Core Scientific Declines $1 Billion Acquisition Offer from CoreWeave
CryptoNewsTerminal Staff06 Jun, 2024
Core Scientific Declines $1 Billion Acquisition Offer from CoreWeave
Bitcoin miner Core Scientific (Nasdaq: CORZ) has rejected a $1 billion acquisition proposal from cloud computing miner CoreWeave. The proposal involved acquiring all of Core Scientific's outstanding shares for $5.75 per share in cash. In a press release, Core Scientific said that its "board of directors has determined that CoreWeave's proposal significantly undervalues the company and is not in the best interests of our stockholders." The news comes as Core Scientific faces financial challenges. The company has been hit hard by the recent decline in the price of Bitcoin, which has led to a decrease in its revenue. Core Scientific has also been struggling with high energy costs. Despite these challenges, Core Scientific remains a major player in the Bitcoin mining industry. The company has a large fleet of mining rigs and is one of the largest miners of Bitcoin in the world. It is unclear what the future holds for Core Scientific. The company could continue to operate independently, or it could eventually be acquired by another company.
