Even the son of Huida is not acceptable! Core Scientific's "largest shareholder" rejects CoreWeave's acquisition: $9 billion valuation is too low.

The acquisition of Core Scientific by CoreWeave has faced opposition from Core Scientific's largest shareholder, Two Seas Capital. Two Seas Capital claims that the $9 billion valuation is too low and that the transaction structure exposes Core Scientific's shareholders to risk. (Background: Wall Street bullish on Bitcoin mining company Core Scientific, with stock price rising 60%: benefiting from AI Computing Power dividends) (Context: "NVIDIA's favorite son" CoreWeave reportedly wants to acquire the Bitcoin mining company Core Scientific, leading to a 33% jump in CORZ stock price) Core Scientific's largest active shareholder, Two Seas Capital, issued a statement on August 8, clearly opposing the acquisition agreement reached with the cloud and AI infrastructure company CoreWeave, known as "NVIDIA's favorite son," in July. Two Seas Capital criticized the transaction for significantly underestimating Core Scientific's value, arguing that its all-stock transaction structure exposes shareholders to excessive economic risks. Reasons for Two Seas Capital's opposition to the merger Two Seas Capital revealed in its announcement that it currently holds 19,122,842 shares of Core Scientific's common stock, accounting for approximately 6.3% of the company, making it the largest active shareholder of Core Scientific. Two Seas Capital further pointed out that the company has been investing in Core Scientific since 2022 and has long-term confidence in the company. The main reasons for Two Seas Capital's opposition to the acquisition are twofold: First, the transaction values the acquisition of Core Scientific at $9 billion, which is far below the company's true value as a pioneer in high-performance computing (HPC) infrastructure, especially in the context of soaring demand for artificial intelligence (AI). Core Scientific has large-scale data centers, low-cost electricity, and a professional team, which provides long-term growth potential. Second, the all-stock, unprotected structure of the transaction exposes shareholders to the risks of high volatility in CoreWeave's stock price. Following the announcement of the transaction, Core Scientific's stock price fell 30%, indicating market skepticism regarding the valuation of this deal. Supporting independent development, welcoming other bidders Two Seas Capital emphasized that the company supports Core Scientific continuing to operate as an independent company to fully capitalize on opportunities in the AI era. The announcement stated: "As demand for power and computing infrastructure grows at an unprecedented rate, while supply remains scarce, we believe the company's most promising days are yet to come. We see no compelling reason to sell Core Scientific at an undervalued price with an imperfect structure." At the same time, Two Seas Capital also stated that it does not oppose Core Scientific being acquired, but demands that the transaction price must reflect the strategic value of the company's assets, including synergistic effects with potential buyers. The company is still welcoming other bidders, including CoreWeave, to participate in the bidding and calling on the board to ensure that any transaction maximizes shareholder interests. Two Seas Capital plans to vote against this transaction and will mobilize other shareholders to oppose it together. The acquisition agreement between CoreWeave and Core Scientific On July 7 of this year, CoreWeave announced the acquisition of Core Scientific in an all-stock transaction valued at approximately $9 billion. Each share of Core Scientific common stock will be exchanged for 0.1235 shares of CoreWeave Class A common stock, valued at approximately $20.40 per share. Originally, this transaction was expected to be completed in the fourth quarter of 2025, aiming to allow CoreWeave to obtain approximately 1.3 GW of data center power capacity from Core Scientific to enhance its AI cloud service capabilities, and is expected to save about $500 million annually in costs. Related reports: Mining company Core Scientific signs 12-year contract with AI company! Estimated revenue exceeds $3.5 billion. Can newly listed crypto companies multiply tenfold? A paradigm shift in alts? AI startup Nscale plans to provide thousands of NVIDIA GB200 chips to 'ByteDance', will the US chip ban fail? <NVIDIA's favorite son can't do it either! Core Scientific's 'largest shareholder' rejects CoreWeave's acquisition: $9 billion valuation too low> This article was first published in BlockTempo, the most influential blockchain news media.