What You Need to Know:

• JPMorgan stated that CoreWeave’s bid for Core Scientific increases the valuation threshold for bitcoin mining stocks.
• Analysts noted that the terms and conditions of this transaction resemble a previous high-performance computing memorandum and are likely to be a unique case.
• Brokerage firm B. Riley has downgraded Core Scientific’s rating from ‘buy’ to ’neutral’, retaining a price target of $17.

AI infrastructure firm CoreWeave is set to acquire Core Scientific in a stock exchange transaction that values the bitcoin miner at approximately $20.40 per share, based on recent closing prices. According to JPMorgan’s analysts, this acquisition is noted to have closed at a 25% discount to the offered terms on the announcement day. Furthermore, B. Riley’s report implies that market volatility played a role in their revised price target.

“Much like the company’s first HPC deal with CoreWeave announced last summer, the terms and purchase price appear to be a one-off,” analysts Reginald Smith and Charles Pearce wrote.

Translation: “Así como el acuerdo de HPC anterior que la compañía firmó con CoreWeave el verano pasado, los términos y el precio parecen ser únicos.”

For further details on this acquisition and related market movements, visit CoinDesk.