Core Scientific Shareholders Vote Against $9B CoreWeave Merger
A planned merger between Bitcoin mining firm Core Scientific and artificial intelligence and cloud data center CoreWeave has been called off after a stockholder vote held on Oct. 30.
According to the initial terms reported back in July, CoreWeave was slated to purchase Core Scientific in an all-stock deal for $20.40 per share at a total valuation of approximately $9 billion.
Stockholders Reject Merger Deal
According to the US Securities and Exchange Commission (SEC), CoreWeave did not receive the requisite number of votes needed to approve the merger during the special meeting held on Oct. 30.
Core Scientific CEO Michael Intrator was magnanimous over the deal’s defeat saying, in a press release, that CoreWeave respects the views of Core Scientific stockholders and looks forward to continuing the firms’ commercial partnership. “CoreWeave’s strategy remains unchanged,” he added.
Core Scientific shares rise
When the merger was originally announced in July, Core Scientific shares saw a dip of about 22% on the news while CoreWeave took a 4.5% downturn.
While Core Scientific stock was initially priced at $20.40 for the deal, it’s currently trading at $21.99 as of the time of this article’s publication on Oct. 30.
Core Scientific remains up more than 5% | Source: TradingView
The deal’s cancellation represents a rare rebuke of business-as-usual in the cryptocurrency and digital assets sector throughout 2025 with numerous high-profile mergers and SPAC deals set to take place before the end of the year.
As Coinspeaker recently reported, European crypto giant CoinShares announced a $1.2 billion merger agreement with alternative investment management firm Vine Hill Capital Investment Corp with plans to list on US Nasdaq by December 2025.
Meanwhile, American Bitcoin Corporation, a firm backed by Donald Trump Jr. and Eric Trump, made its Nasdaq debut on Sept. 4 following a merger with Gryphon Digital Mining.
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