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Bitcoin Miner Core Scientific Says No To CoreWeave $1 Billion Buyout Offer
The post Bitcoin Miner Core Scientific Says No To CoreWeave $1 Billion Buyout Offer appeared on BitcoinEthereumNews.com. In a significant move reflecting its confidence in future growth, Core Scientific, one of North America’s leading operators of high-powered digital infrastructure for Bitcoin mining and hosting services, has rejected a non-binding acquisition proposal from CoreWeave. Core Scientific Rejects ‘Undervaluation’ The offer, made on March 28, 2023, valued Core Scientific at $5.75 per share in cash, a valuation deemed by the company’s board as significantly undervaluing its potential. This bold rejection underscores the company’s strategic vision to diversify and strengthen its business model amidst a rapidly evolving digital landscape. This decision has been well-received by investors, as evidenced by a 15.2% surge in the company’s share price to $8.30 last week, marking a remarkable 70% increase since the initial takeover offer. Nevertheless, Core Scientific and CoreWeave have established a strategic alliance through a sequence of 12-year contracts in which CS will supply over 200 MW of infrastructure to support CoreWeave’s high-performance computing (HPC) operations. This monumental deal, valued at $3.5 billion, is anticipated to generate an average annual revenue of $290 million, positioning Core Scientific to balance its portfolio between Bitcoin mining and alternative computing services. This diversification strategy is crucial for the company as it emerges from bankruptcy protection, showcasing its resilience and forward-thinking approach. Core Scientific’s board of directors, in their rejection of the acquisition proposal, highlighted the company’s substantial growth potential and strategic value. They emphasized that the offer significantly undervalued Core Scientific, particularly in light of its recent strategic initiatives and partnerships. CoreWeave Partnership Deal The developments surrounding Core Scientific and CoreWeave are set against a backdrop of significant consolidation and strategic maneuvering within the broader crypto industry. Bakkt, the digital asset platform launched by Intercontinental Exchange (ICE), is reportedly exploring a potential sale. The company, which went public in 2021 through a merger with a…
The post Bitcoin Miner Core Scientific Says No To CoreWeave $1 Billion Buyout Offer appeared on BitcoinEthereumNews.com.
In a significant move reflecting its confidence in future growth, Core Scientific, one of North America’s leading operators of high-powered digital infrastructure for Bitcoin mining and hosting services, has rejected a non-binding acquisition proposal from CoreWeave. Core Scientific Rejects ‘Undervaluation’ The offer, made on March 28, 2023, valued Core Scientific at $5.75 per share in cash, a valuation deemed by the company’s board as significantly undervaluing its potential. This bold rejection underscores the company’s strategic vision to diversify and strengthen its business model amidst a rapidly evolving digital landscape. This decision has been well-received by investors, as evidenced by a 15.2% surge in the company’s share price to $8.30 last week, marking a remarkable 70% increase since the initial takeover offer. Nevertheless, Core Scientific and CoreWeave have established a strategic alliance through a sequence of 12-year contracts in which CS will supply over 200 MW of infrastructure to support CoreWeave’s high-performance computing (HPC) operations. This monumental deal, valued at $3.5 billion, is anticipated to generate an average annual revenue of $290 million, positioning Core Scientific to balance its portfolio between Bitcoin mining and alternative computing services. This diversification strategy is crucial for the company as it emerges from bankruptcy protection, showcasing its resilience and forward-thinking approach. Core Scientific’s board of directors, in their rejection of the acquisition proposal, highlighted the company’s substantial growth potential and strategic value. They emphasized that the offer significantly undervalued Core Scientific, particularly in light of its recent strategic initiatives and partnerships. CoreWeave Partnership Deal The developments surrounding Core Scientific and CoreWeave are set against a backdrop of significant consolidation and strategic maneuvering within the broader crypto industry. Bakkt, the digital asset platform launched by Intercontinental Exchange (ICE), is reportedly exploring a potential sale. The company, which went public in 2021 through a merger with a…
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