Catenaa, Tuesday, July 8, 2025- Bitcoin miner Core Scientific saw its stock tumble 17% Monday after confirming it will be acquired by AI infrastructure firm CoreWeave in an all-stock deal valued at approximately $9 billion.
The transaction, expected to close by year’s end, drew a mixed reaction from investors who had anticipated a higher valuation and clearer price protections.
Analysts at Bernstein said the selloff likely reflects disappointment with the all-equity structure and uncertainty over CoreWeave’s stock performance before the deal closes.
CoreWeave’s shares have surged threefold in 2025, creating concerns about volatility impacting the final terms of the acquisition.
In a client note, Bernstein said the deal is strategically sound for CoreWeave, which had a $10 billion, 12-year co-location lease with Core Scientific. The acquisition cancels that obligation while giving CoreWeave full control over Core Scientific’s power assets and data centers—critical infrastructure for scaling AI workloads.
The acquisition could mark a turning point in how markets evaluate bitcoin miners, Bernstein said, suggesting firms with scalable AI-ready infrastructure, clean balance sheets, and high-capacity energy assets could see re-ratings. They flagged IREN and Riot Platforms as potential beneficiaries, given their recent moves toward high-performance computing projects.
Core Scientific’s path to this acquisition has been turbulent. After a January 2022 SPAC listing, the company filed for Chapter 11 bankruptcy in December of that year and reemerged on Nasdaq in 2024. CoreWeave previously attempted a $1 billion buyout in June 2024, making this year’s valuation nearly nine times higher.
