CoreWeave is once again seeking to acquire Bitcoin mining company Core Scientific, with ongoing negotiations that could lead to a finalized deal soon.
Acquisition Talks
According to a report from The Wall Street Journal, CoreWeave is currently in talks to acquire Core Scientific. This comes nearly a year after the initial offer from CoreWeave was rejected.
Companies' Financial Performance
In June 2024, CoreWeave made an offer to buy Core Scientific for approximately $1 billion, or $5.75 per share, which was declined due to undervaluation. The exact price and terms of the new bid have not been publicly disclosed. Shares of Core Scientific (ticker: CORZ) surged over 32.9% during Thursday's trading session, valuing the company at around $3.6 billion.
Crypto Mining Market and Competitors
CoreWeave is a cloud and AI infrastructure company supporting high-powered computing. Core Scientific has its share in the market, having exited bankruptcy in 2023, and is working with major companies such as Meta and Microsoft. Shares of other crypto mining firms like Hut 8 and Cipher Mining also rose following the news.
The ongoing negotiations between CoreWeave and Core Scientific may significantly affect the crypto mining market and advancements in cloud technology. The completion of a deal is expected to influence both companies' future developments.
