Bitcoin Miner Core Scientific Surges After AI Deal, Report of Over $1B Buyout Offer From CoreWeave
Summary
Bitcoin miner Core Scientific's shares rose by 40% in pre-market trading following an all-cash offer from cloud computing firm CoreWeave. The offer, made on Monday, implies a 55% premium to Core Scientific's three-month average weighted share price as of May 31, valuing the company at over $1 billion. CoreWeave also signed a 12-year deal with Core Scientific to host AI-related services, with plans to provide about $300 million of capital investments. This follows a trend of increased mergers and acquisitions in the mining sector. CoreWeave raised $1.1 billion in new funding in May from investors including Coatue Management and Magnetar Capital.
