Shareholders of the Austin, Texas-based Bitcoin (BTC) mining company Core Scientific (Nasdaq: CORZ) have rejected a $9 billion merger deal with the AI cloud infrastructure company CoreWeave (Nasdaq: CRWV), the Bitcoin miner announced on Oct. 30.
The company said it didn't receive the requisite number of shareholder votes to approve the proposed merger agreement.
Related: Explained: What is sustainable Bitcoin mining?
As reported earlier, Nvidia - (Nasdaq: NVDA) backed CoreWeave announced the $9 billion all-stock deal to acquire Core Scientific in early July. The proposal was part of the broader trend among AI companies to secure power-rich infrastructure to meet skyrocketing computational needs.
Livingston, New Jersey-based CoreWeave is an OpenAI partner , providing its AI infrastructure to power the latter's training of the most advanced next-generation language models.
Last month, CoreWeave secured a $6.3 billion order from Nvidia as per which the chipmaking giant "is obligated to purchase the residual unsold capacity" through April 2032.
The CoreWeave stock fell more than 6% to close at $131.06 on Oct. 30. In comparison, the Core Scientific stock stayed rather flat and it closed at $20.74 on the day.
More News:
Bitcoin mining no longer lucrative
Bitcoin mining is the process of solving complex cryptographic functions using high-end computing power to verify and add blocks to the blockchain network. Miners receive rewards in the form of Bitcoin in exchange for securing the network.
Over the years, Bitcoin mining has become a more complex and expensive exercise. The rewards are getting trimmed despite the rising BTC price, forcing miners to pivot to other fields like AI.
Nonetheless, Core Scientific shareholders believed the acquisition deal undervalued the Bitcoin miner.
This story was originally reported by TheStreet on Oct 31, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
