Core Scientific falls short of shareholder votes for CoreWeave buyout

BITCOIN MINER CORE SCIENTIFIC JUST GOT SHOT DOWN BY ITS OWN SHAREHOLDERS — the $9B CoreWeave buyout deal is officially DEAD in the water after failing to secure enough votes at Thursday's special meeting.

The final vote count drops tomorrow in an SEC filing, but preliminary results show shareholders weren't feeling the 0.1235 CoreWeave shares per CORZ share exchange ratio. Core Scientific stock immediately tanked 5%+ on the news — brutal market reaction.

This deal has been the crypto M&A drama of the year — CoreWeave's been chasing Core Scientific for over 12 months, and the entire saga has been moving both companies' stock prices like crazy. It's also proof that Bitcoin mining and AI infrastructure are becoming BFFs in the energy game.

Back in June, when CoreWeave revived takeover talks, Core Scientific stock absolutely MOONED — up 23% in a single session. But this isn't their first rodeo — Core Scientific straight-up REJECTED CoreWeave's $1B buyout offer in June 2024, calling it a massive undervaluation at $5.75 per share.

Since negotiations restarted, Core Scientific stock has TRIPLED from its April 2025 low of $6.20 to around $20.90 today. Meanwhile, CoreWeave shares took the opposite path — dropping from ~$163 to ~$100 by end of July after the deal announcement.

The resistance was REAL — Core Scientific's largest active shareholder Two Seas Capital publicly announced they'd vote AGAINST the deal back in August, calling it 'materially undervalued' and exposing shareholders to 'substantial economic risk.'

So now we're left with a failed mega-deal, a Bitcoin miner that's still independent, and the AI-mining convergence story hitting a major speed bump. The market's voting with its wallet — and Core Scientific shareholders just said NO DEAL.