Two Seas Capital disputes $9 billion sale of Core Scientific to CoreWeave
- Core Scientific's Largest Active Shareholder Rejects CoreWeave Deal
- Bitcoin mining sale considered undervalued
- All-stock transaction worries investors
Two Seas Capital, Core Scientific's largest active shareholder, announced it will vote against the proposed sale of the bitcoin mining company to CoreWeave, valued at $9 billion. In an open letter , the manager classified the assessment as “inadequate” and asked other investors to also reject the operation.
The deal, which closed in July, provides for each Core Scientific shareholder to receive 0,1235 CoreWeave Class A shares for each share held. The all-stock transaction, which includes a 66% premium over the pre-announcement price, would integrate the mining company's 1,2 GW data center network with CoreWeave's AI computing business, which serves clients such as OpenAI and Microsoft.
According to Two Seas, the proposal exposes shareholders to the volatility of CoreWeave's shares without offering any guarantees of value at closing or later. The asset manager noted that the structure "unfairly favors" the buyer and that Core Scientific's share price fell 30% following the announcement, signaling market dissatisfaction.
Despite the opposition, Two Seas stated that it is not opposed to a merger, as it is also an investor in CoreWeave and recognizes potential synergies. However, it maintains that any offer must reflect Core Scientific's strategic value and growth potential, especially in a scenario of high demand for efficient data centers and artificial intelligence infrastructure.
The letter reinforces that the asset manager is open to new proposals, including from CoreWeave itself, provided they present more favorable terms. Currently, Two Seas holds more than 19,1 million shares in Core Scientific, approximately 6,3% of the company.
The sale, which is still subject to shareholder and regulatory approval, is expected to close in the fourth quarter of 2025. If approved, Core Scientific shareholders would own less than a 10% stake in the combined company, replacing a previous $10 billion hosting agreement.
Meanwhile, Core Scientific shares are up 46,7% over the past 12 months, and CoreWeave, the fourth-largest public bitcoin miner, has a market value of approximately $4,3 billion.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
IEA sees record oil surplus in 2026 as global demand slows
Share link:In this post: The IEA expects a record oil surplus of 2.96 million barrels per day in 2026. Global oil demand is growing at less than half the pace seen in 2023. OPEC+ and non-OPEC producers are increasing supply while prices fall to $66.

Eric Trump to ring NASDAQ opening bell as ALT5 Sigma invests $1.5B in WLFI
Share link:In this post: ALT5 Sigma will raise $1.5 billion to build a WLFI token-backed treasury with Trump family involvement. The company aims to buy 7.5% of WLFI supply ahead of its market debut and integrate it into corporate operations. ALT5 shares fell after the announcement, reflecting market volatility for public firms with crypto treasury strategies.

Michael Saylor Affirms Bitcoin’s Role as Corporate Reserve Asset

Do Kwon Found Liable for Massive Terra Luna Fraud | Court Verdict

Trending news
MoreCrypto prices
More








