According to Cointelegraph, Two Seas Capital, the largest active shareholder of Bitcoin mining company Core Scientific, has announced its opposition to the buyout offer proposed by AI infrastructure company CoreWeave. Holding a 6.5% stake in Core Scientific, Two Seas Capital argues that the $9 billion valuation deal, finalized in July, significantly undervalues the company. In a statement released on Thursday, the shareholders expressed concerns that the proposed sale exposes Core Scientific's shareholders to substantial economic risk and unfairly benefits CoreWeave at their expense. The letter highlighted that Core Scientific's stock price dropped by 30% following the transaction announcement, indicating that other investors might share their concerns.
CoreWeave has been interested in acquiring Core Scientific since 2024, with investors closely monitoring both companies for signs of a finalized deal. CoreWeave currently leases AI data centers from Core Scientific, and acquiring the company would allow CoreWeave to expand its data center capacity to meet the growing demand for AI infrastructure. Two Seas Capital emphasized that Core Scientific is well-positioned to address the increasing need for AI training and inference, with a clear path for growth in the coming years.
Following the release of the shareholder letter, Core Scientific's shares rose by 3% to $14.38, while CoreWeave's stock also experienced a surge, increasing nearly 9% during intraday trading on Thursday. CoreWeave has made several offers to acquire Core Scientific, including the latest $9 billion bid in July, all of which were initially rejected as undervaluing the company. The deal's progress had stalled until discussions between the companies resumed in June, leading to a significant increase in Core Scientific's stock price by over 23% in a single day, before a correction in July. Currently, CoreWeave has a market capitalization exceeding $58.1 billion, while Core Scientific's market cap stands at over $4.3 billion.
