Core Scientific, Bitcoin Miners Tumble on CoreWeave Buyout; Jefferies Says Price in Expected Range
The offer price is near the middle of investment bank Jefferies' prior estimated takeout range of $16–$23/share. The deal is expected to close in Q4 2025.
Core Scientific shares were 22% lower, trading around $14 at publication time, while fellow bitcoin miners and possible high performance computing plays like HUT 8 (HUT) and Cleanspark (CLSK) were down more than 7%. Another similarly-situated miner, IREN (IREN), however, was higher by 3%.
Coreweave shares were lower by 3.3%.
Jefferies analysts previously noted that CoreWeave's strong post-IPO share performance put it in a favorable position to pursue large-scale M&A. The bank sees the move as a strategic effort to vertically integrate CoreWeave's infrastructure and reduce reliance on long-term leases and third-party developers.
CoreWeave is well-positioned to use its relatively low cost of equity to replace long-term lease obligations and take direct control of data center assets, analysts Jonathan Petersen and Jan Aygul wrote.
The deal underscores the accelerating trend of consolidation in the AI infrastructure and high-performance computing (HPC) space, as vertically integrated providers seek scale and control.
For CoreWeave, the move positions it as not just a supplier of compute, but a full-stack infrastructure operator, an increasingly critical posture as demand from AI firms and cloud-native enterprises continues to surge.
Acquiring Core Scientific's data center capacity and platform allows CoreWeave to expand owned infrastructure and better control future capacity expansion, the analysts said.
Core Scientific has also been seeking new leases with hyperscalers, and the analysts suggested that CoreWeave may be aiming to secure that space before new deals are finalized.
Jefferies has a buy rating on Core Scientific shares with an $18 price target.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
5 hours ago
- CNBC
Expect the crypto rally to cool in August as new tariffs ratchet up macroeconomic concerns
Institutional adoption of cryptocurrencies has been trouncing the macroeconomic narrative as the main performance driver for the past two months. Now investors should look for a reversal of that dynamic over the coming month, however. Ether stole the spotlight from bitcoin in July, roaring ahead more than 49% in the month, but bitcoin still managed an 8% gain and climbed to a new all-time high at mid-month. The price action in both coins was largely supported by inflows into ETFs – a steady stream of new investment dollars that continued in bitcoin ETFs and was coupled with a sudden explosion of flows into ether funds – as well as the new crop of crypto treasury companies focused on accumulating the coins. But after the broad sell-off in stocks and rally in bonds on Friday , following weak jobs data and President Donald Trump's new tariffs ranging between 10% and 41% , investors expect crypto to pull back in August with traders likely to dump their more highly speculative and volatile assets. "Bitcoin is caught between ETF-driven optimism and uncertainty around global trade tensions," said Ray Youssef, CEO of crypto app NoOnes. "It remains the risk benchmark, but it may trade in a tighter range unless a new macro catalyst emerges, such as another unexpected rate move or geopolitical shift … I expect August to be relatively muted in terms of price volatility, but deceptively active in terms of positioning." mountain 2025-07-01 Ether (ETH) and bitcoin (BTC) since July 1 Given how hot cryptocurrencies and stocks were in the second quarter, some investors see any pullback as a healthy and strategic cooldown rather than a reaction to a crisis. Especially in what has historically proven a weak trading month for many markets. Among crypto-related stocks, Coinbase gained 27% in the past two months, Galaxy Digital jumped 45%, and the bitcoin miner Iren surged 76%. As part of a rotation from bitcoin to ether-focused plays, ether treasury company Bitmine Immersion soared 136% and stablecoin stock Circle surged more than 400%. "Near term, I think bitcoin stays range-bound unless we get a big macro shift," Pauline Shangett, chief strategy officer at crypto exchange ChangeNOW, told CNBC. "ETH has more momentum thanks to ETF demand and whale activity , which could help it hold up better even in a choppy market," she said, referring to ether, and large investors who hold large positions in a particular asset. Ether ETFs saw more than $5 billion in inflows in July alone, bringing its total inflows to $9.64 to date. Bitcoin ETFs saw monthly inflows of about $6 billion in July, out of a cumulative $55 billion since their introduction. "We are taking advantage of this consolidation and playing for this highly compelling setup to reaccelerate and break out," Read Harvey, technical analyst at Wolfe Research, said in a note Wednesday. "For now, we're buyers of pullbacks in the space and expect reaccelerations in coming weeks, a development that should lead to further crypto outperformance vs. equities." Youssef at NoOnes expects bitcoin to trade between $114,000 and $120,000 for most of August, and find buying support whenever it trades between $103,000 and $109,000. If ether can hold above $3,750 per coin, bulls could push for a retest of $4,000 – a challenging psychological and technical level for traders since the 2021 bull market – with support between $3,200 and $2,900, according to Youssef. "The real wildcard is the September Fed meeting," Youssef said. "[Chair] Jerome Powell's remarks often create sharp, short-term volatility, and with geopolitical tensions rising, we could see sudden shifts in sentiment. Still, unless macro conditions deteriorate significantly, both BTC and ETH appear to be building momentum beneath the surface." —CNBC's Michael Bloom contributed reporting.
