Bitcoin miner Core Scientific failed to win approval for a merger with AI infrastructure company CoreWeave at a shareholder meeting on Thursday.
The final results of the preliminary vote will be disclosed Friday in a Securities and Exchange Commission (SEC) filing, according to Core Scientific. announcement.
CoreWeave completed $9 billion acquisition in July, subject to shareholder approval, Core Scientific shareholders would receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share they own.
Shares of Core Scientific fell more than 5% on Thursday following the announcement of the shareholder vote. Cointelegraph reached out to the company but was unable to get a response at the time of publication.
The deal has been on investors’ radar for over a year and has impacted the stock prices of both companies, and also shows the growing ties between the Bitcoin mining industry and the artificial intelligence sector.
Related: CleanSpark shares soar as Bitcoin miner announces AI expansion
Shareholder resistance to the operation
CoreWeave renewed negotiations to acquire Core Scientific in June, sending its share price surge by more than 23% in a single trading session.
In June 2024, Core Scientific rejected a takeover offer from CoreWeave valuing the company at around $1 billion, or $5.75 per share at the time, adage this “significantly” undervalued the company.
Since resuming trading with CoreWeave, shares of the miner have more than tripled from their April 2025 low, rising from $6.20 to around $20.90 at the time of writing.
In the meantime, CoreWeave actions took a different path following the announcement of the proposed deal, dropping from around $163 to a low of around $100 by the end of July.
Certain Core Scientific shareholders have reported opposition to the buyout offer after the deal was finalized in July, including Two Seas Capital, the company’s largest active shareholder, citing disagreements over the deal’s valuation.
“The proposed sale significantly undervalues the Company and unnecessarily exposes its shareholders to substantial economic risk,” Two Seas Capital said. wrote in August.
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