Core Scientific Shareholders Reject $9 Billion Merger with CoreWeave Amid Valuation Concerns

Two Seas Capital LP, holding over 6% of Core Scientific's shares, has publicly opposed the proposed $9 billion all-stock merger with CoreWeave. In a scathing open letter, the firm criticized the deal's structure as unfairly favoring CoreWeave while leaving Core Scientific shareholders with uncertain returns. The transaction's announcement triggered a 30% drop in Core Scientific's stock price, reflecting market skepticism.

The investment firm argues the merger significantly undervalues CORE Scientific's assets and future growth potential. As an early and long-term backer, Two Seas Capital emphasizes the company's unique position in the blockchain infrastructure sector, suggesting the current offer fails to account for its strategic value. The shareholder has urged others to vote against the deal, potentially setting the stage for a proxy battle.