On Thursday, Bitcoin mining company Core Scientific did not gain the necessary votes for its merger with AI company CoreWeave during a shareholders meeting.

The conclusive results will be shared in a Securities and Exchange Commission (SEC) filing by Core Scientific on Friday. CoreWeave successfully closed a $9 billion acquisition in July, pending approval from its shareholders, promising Core Scientific investors 0.1235 shares of CoreWeave Class A stock for every Core Scientific share held.

In reaction to the vote, Core Scientific’s shares dropped by more than 5%. Cointelegraph attempted to contact the company for comments but did not receive a reply before the article was published.

Core Scientific’s share performance on Thursday Source: TradingView

This merger has been a significant topic for investors, illustrating the increasing intersection between the Bitcoin mining sector and artificial intelligence. CoreWeave renewed acquisition talks in June, leading to a significant increase in its share price.

Resistance from Shareholders

In June 2024, Core Scientific turned down CoreWeave’s initial buyout proposal, which was valued near $1 billion. Following renewed discussions, the miner’s stock surged, pointing towards heightened interest in the potential merger.

In contrast, shares for CoreWeave decreased significantly after the announcement of the merger’s details, with some shareholders expressing reluctance towards the buyout, including Two Seas Capital, who questioned the merger’s valuation. They claimed that the sale undervalues the firm and places its shareholders at considerable economic risk.

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