Business Upturn
a day ago
- Business Upturn
BexBack Launches 100x Leverage, 100% Deposit Bonus & No KYC to Empower Crypto Traders in Bitcoin's Volatile Market
SINGAPORE, Aug. 02, 2025 (GLOBE NEWSWIRE) — As Bitcoin continues to surge to new highs and the market enters a phase of high volatility, holding traditional spot positions may not be enough to generate short-term profits. With Bitcoin's price moving rapidly, traders are seeking more effective ways to capitalize on these fluctuations. In response to this market need, BexBack offers a powerful solution: 100x leverage on crypto futures trading, allowing traders to amplify their positions and maximize their profits from even the smallest market moves. 100x Leverage – Amplify Your Profits With up to 100 times leverage, BexBack allows traders to open larger positions with smaller investments, turning minor price movements into substantial profits. This leverage mechanism enables seasoned investors to make the most of Bitcoin's volatility, maximizing returns and minimizing the need for large amounts of capital. A small price change can lead to huge potential profits, making high-leverage trading a popular choice for experienced investors looking to seize opportunities in today's turbulent market. 100% Deposit Bonus – Double Your Trading Power To make trading even more rewarding, BexBack is offering a 100% deposit bonus . New users can double their deposits, giving them more capital to work with and increasing their potential trading power. Whether you're using leverage or trading with your original funds, the deposit bonus enhances your ability to generate greater returns. No KYC – Quick and Easy Access BexBack is committed to offering seamless and anonymous trading. With no KYC (Know Your Customer) required, users can start trading immediately without the hassle of lengthy identity verification processes. This allows traders to focus on what matters most—capturing opportunities in the fast-moving crypto market. Why BexBack? No KYC : Enjoy anonymous and fast trading without identity verification requirements. : Enjoy anonymous and fast trading without identity verification requirements. 100x Leverage : Maximize your potential returns with up to 100 times leverage on crypto futures. : Maximize your potential returns with up to 100 times leverage on crypto futures. 100% Deposit Bonus : Double your deposit and boost your trading capital with BexBack's exclusive offer. : Double your deposit and boost your trading capital with BexBack's exclusive offer. Easy-to-Use Platform : Trade seamlessly via web or mobile, with a user-friendly interface that simplifies the trading process. : Trade seamlessly via web or mobile, with a user-friendly interface that simplifies the trading process. Large Selection of Assets: BexBack supports over 50 cryptocurrencies for trading, giving you access to a wide range of market opportunities. About BexBack? BexBack is a top-tier cryptocurrency derivatives platform offering up to 100x leverage on BTC, ETH, ADA, SOL, XRP, and over 50 other futures contracts. Headquartered in Singapore, with additional offices in Hong Kong, Japan, the United States, the UK, and Argentina, BexBack is licensed as a US MSB (Money Services Business). Trusted by more than 500,000 traders globally, the platform welcomes users from the US, Canada, and Europe. BexBack offers zero deposit fees and provides comprehensive customer service available 24/7 to ensure an exceptional trading experience. Take Action Now The market is ripe for the taking, and with Bitcoin's high volatility, there's no better time to start using leverage to make the most of every market movement. With 100x leverage, no KYC, and a 100% deposit bonus , BexBack provides traders with the ideal environment to profit from Bitcoin's fluctuations and the broader crypto market. Sign up on BexBack now , claim your exclusive bonus and start accumulating more BTC today! Website: Contact: [email protected] Contact:Amanda [email protected] Disclaimer: This content is provided by BexBack . The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page. Legal Disclaimer: This media platform provides the content of this article on an 'as-is' basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above. Photos accompanying this announcement are available at Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
a day ago
- Yahoo
Crypto Market Bloodbath: Three Reasons Traders Are in Risk-Off Mode
