{"id":25156,"date":"2025-07-07T22:02:13","date_gmt":"2025-07-07T19:02:13","guid":{"rendered":"https:\/\/forklog.com\/en\/coreweave-to-acquire-bitcoin-miner-core-scientific-for-9-billion\/"},"modified":"2025-07-07T22:02:13","modified_gmt":"2025-07-07T19:02:13","slug":"coreweave-to-acquire-bitcoin-miner-core-scientific-for-9-billion","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coreweave-to-acquire-bitcoin-miner-core-scientific-for-9-billion\/","title":{"rendered":"CoreWeave to Acquire Bitcoin Miner Core Scientific for $9 Billion"},"content":{"rendered":"<p>AI <span data-descr=\"large-scale data center operator\" class=\"old_tooltip\">hyperscaler<\/span> CoreWeave has signed a definitive agreement to purchase the American mining company Core Scientific, valuing it at $9 billion.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Today is an exciting day for CoreWeave! We just announced an agreement to acquire <a href=\"https:\/\/twitter.com\/Core_Scientific?ref_src=twsrc%5Etfw\">@Core_Scientific<\/a>, solidifying our position as the leading AI Cloud Platform\u2014purpose-built to deliver unmatched performance and expertise for the AI era. ? <a href=\"https:\/\/t.co\/cRvGO0L1Jl\">https:\/\/t.co\/cRvGO0L1Jl<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/PoweringAI?src=hash&#038;ref_src=twsrc%5Etfw\">#PoweringAI<\/a> <a href=\"https:\/\/t.co\/svFjoH1MEr\">pic.twitter.com\/svFjoH1MEr<\/a><\/p>\n<p>\u2014 CoreWeave (@CoreWeave) <a href=\"https:\/\/twitter.com\/CoreWeave\/status\/1942208927296270745?ref_src=twsrc%5Etfw\">July 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As part of the deal, CoreWeave will exchange Class A shares for the bitcoin miner&#8217;s stock at a ratio of 0.1235:1.<\/p>\n<p>The terms imply a 66% premium for Core Scientific shareholders based on the June 25 closing price of $12.3. They are expected to hold less than 10% of the combined company.<\/p>\n<p>The acquisition is expected to be completed in the fourth quarter, pending shareholder and regulatory approval.<\/p>\n<p>Through this acquisition, CoreWeave will gain data centers with a capacity of 1.3 GW, with the potential to expand by more than 1 GW.<\/p>\n<h2 class=\"wp-block-heading\">Will CoreWeave Completely Exit Core Scientific from Mining?<\/h2>\n<p>In June 2024, the companies <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-to-earn-3-5-billion-from-ai-computing-deal\">signed<\/a> a 12-year contract under which Core Scientific committed to providing the AI hyperscaler with 200 MW of infrastructure for hosting Nvidia graphics processors. The agreement was expected to generate $3.5 billion in revenue for the miner over its term.<\/p>\n<p>The acquisition terminates this contract. CoreWeave estimates that savings from the absence of rental payments will amount to approximately $10 billion.<\/p>\n<p>In September 2024, Core Scientific CEO Adam Sullivan <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-bets-on-ai-computing-for-exponential-growth\">announced<\/a> plans to expand services for the AI segment, as it is a more profitable business than cryptocurrency mining. However, he acknowledged that about 500 MW of the company&#8217;s capacity cannot be repurposed for high-performance computing due to technical limitations and will remain in mining.<\/p>\n<p>According to Core Scientific, the firm mines approximately 5-7 BTC daily with a deployed hash rate of 19.7 EH\/s. Since January 2021, the total cryptocurrency production has reached 40,132 BTC.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Today\u2019s <a href=\"https:\/\/twitter.com\/search?q=%24CORZ&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CORZ<\/a> daily self-mined <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> for the last reported 24-hour period (06-Jul-2025): 6.0 <a href=\"https:\/\/t.co\/fcsJnytqbk\">pic.twitter.com\/fcsJnytqbk<\/a><\/p>\n<p>\u2014 Core Scientific (@Core_Scientific) <a href=\"https:\/\/twitter.com\/Core_Scientific\/status\/1942193702975180885?ref_src=twsrc%5Etfw\">July 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Core Scientific holds 993 BTC on its balance sheet, according to <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasures<\/a>.<\/p>\n<p>In December 2022, the company filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The firm <a href=\"https:\/\/forklog.com\/en\/news\/bankruptcy-court-approves-core-scientifics-reorganization-plan\">completed<\/a> its reorganization process in January 2024, and its shares returned to the Nasdaq listing.<\/p>\n<p>Following the announcement of the agreement with CoreWeave, Core Scientific&#8217;s stock prices plummeted by more than 18% after the market opened, dropping to $14.7. Under the terms of the acquisition, the share price is set at $20.4.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"421\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Core-Scientific-Inc.-CORZ-Stock-Price-News-Quote-History-Yahoo-Finance-Google-Chrome-1024x421.jpg\" alt=\"Core-Scientific-Inc.-CORZ-Stock-Price-News-Quote-History-Yahoo-Finance-Google-Chrome\" class=\"wp-image-261517\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Core-Scientific-Inc.-CORZ-Stock-Price-News-Quote-History-Yahoo-Finance-Google-Chrome-1024x421.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Core-Scientific-Inc.-CORZ-Stock-Price-News-Quote-History-Yahoo-Finance-Google-Chrome-300x123.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Core-Scientific-Inc.-CORZ-Stock-Price-News-Quote-History-Yahoo-Finance-Google-Chrome-768x316.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/Core-Scientific-Inc.-CORZ-Stock-Price-News-Quote-History-Yahoo-Finance-Google-Chrome.jpg 1035w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/finance.yahoo.com\/quote\/CORZ\/\">Yahoo Finance<\/a>.<\/figcaption><\/figure>\n<p>CoreWeave has suggested that in the medium term, the combined company might exit the mining business. The hyperscaler itself was involved in cryptocurrency mining before transitioning to the AI segment.<\/p>\n<p>In March, CoreWeave entered into a partnership agreement with OpenAI <a href=\"https:\/\/forklog.com\/en\/news\/coreweave-secures-11-9-billion-ai-infrastructure-deal-with-openai\">worth up to $11.9 billion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AI hyperscaler CoreWeave has signed a definitive agreement to purchase the American mining company Core Scientific, valuing it at $9 billion. Today is an exciting day for CoreWeave! We just announced an agreement to acquire @Core_Scientific, solidifying our position as the leading AI Cloud Platform\u2014purpose-built to deliver unmatched performance and expertise for the AI era. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,83,1271,1137,1235],"class_list":["post-25156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-business","tag-core-scientific","tag-cryptocurrency-mining","tag-mergers-and-acquisitions"],"aioseo_notices":[],"amp_enabled":true,"views":"98","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/25156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=25156"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/25156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/25155"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=25156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=25156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=25156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}