Bitcoin Miner Core Scientific’s Third Largest Shareholder Opposes CoreWeave Deal
Main Idea
Two Seas Capital, Core Scientific's third-largest shareholder, opposes the proposed all-stock acquisition by CoreWeave, citing unfair terms and economic risks.
Key Points
1. Two Seas Capital, holding a 6.3% stake in Core Scientific, opposes the all-stock acquisition by CoreWeave and plans to vote against it unless changes are made.
2. The firm argues the deal unfairly favors CoreWeave and exposes Core Scientific shareholders to significant economic risks.
3. Core Scientific's stock price dropped 30% after the deal announcement, trading at $14.24, well below the $20 valuation at the time of the proposal.
4. Two Seas has supported Core Scientific since 2022, participating in its post-bankruptcy restructuring and financing rounds.
5. The firm urges Core Scientific's board to consider alternative bids and engage with shareholders in the coming weeks.
Description
Two Seas Capital, the third largest shareholder in Core Scientific (CORZ) with a 6.3% stake, has come out against the bitcoin miner’s proposed all-stock acquisition by AI cloud provider CoreWeave (CRWV). In a letter published Thursday , Two Seas said it intends to vote against the deal, which was announced July 7, and plans to rally other shareholders to do the same unless significant changes are made. The opposition centers on the all-stock, uncollared nature of the transaction, which Two Seas ...
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