Core Scientific’s board has called on shareholders to vote in favor of its proposed $9 billion all-stock sale to CoreWeave, saying the merger would deliver long-term growth and risk reduction benefits for the crypto miner.
In an investor presentation released Wednesday, the board said it had “unanimously determined” that the deal represented the best outcome for all shareholders. The merger, announced in July, values Core Scientific at $20.40 per share and would combine its energy-intensive mining infrastructure with CoreWeave’s AI-focused data center network.
The deal promises significant cost savings, operational synergies, and improved access to capital, according to the company. CoreWeave, a fast-growing cloud provider powered by Nvidia AI chips, would integrate Core Scientific’s facilities to support large-scale AI model training — an increasingly valuable use case as demand for compute power surges.
However, the proposal faces pushback from Two Seas Capital, Core Scientific’s largest shareholder with a 6.3% stake, which said it plans to vote against the deal, arguing it “materially undervalues” the company and poses “substantial economic risk” to investors.
Core Scientific said the transaction would help it diversify beyond cryptocurrency mining and strengthen its position in the fast-growing AI infrastructure market.