Core Scientific Shares Sink Alongside Bitcoin Miners After CoreWeave Deal; Jefferies Finds Price Reasonable.

CoreWeave to Acquire Core Scientific in $20.40 Per Share All-Stock Transaction

CoreWeave (CRWV), a major player in AI infrastructure, has announced plans to acquire bitcoin miner Core Scientific (CORZ) through an all-stock deal valued at approximately $20.40 per share based on recent market prices.

This acquisition price falls near the midpoint of Jefferies’ previously projected range of $16 to $23 per share. The deal is expected to close in the fourth quarter of 2025.

In reaction to the news, Core Scientific shares fell 22%, trading near $14 at the time of publication. Other bitcoin miners and high-performance computing stocks, such as HUT 8 and Cleanspark (CLSK), were also down over 7%, while IREN (IREN), another miner in the sector, gained 3%. Shares of CoreWeave declined 3.3%.

Jefferies analysts highlighted that CoreWeave’s strong post-IPO performance has positioned it well for significant mergers and acquisitions. They described the acquisition as a strategic move to vertically integrate operations, reduce dependence on long-term leases, and gain direct ownership of data center assets.

“CoreWeave’s low cost of equity provides an advantage in replacing long-term leases with owned infrastructure,” wrote analysts Jonathan Petersen and Jan Aygul.

The deal reflects the broader wave of consolidation sweeping through the AI infrastructure and high-performance computing industries, as companies strive for scale and greater operational control to meet soaring demand from AI and cloud-based services.

By acquiring Core Scientific’s data center facilities and platform, CoreWeave will be better positioned to expand its owned infrastructure and manage future capacity growth, the analysts noted.

Core Scientific has also been in talks for new leasing deals with hyperscalers, and Jefferies suggested CoreWeave may be aiming to secure those opportunities before new agreements are finalized.

Jefferies maintains a “Buy” rating on Core Scientific shares, with an $18 price target.