in June to lease Core Scientific’s data centres, triggered a 30% plunge in Core Scientific shares, though they rallied 3% on news of the opposition.
Valued at $58.1 billion versus Core Scientific’s $4.3 billion, CoreWeave’s plan must clear a shareholder vote at the upcoming meeting. Founded as a Bitcoin miner and going public at $4.3 billion in January 2022 before pivoting to AI infrastructure post-bankruptcy, Core Scientific may still attract a merger if fair-value terms and stronger safeguards are offered. The contested CoreWeave acquisition underscores rising shareholder activism in AI infrastructure M&A, with potential implications for crypto mining and AI compute sector valuations.
Neutral
Since the news concerns a corporate M&A dispute rather than a specific cryptocurrency, it is unlikely to exert direct upward or downward pressure on any token’s price in the short term. While the outcome could influence valuations in the crypto mining sector and signal rising shareholder activism in AI compute mergers, these effects are confined to equity markets. Consequently, crypto token traders are unlikely to see immediate price shifts in BTC or other tokens, making the overall market impact neutral.