Core Scientific’s Major Investor Opposes $9B CoreWeave Takeover

Two Seas Capital, Core Scientific's largest active shareholder with a 6.3% stake, is pushing back against the proposed $9 billion all-stock acquisition by AI infrastructure provider CoreWeave. The hedge fund labels the deal "inadequate," arguing it exposes shareholders to undue risk without value protections.

The uncollared structure of the offer leaves investors vulnerable to CoreWeave's stock volatility, particularly as the shareholder vote coincides with CoreWeave's IPO lockup expiry—a timing that could amplify price swings. Two Seas contends the transaction undervalues CORE Scientific and disproportionately benefits CoreWeave.

Market observers note the clash highlights growing tensions in crypto-linked M&A, where volatile valuations and equity-based deals complicate negotiations. The outcome could set a precedent for how mining firms navigate partnerships with AI-centric buyers amid shifting capital markets.