As of the time of writing, according to CoinDesk Data, BTC was trading at around $113,648, down 1.4% in the past 24 hours. ETH, XRP, SOL and DOGE posted steeper declines, with ETH down 3.7% to $3,503, XRP off 1.5% at $2.94, SOL down 2.7% at $164.13 and DOGE dropping 3.7% to $0.1993. The downturn followed a string of economic and geopolitical shocks on Friday that rattled investor sentiment across both equity and digital asset markets. U.S. stocks also closed sharply lower on Friday, with the Dow down 1.23%, the S&P 500 off 1.6%, and the Nasdaq Composite plunging 2.24% as traders digested a disappointing jobs report, heightened tensions with Russia and the possibility of emergency monetary easing. The July jobs report was a Disaster — and a surprise The U.S. Bureau of Labor Statistics (BLS) reported Friday that the U.S. economy added just 73,000 jobs in July — well below expectations. More troubling, however, was a downward revision of 258,000 jobs to the combined May and June totals, effectively erasing most of the labor market gains previously reported for the second quarter. The unemployment rate remained at 4.2%, but long-term unemployment climbed by 179,000 to 1.8 million. The number of new entrants to the job market jumped by 275,000, indicating more Americans are looking for work but struggling to find it. Labor force participation held steady at 62.2%, while the employment-to-population ratio ticked down year over year. Although job growth continued in health care and social assistance, employment across most major industries — including manufacturing, construction, financial services and tech —showed little to no change. Markets interpreted the data as a clear signal that the labor market is weakening faster than expected. Trump accuses BLS commissioner of election interference, orders chief fired President Trump responded swiftly and publicly to the jobs report, posting a scathing message on Truth Social that accused Bureau of Labor Statistics Commissioner Erika McEntarfer — a Biden appointee — of manipulating employment data in the run-up to the 2024 election. 'This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election,' Trump wrote. 'These were Records — No one can be that wrong?' He added: 'I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY.' The post alarmed investors, who viewed the rhetoric as a politicization of U.S. statistical institutions. The removal of a federal official responsible for economic data, based on claims of election-related bias, added to Friday's volatility, especially for rate-sensitive and risk-on assets like crypto. Trump's nuclear submarine post escalates Russia tensions Later Friday, Trump again took to Truth Social, this time revealing that he had ordered two U.S. nuclear submarines to reposition in response to recent remarks by Dmitry Medvedev, the former Russian president and current deputy chairman of Russia's Security Council. 'Based on the highly provocative statements of the Former President of Russia… I have ordered two Nuclear Submarines to be positioned in the appropriate regions,' Trump wrote. 'I hope this will not be one of those instances' where words lead to 'unintended consequences.' The unexpected message — delivered without prior briefing or Pentagon confirmation — sparked concern that diplomatic tensions with Moscow had entered a new phase. Some viewed Trump's language as deliberate posturing rather than a genuine military threat, aimed at pressuring Russian President Vladimir Putin to consider a ceasefire in Ukraine. However, even if the statement was not intended as a signal of imminent action, it still made the possibility of a U.S.-Russia nuclear confrontation —however unlikely — feel more real. Traders — already reeling from Friday morning's jobs report — respond by dumping risk assets in favor of safer bets like Treasurys and cash. Fed rate cut expectations rise — but so do U.S. recession fears Friday's dismal labor data led traders to dramatically increase bets on a rate cut at the Federal Reserve's September FOMC meeting, with many now expecting a 50 basis point reduction. But the prospect of easier monetary policy did little to reassure markets. That's because rate cuts are no longer viewed as a preemptive move to boost growth — they're now seen as a reaction to economic weakness that may already be unfolding. In this context, monetary easing can be interpreted as confirmation of deteriorating conditions, rather than a bullish catalyst. For crypto markets, which often mirror tech-sector sentiment, the shift in narrative weighed heavily. Despite the potential for lower real yields, the fear of a looming recession overshadowed any short-term optimism. The result: widespread selling across the digital asset space and renewed caution ahead of key macro events later this month.
