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Bitcoin mining firm <a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a> has declined a $1 billion acquisition proposal from AI company CoreWeave, opting instead to pursue a lucrative partnership projected to generate $3.5 billion in revenue. CoreWeave’s offer, valued at $5.75 per share, was rejected as Core Scientific’s board deemed it insufficient and not in the best interest of the company and its shareholders, according to <a href="https://coingape.com/bitcoin-miner-core-scientific-turns-down-coreweaves-1b-offer/" rel="noopener noreferrer nofollow">Coingape</a>.
Despite rejecting the buyout offer, Core Scientific and CoreWeave have maintained their collaborative relationship, cemented by recently signed 12-year contracts. As part of these agreements, Core Scientific will provide 200 megawatts of capacity to CoreWeave, enhancing the latter’s high-performance computing capabilities for AI applications.
The announcement of the partnership has significantly boosted Core Scientific’s stock, which saw a 40% increase, reflecting market confidence in the strategic alliance. This move positions Core Scientific advantageously within the rapidly evolving AI and cryptocurrency sectors.&nbsp;
The decision to reject the takeover bid underscores Core Scientific’s strategic focus on leveraging its infrastructure for high-performance computing, beyond just cryptocurrency mining. This is particularly relevant as AI technology continues to advance, evidenced by Nvidia’s recent achievement of surpassing Apple to become the second most valued public company in the US.
Core Scientific's stock remained stable at around $7.74 in pre-market trading, marking a 7.55% surge despite the takeover offer. The company's refusal to accept the bid suggests a strategic positioning to maximize value and operations in a competitive market.

Core Scientific Rejects $1B Offer from CoreWeave, Opts for $3.5B AI Partnership

Ultramining_Eng

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