The shareholder letter by Two Seas Capital says the buyout offer undervalues Core Scientific’s business.
Two Seas Capital, the largest active shareholder of Bitcoin mining company Core Scientific, announced its intention to vote against the buyout offer proposed by AI infrastructure company CoreWeave.
The investment company holds a 6.5% stake in Core Scientific and said the $9 billion valuation deal, finalized in July, undervalues the business. The shareholders wrote on Thursday:
The fact that Core Scientific’s stock price declined by 30% in the days following the transaction announcement strongly suggests to us that other investors agree,” the letter reads.
