The deal, however, appears to be a "one-off," and unlikely to be replicated.
The firm's analysts expect shareholder approval for the transaction, with no indication of delays to the closing timeline.
CoreWeave, a rising player in the artificial intelligence industry, has entered a definitive agreement to acquire Bitcoin mining company Core Scientific in an all-stock transaction, according to a July 7 announcement. This strategic move would help CoreWeave to strengthen its data center capabilities and expand its AI and high-performance computing (HPC) infrastructure. Agreement terms Under the […]
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Deal valued at $20.40/share marks second acquisition attempt; KBW sees limited upside for Core Scientific shareholders.
The deal aligns with CoreWeave's post-IPO growth strategy, leveraging its strong equity position to drive large-scale M&A, according to the investment bank.
The deal values Core Scientific shares at $20.40, a 66% premium to its price late last month, with each Core Scientific share being swapped for 0.1235 CoreWeave shares.
The acquisition positions CoreWeave among the largest holders of U.S. data-center power at a time when demand for AI compute far outstrips supply.
A new Cantor Fitzgerald report argues that bitcoin miner Core Scientific is worth far more than the markets believe thanks to its strategic role in powering AI.
A number of bitcoin miner shares are moving higher on the news.
Surging AI demand drives 276% YTD rally as CoreWeave secures major infrastructure capacity for HPC expansion.
Rittenhouse Research, a new firm covering fintech, AI, and crypto, is giving GLXY a strong buy rating because of its BTC mining to AI transition
Galaxy shares surged 8% and are now 60% higher than their April lows.
AI tokens, including NEAR, ICP, TAO and RENDER rose on Tuesday after OpenAI announced the closing of its record-breaking private funding round the day prior.
Shares of the company debuted on Nasdaq on Friday under the ticker CRWV.
AI powerhouse Nvidia aims to anchor a $250 million order, Bloomberg reported.
The company's target was lowered following worsened volatility and overall decline in the stock market, the report said.
A separate report said the AI-related firm is also cutting the size of its IPO to just $1.5 billion.
Whatever is good for CoreWeave is probably good for Core Scientific, but the IPO might not be the most important recent development.
AI cloud provider faces setback as major client pulls back.
The deal is valued at $1.7 billion, The Information reported.
The company is expected to raise $4 billion at a $35 billion valuation.
The AI firm is targeting a valuation of over $35 billion, according to the report.
This week’s Crypto Biz also explores Tesla’s Bitcoin holds, Avalanche’s Visa card, Core Scientific’s billionaire deal with CoreWeave and Chainlink’s pilot for corporate databases.
In a significant move reflecting its confidence in future growth, Core Scientific, one of North America’s leading operators of high-powered digital infrastructure for Bitcoin mining and hosting services, has rejected a non-binding acquisition proposal from CoreWeave. Related Reading: Crypto Chaos: 70% Of Dead Korean Exchanges Leave Investors High And Dry Core Scientific Rejects ‘Undervaluation’ The […]