CoreWeave makes another bid to acquire Bitcoin miner Core Scientific: WSJ

CoreWeave is looking to acquire Bitcoin miner Core Scientific, according to the Wall Street Journal, which cited anonymous sources. The deal could close within a matter of weeks.

CoreWeave (ticker CRWV) has made at least one previous attempt to acquire Core Scientific (ticker CORZ). In June 2024, the firm offered approximately $1 billion, or $5.75 per share in cash, to purchase Core Scientific, which was rejected for significantly undervaluing the company.

The terms of CoreWeave’s latest bid remain undisclosed. CORZ, which spiked over 28% in Thursday's session following WSJ's report, has a market valuation of around $3.6 billion, according to The Block’s data.

Core Scientific went public in January 2022 via a $4.3 billion SPAC merger. The firm filed for Chapter 11 bankruptcy protection in December 2022 following Bitcoin’s price crash and emerged from its restructuring last year with a relisting on Nasdaq.

In 2024, Core Scientific reported $502.4 million in revenue and total net losses of $265.5 million, largely driven by a non-cash warrant adjustment. However, the miner recently posted first-quarter profit of $580 million.

CoreWeave raised $1.5 billion via an initial public offering in March. CORW is up nearly 25% on the news. The firm garnered $1.9 billion in 2024 revenues and has inked deals with tech giants including IBM, Meta, Microsoft, and OpenAI.

The two companies signed a series of multi-year contracts, including an agreement under which Core Scientific would provide CoreWeave with about 200 MW of infrastructure to power its high-performance computing services.