Bitcoin mining company Core Scientific failed to obtain approval for its merger with artificial intelligence infrastructure company CoreWeave at the shareholders' meeting on Thursday.
According to Core Scientific's announcement, the final results of the preliminary vote will be disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.
CoreWeave finalized the $9 billion acquisition in July, but it requires shareholder approval. Core Scientific shareholders would receive 0.1235 shares of CoreWeave Class A common stock for each share of Core Scientific they hold.
Core Scientific's stock price fell more than 5% after the news of the shareholder vote on Thursday. Cointelegraph reached out to the company but did not receive a response by the time of publication.
This deal has been under investor scrutiny for over a year, affecting the stock prices of both companies and highlighting the growing connection between the Bitcoin mining industry and the artificial intelligence sector.
CoreWeave resumed negotiations to acquire Core Scientific in June, causing its stock price to soar more than 23% in a single trading day.
In June 2024, Core Scientific rejected CoreWeave's acquisition offer, which valued the company at about $1 billion (then $5.75 per share), stating that it "severely" undervalued the company.
Since resuming negotiations with CoreWeave, the mining company's stock has more than doubled from a low of $6.20 in April 2025 to about $20.90 at the time of writing.
Meanwhile, CoreWeave's stock price took a different path after the proposed deal was announced, dropping from about $163 to a low of around $100 by the end of July.
Some Core Scientific shareholders expressed opposition to the acquisition offer after the deal was finalized in July, including the company's largest active shareholder, Two Seas Capital, citing disagreements over the valuation of the deal.
Two Seas Capital wrote in August: "The proposed sale severely undervalues the company and unnecessarily exposes shareholders to significant economic risks."
Related: Reports indicate that a Nigerian fintech company plans to collaborate with Polygon to develop a stablecoin payment system for Africa.
Original: “Core Scientific Shareholder Vote Fails to Meet CoreWeave Acquisition Requirements”
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