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Bitcoin miner Core Scientific is being sold to Coreweave.
Especially in the last year, Bitcoin mining companies that have rented their energy capacities to artificial intelligence companies and grown significantly by generating serious revenues have greatly expanded their areas of activity. As a result of this expansion, Core Scientific was acquired by CoreWeave. According to the agreement, CoreWeave will acquire Core Scientific for $9 billion in exchange for shares without any cash payment. The completion of the agreement is expected in the 4th quarter of this year.
They returned from bankruptcy...
As a reminder, the Terra LUNA and FTX crises dealt a severe blow to the crypto world in 2022. During this crisis, the price of Bitcoin fell to 17 thousand dollars in June and to 15 thousand dollars in November. During this period, Core Scientific was also driven to bankruptcy. The company, which found extra capital with the help of investors, later returned from the brink of extinction.
With the correction of Bitcoin prices, Core Scientific, which has come back to life, had signed a $3 billion deal with the artificial intelligence infrastructure company CoreWeave last year to lease a large portion of its energy capacity.
As is known, artificial intelligence companies are working with Bitcoin mining companies that do not have difficulty accessing energy and have had suitable infrastructure for years.
The first offer had been rejected
CoreWeave, which has been growing every day, finally decided to buy Core Scientific. The bid of over 1 billion dollars made in 2024 was deemed insufficient by the mining company. And today, one year later, a deal was reached for 9 billion dollars.
CoreWeave has increased its revenues 8 times since last year and recorded significant growth.
With the agreement made, Core Scientific shares will transform into CoreWeave shares on the stock exchange, and all assets of the mining company will also be transferred to CoreWeave. Additionally, CoreWeave will be relieved of a rental expense of 12 billion dollars that it would have to pay over 10 years.
Published: July 7, 2025 16:34 Last Updated: July 7, 2025 16:38