CoreWeave—once a cryptocurrency mining company, now an emerging AI infrastructure provider—reportedly is in acquisition talks with Core Scientific, having raised its offer after its previous bid for the Bitcoin mining company was rejected last year.
According to a report by The Wall Street Journal on Thursday, citing informed sources, the acquisition offer could be "finalized in the coming weeks." While specific financial details were not provided, the bid must take into account Core Scientific's rapid expansion over the past year.
Following the news, Core Scientific's stock price surged over 23%, and trading was briefly halted after the Wall Street Journal's report was released.
At its current value, Core Scientific has a market capitalization of approximately $3.6 billion.
The Wall Street Journal reported that CoreWeave had previously made an offer to acquire Core Scientific at $5.75 per share, valuing the Bitcoin miner at around $1 billion.
At that time, Core Scientific rejected the offer, stating it preferred to deepen its existing partnership with CoreWeave, which includes a $1.225 billion agreement to enhance infrastructure support for its Nvidia GPUs.
Core Scientific's decision to reject the offer has ultimately paid off, as its stock price is now nearly three times the initial bid.
According to Cointelegraph, the company doubled its earnings in the first quarter, with a net profit of $580 million. However, revenue fell short of analyst expectations, totaling only $79.5 million, with most of the revenue ($67.2 million) coming from its own mining operations.
Like other Bitcoin miners, Core Scientific attributed its revenue and mining decline to the upcoming halving event in April 2024, which will reduce the Bitcoin network's mining reward from 6.25 BTC to 3.125 BTC.
According to industry data, Core Scientific is listed as the 30th largest corporate holder of Bitcoin, with 977 BTC on its books.
Related: Japan's Metaplanet acquires 1,234 BTC, surpassing Tesla in holdings
Original article: “Core Scientific's stock price surges as CoreWeave restarts acquisition talks”
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