CoreWeave’s Takeover Bid Faces Revolt: Core Scientific’s Top Shareholder Vows to Block Deal

Wall Street's latest crypto love story hits a snag—and surprise, it's about power, not principles.

Hostile territory: Core Scientific's largest investor draws a line in the sand against the AI cloud giant's acquisition. No sweetheart deal here—just old-fashioned shareholder warfare.

Money talks: The objection comes as CoreWeave tries to muscle into Bitcoin mining's infrastructure game. Because what's a bull market without some good old-fashioned corporate raiding?

Cynical take: At least they're fighting over real assets this time—not just vaporware tokens and promises of 'decentralization.'

Shareholder Pushback Highlights Deal Flaws

Two Seas has long supported Core Scientific, participating in past rights offerings and convertible note issuances. The firm emphasized its belief in Core Scientific’s future as a leading provider of high-performance computing (HPC) infrastructure. “We believe the Company’s most promising days lie ahead,” the letter reads, citing rising demand for AI-driven power and computing capacity.

Although Two Seas also holds a stake in CoreWeave, it says the current deal unfairly favors CoreWeave. “The transaction decidedly and unfairly favors CoreWeave at the expense of Core Scientific shareholders,” the firm wrote, adding, “We are not philosophically opposed to a merger,” but stressed the need for better terms.

Market Response and Next Steps

As of 11:13 AM EDT, Core Scientific shares traded at $14.18, down 1.22% according to Yahoo Finance. Two Seas now plans to solicit shareholder votes against the deal unless terms improve. The firm welcomed other bids, stating, “The Board’s job… is to ensure that any such deal happens at a price that reflects the strategic value.”

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