Bitcoin miner’s shares climb 8% as cloud provider revisits deal following rejection of previous $1B offer
Cloud infrastructure firm CoreWeave (CRWV) is reportedly back in talks to acquire bitcoin mining company Core Scientific (CORZ), according to a Wall Street Journal report citing people familiar with the matter. The revived discussions come a year after Core Scientific rejected an earlier $1.02 billion takeover offer, saying it undervalued the company.
News of the renewed negotiations sent Core Scientific shares up nearly 8% on Thursday, pushing the company’s market capitalization close to $4 billion. The talks, which are ongoing, could result in a finalized deal within weeks, although sources cautioned that terms are still being worked out and the process remains subject to change.
The rekindled interest reflects a broader trend of consolidation between cryptocurrency miners and companies supporting AI and high-performance computing. As demand for power-intensive workloads grows, firms like CoreWeave are eyeing crypto mining infrastructure as a strategic asset to expand their energy and data center capacity.
CoreWeave and Core Scientific have an existing business relationship. In June 2023, the two companies signed a series of long-term agreements, including a 12-year contract under which Core Scientific committed to provide CoreWeave with 200 megawatts (MW) of infrastructure to support its high-performance computing operations. That partnership followed CoreWeave’s unsolicited bid to buy all outstanding shares of Core Scientific for $5.75 per share in cash—a proposal Core Scientific ultimately rejected.
While both companies declined to comment on the current talks, the potential acquisition signals a deeper alignment of interests between crypto mining and AI infrastructure players. Core Scientific, which emerged from bankruptcy earlier this year, has refocused its operations and remains one of the largest publicly traded bitcoin miners in the U.S.
If a deal goes through, it could mark a significant milestone in the convergence of digital asset infrastructure and the growing compute demands of the AI era.
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