Bitcoin miner Core Scientific declines $1b buyout offer

Bitcoin mining company Core Scientific has declined a $1 billion buyout offer from AI startup CoreWeave. The offer was made on March 28, 2023, valuing Core Scientific at $5.75 per share, but the board of directors deemed it significantly undervalued the company. Despite this rejection, Core Scientific has recently entered into a 12-year agreement with CoreWeave to provide infrastructure for high-performance computing operations, in a deal valued at $3.5 billion. This move is part of Core Scientific’s strategy to diversify its business model and take advantage of the growing demand for data center space and computing facilities. The decision to decline the buyout offer follows Core Scientific’s emergence from bankruptcy protection earlier this year. The company’s shares have surged around 70% since the initial takeover offer.