House Preps For Crypto Week; Core Scientific Tumbles; Bit Digital Ditches Bitcoin

Crypto stocks were highly active Monday. Shares of Core Scientific tumbled after the bitcoin miner closed an acquisition deal with CoreWeave. Cryptocurrency peers Bit Digital and IREN continued recent rallies that paralleled the Core Scientific news. Elsewhere, the House Financial Services Committee geared up for what it’s calling the “Crypto Week” onslaught of cryptocurrency-based legislation.

AI hyperscaler CoreWeave (CRWV) on Monday announced that it reached a deal to acquire bitcoin miner Core Scientific (CORZ)for $9 billion in an all-stock transaction.

Per the deal, Core Scientific shareholders will receive 0.1235 shares of newly issued class A CoreWeave stock for each CORZ share they hold. CoreWeave plans to pay $20.40 per share, which represents a 66% premium to Core Scientific’s June 25 closing price of 12.30

Core Scientific rallied more than 60% in June, with most of the gains coming late in the month on Wall Street Journal reports that the companies were close to a deal.

Both boards have already approved the deal, which is expected to close in the fourth quarter after customary closing conditions and approvals.

CoreWeave attempted to purchase Core Scientific last year at $5.75 per share, which valued the company at more than $1 billion. Core Scientific rejected that offer, viewing the proposal as too low and opting to focus on existing partnerships with CoreWeave.

The two companies have collaborated on a number of projects. Last June, the pair announced a series of

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