Crypto mining firm Core Scientific (CORZ.O) has officially terminated its proposed $9 billion sale to CoreWeave (CRWV.O) after shareholders voted against the acquisition. This marks the second failed attempt by CoreWeave to acquire Core Scientific, following a previously rejected all-cash buyout offer in June 2024.

Background on the CoreWeave Acquisition Attempt

The $9 billion deal, announced in July 2025, was structured as an all-stock transaction, designed to combine CoreWeave’s data center and energy capacity with Core Scientific’s cryptocurrency mining operations to meet rising market demand.

Despite support from Core Scientific’s board—who highlighted potential cost savings and operational synergies—investor opposition grew. Two Seas Capital, the largest active shareholder of Core Scientific, publicly announced its intention to vote against the deal, citing concerns over the sale process, deal structure, and company valuation. Shareholders were particularly wary of the fixed exchange ratio, which exposed Core Scientific investors to fluctuations in CoreWeave stock price.

Proxy Advisory Firms Influence Outcome

The decision against the acquisition was reinforced by Institutional Shareholder Services (ISS), a prominent proxy advisory firm, which recommended that investors reject the merger. ISS noted that Core Scientific has achieved significant success as an independent company, and continuing alone could allow it to capitalize on its operational strengths without merging.

Market Reaction

Following the announcement, Core Scientific shares dropped 3.4%, while CoreWeave stock fell nearly 5%, reflecting investor disappointment over the failed merger and ongoing uncertainty in the crypto mining sector.

CoreWeave CEO and co-founder Michael Intrator commented, “We respect the views of Core Scientific stockholders and look forward to continuing our commercial partnership,” signaling that both companies may continue collaboration without formal ownership consolidation.

Implications for the Crypto Mining Industry

The failed merger highlights challenges in the rapidly evolving cryptocurrency mining and data center sector, where valuations, market volatility, and investor sentiment can significantly impact major acquisition attempts. Core Scientific’s continued independence may allow it to pursue growth opportunities while avoiding integration risks associated with large-scale mergers.

Industry analysts suggest that this outcome could reshape consolidation strategies within the crypto mining industry, as major players reassess risks associated with high-value all-stock transactions.