Core Scientific’s Largest Active Shareholder to Vote Against CoreWeave Acquisition
Main Idea
Two Seas Capital, Core Scientific's largest active shareholder, opposes the proposed acquisition by CoreWeave, citing concerns over valuation and strategic direction.
Key Points
1. Two Seas Capital holds a 6.3% stake in Core Scientific and plans to vote against the CoreWeave acquisition.
2. The firm acknowledges the strategic merits of CoreWeave but believes Core Scientific's future is more promising as an independent operator.
3. Two Seas Capital also holds an investment in CoreWeave but argues there is no compelling reason to sell Core Scientific at the current valuation.
4. The opposition reflects broader scrutiny over AI-driven deals and their impact on companies like Core Scientific.
Description
Key Takeaways: Two Seas Capital opposes CoreWeave’s proposed acquisition of Core Scientific, citing valuation and deal structure concerns. The deal’s all-stock nature raises broader questions about shareholder protections amid volatile AI infrastructure valuations. Institutional investor resistance may indicate shifting expectations for governance and transparency in high-growth infrastructure sectors. Two Seas Capital, which holds a 6.3% stake in the Bitcoin miner Core Scientific, said it will ...
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