Core Scientific and CoreWeave Seal $9 Billion Deal—But Investors Aren’t Thrilled
Bitcoin miner Core Scientific and AI-focused CoreWeave just inked a massive $9 billion all-stock merger. It’s one of the biggest crypto-adjacent deals in recent memory, but the market reaction has been… mixed, to say the least.
When the news dropped Monday, Core Scientific’s stock (CORZ) jumped to $15.71, while CoreWeave (CRWV) briefly topped $160. Fast forward a few days, though, and both have slumped—CORZ to $12.51 and CRWV to $125.84. Not exactly the momentum you’d expect with Bitcoin flirting with all-time highs.
Analysts aren’t shocked. Six firms, including Needham and Macquarie, downgraded Core Scientific this week. Macquarie’s team noted the deal was already priced in after earlier rumors, calling the current valuation “fair” but hardly a steal. With Core Scientific’s CEO already on board, don’t hold your breath for a sweeter offer.
Bitcoin ETFs Keep Raking It In
Spot Bitcoin ETFs just had their second-best day since launch, pulling in $1.17 billion in net inflows on Thursday. BlackRock’s IBIT led the charge with $448.5 million—no surprise there, given its track record. The fund now manages over $80 billion, cementing its place as the fastest-growing ETF in history.
All this institutional money has analysts nodding at Bitcoin’s calmer price swings lately. Whether that stability holds is another question, but for now, the big players keep stacking sats.
A Miner’s Sudden Solana Pivot
BIT Mining (BTCM), known for Bitcoin and Dogecoin operations, threw a curveball this week: a $300 million shift toward Solana. The announcement sent its stock soaring from $2.42 to $7.01 overnight.
The hype didn’t last, though. Shares settled around $4.34 by Friday—still up 83% for the week but down 29% from Thursday’s peak. HC Wainwright, the lone analyst covering BTCM, kept its “neutral” rating unchanged. Maybe Solana fans cheered, but the market’s still sizing up what this means long-term.
MicroStrategy Takes a Bitcoin Buying Break
Even MicroStrategy’s relentless Bitcoin accumulation hit pause last week—the first skip in three months. Instead of adding to its 597,325 BTC treasury (now worth ~$70 billion), the company launched a $4.2 billion preferred stock offering (STRD).
Founder Michael Saylor has called STRD a “fourth gear” for investors seeking yield without direct Bitcoin exposure. After gobbling up $7 billion in BTC this quarter alone, maybe a breather makes sense. Or, as Saylor would say: “Just get in.”
The Bottom Line
This week was a mixed bag—big deals, ETF inflows, and sudden pivots, but not all of it wowed Wall Street. If there’s a theme, it’s that crypto’s big players are still figuring out how to ride the bull run without tripping over their own hype.
