Core Scientific and CoreWeave Merger Vote Fails: An Overview

In a surprising turn of events, Bitcoin miner Core Scientific failed to secure shareholder approval for a merger with AI infrastructure company CoreWeave during a shareholder meeting on Thursday. The final results of the preliminary vote will be disclosed in a Securities and Exchange Commission (SEC) filing on Friday, according to Core Scientific’s announcement. CoreWeave had finalized the $9 billion acquisition in July, contingent upon shareholder approval, wherein Core Scientific shareholders would receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share they owned.

Impact on Share Prices

Shares of Core Scientific fell by over 5% on Thursday following news of the shareholder vote. Cointelegraph reached out to the company but was unable to obtain a response by the time of publication. The deal has been on investors’ radar for over a year, influencing the share prices of both companies and highlighting the growing interconnectedness between the Bitcoin mining industry and the artificial intelligence sector.

Shareholder Resistance

CoreWeave renewed talks to acquire Core Scientific in June, causing its share price to surge by over 23% in a single trading session. In June 2024, Core Scientific rejected a buyout offer from CoreWeave valuing the company at approximately $1 billion, or $5.75 per share at the time, stating it “significantly” undervalued the company. Since resuming negotiations with CoreWeave, the miner’s stock has more than tripled from its April 2025 low, rising from $6.20 to around $20.90 at the time of writing. Meanwhile, shares of CoreWeave have followed a different trajectory since news of the proposed deal, declining from approximately $163 to a low of around $100 by the end of July.

Shareholder Objections and Potential Repercussions

Some Core Scientific shareholders signaled opposition to the buyout offer after the deal was finalized in July, including Two Seas Capital, the company’s largest active shareholder, citing disagreements with the deal’s valuation. “The proposed sale materially undervalues the company and unnecessarily exposes its shareholders to substantial economic risk,” Two Seas Capital wrote in August. This rejection casts a shadow over the future of the partnership between the two companies and warrants a strategic re-evaluation of the relationship between Bitcoin mining and artificial intelligence.