AI infrastructure company CoreWeave (CRWV) has agreed to buy Bitcoin
The offer price is in the middle of the estimated takeout range per $16-23 in investment bank Jeffries’ previous estimate. The transaction is expected to close in the fourth quarter of 2025.
Core Scientific share was 22% lower, trading at around $14 at publication, but fellow Bitcoin Miner and high-performance computing plays like Hat 8 (HUT) and Clean Spark (CLSK) fell by more than 7%. But Iren (Airen), another real miner, was 3% higher.
CoreWeave’s shares fell 3.3%.
Jeffries analysts have previously noted that CoreWeave’s powerful post-IPO shared performance puts them in a favorable position to pursue large-scale M&As. Banks see this move as a strategic effort to vertically integrate CoreWeave’s infrastructure and reduce long-term leases and reliance on third-party developers.
Jonathan Petersen and Jan Aygul of Analyst say CoreWeave is well positioned to use relatively low stocks to replace long-term lease obligations and directly manage data center assets.
The deal highlights the accelerated trend of integration in the AI infrastructure and the high performance computing (HPC) space as vertical integration providers seek scale and control.
In the case of CoreWeave, this move is deployed not only as a full stack infrastructure operator, which is an increasingly important stance, but also as a full stack infrastructure operator, as demand from AI and cloud-native companies continues to surge.
By acquiring Core Scientific’s data center capacity and platform, CoreWeave can expand its owned infrastructure and better control over future capacity expansion, analysts say.
Core Scientific is also seeking a new lease with hyperscalers, and analysts have suggested that CoreWeave may be aiming to secure its space before the new deal is finalized.
Jefferies has a purchase rating of Core Scientific Share with a price target of $18.
read more: CoreWeave acquires Core Scientific in a $900 million all-stock trading