In a decisive move that reshapes the cryptocurrency mining landscape, Core Scientific shareholders have formally rejected the proposed $9 billion acquisition by CoreWeave. The merger agreement, initially unveiled in July, would have represented one of the largest corporate combinations in the digital asset infrastructure sector. The shareholder vote concluded Thursday with investors opting to maintain Core Scientific’s independent operations rather than proceed with the cloud computing provider’s takeover bid.
The failed merger represents a significant development for both companies’ strategic directions. Core Scientific, having recently emerged from Chapter 11 bankruptcy protection in January 2024, had been positioned to leverage CoreWeave’s extensive artificial intelligence and cloud computing infrastructure. The combined entity would have created a diversified technology firm with substantial capabilities across both cryptocurrency mining and high-performance computing services.
Market analysts suggest the rejection reflects shareholder confidence in Core Scientific’s standalone prospects amid improving Bitcoin market conditions and operational efficiency gains. The decision preserves Core Scientific’s position as one of North America’s largest Bitcoin mining operations while allowing CoreWeave to pursue alternative growth strategies. Both companies have yet to comment on potential future collaboration opportunities or revised acquisition terms following the shareholder vote.
