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Shareholder concerns over valuation and independence underline deeper doubts about consolidation strategies in the data center and Bitcoin mining sector.
Key Takeaways
- Core Scientific shareholders voted against the merger with CoreWeave.
- Proxy advisors advised voting down the deal due to undervaluation concerns.
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Core Scientific shareholders today rejected the proposed merger with CoreWeave, an AI-focused cloud computing provider, blocking the takeover deal between the Bitcoin mining and data center operator and the high-performance computing infrastructure company.
Proxy advisory firms had urged Core Scientific shareholders to vote against the CoreWeave merger, citing concerns over undervaluation of the company’s assets.
Market observers noted strong indications from Core Scientific investors favoring rejection of the deal to pursue independent growth in Bitcoin mining and data centers.
