Bitcoin Miner Core Scientific Surges After AI Deal, Report of Over $1B Buyout Offer From CoreWeave

Bitcoin miner Core Scientific's shares surged as much as 40% in pre-market trading after cloud computing firm CoreWeave signed a 200 megawatts artificial intelligence deal and was also reported to have offered to buy the mining company in an all-cash offer.

CoreWeave said to have made the offer on Monday, implying a 55% premium to the miners' three-month average weighted share price as of May 31, Bloomberg reported citing a person familiar with the matter.CoreWeave and Core Scientific didn't immediately respond to comments on the story. The cloud computing company also signed a 12-year deal with the miner to host AI-related services. CoreWeave said it will provide about $300 million of capital investments, with options to expand the capacity further, according to a

The deal comes after mergers and acquisitions are heating up in the mining sector. Most recently, another large bitcoin miner, Riot Platforms , made ain a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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