{"id":7231,"date":"2025-08-08T13:41:06","date_gmt":"2025-08-08T13:41:06","guid":{"rendered":"https:\/\/bitunikey.com\/news\/two-seas-capital-moves-to-block-9b-sale-of-ai-compute-firm-core-scientific\/"},"modified":"2025-08-08T13:41:18","modified_gmt":"2025-08-08T13:41:18","slug":"two-seas-capital-moves-to-block-9b-sale-of-ai-compute-firm-core-scientific","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/two-seas-capital-moves-to-block-9b-sale-of-ai-compute-firm-core-scientific\/","title":{"rendered":"Two Seas Capital moves to block $9B sale of AI compute firm Core Scientific"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Core Scientific, a former Bitcoin miner that pivoted to AI compute, is undergoing a controversial merger. <\/p>\n<div id=\"cn-block-summary-block_f97f7fa00149f9ae64f080f426f9464c\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Core Scientific announced a $9B sale to CoreWeave<\/li>\n<li>Two Seas Capital believes the deal is too risky and undervalued<\/li>\n<li>Shares of Core Scientific dropped 30% after the deal was announced<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Once the largest Bitcoin miner in the U.S., Core Scientific is planning a $9 billion all-stock sale to CoreWeave as it pivots toward AI infrastructure. But not all shareholders are on board. Two Seas Capital, the company\u2019s largest active shareholder, has <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/two-seas-capital-core-scientifics-largest-active-shareholder-announces-intention-to-vote-against-the-proposed-sale-to-coreweave-302524612.html\" target=\"_blank\">announced<\/a> its intention to vote against the proposed merger.<\/p>\n<p>Two Seas Capital, which holds a 6.3% equity stake in Core Scientific, stated it will oppose the Board of Directors\u2019 current deal with CoreWeave. The investment firm believes the $9 billion valuation undervalues Core Scientific\u2019s position in the high-performance compute space.<\/p>\n<p>Further, Two Seas argues that the all-equity structure of the deal exposes shareholders to CoreWeave\u2019s stock volatility without offering any downside protection. It also cited the immediate 30% drop in Core Scientific\u2019s share price after the deal was announced as evidence that the market shares its concerns.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Two Seas Capital against any Core Scientific sale<\/h2>\n<p>Two Seas Capital has presented itself as a committed investor and an advocate of Core Scientific since 2022. The company is an active investor and has also raised its equity stake since then. <\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Moreover, the investment firm stated that it\u2019s not opposed to a CoreWeave merger as such. In fact, the firm also owns CoreWeave shares. It is just opposed to the merger at the current valuation. <\/p>\n<p>Originally launched as a Bitcoin mining firm, Core Scientific capitalized on the crypto bull market and went public in January 2022 at a $4.3 billion valuation. However, the subsequent market downturn led to bankruptcy and a strategic shift toward AI compute infrastructure.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Core Scientific, a former Bitcoin miner that pivoted to AI compute, is undergoing a controversial merger. Summary Core Scientific announced a $9B sale to CoreWeave Two Seas Capital believes the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":7232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/7231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=7231"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/7231\/revisions"}],"predecessor-version":[{"id":7233,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/7231\/revisions\/7233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/7232"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=7231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=7231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=7231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}