Core Scientific Inc (NASDAQ: CORZ) and AI cloud data center firm CoreWeave (NASDAQ: CRWV) have officially called off their planned merger after shareholders voted against the deal on Oct. 30.
The agreement, first announced in July, would have seen CoreWeave purchase Core Scientific in an all-stock deal valued at USD$20.40 per share, for a total of roughly USD$9 billion.
According to the US Securities and Exchange Commission (SEC), CoreWeave did not secure the necessary votes during a special shareholder meeting. Core Scientific CEO Michael Intrator expressed respect for the shareholders’ decision, noting that both firms plan to continue their existing commercial collaboration. He added that CoreWeave’s strategic goals remain unchanged.
The initial announcement in July triggered a sharp market reaction. Core Scientific shares fell about 22 per cent, while CoreWeave dropped 4.5 per cent. Despite the deal’s cancellation, Core Scientific stock has since rebounded and was trading at USD$21.99 at the time of the vote.
The outcome represents an uncommon rebuke in a sector otherwise dominated by mergers and special purpose acquisition company (SPAC) deals throughout 2025.
Furthermore, European cryptocurrency firm CoinShares recently revealed a USD$1.2 billion merger with alternative investment manager Vine Hill Capital Investment Corp.
Meanwhile, American Bitcoin Corporation (NASDAQ: ABTC) completed its Nasdaq debut on Sept. 4 after merging with Gryphon Digital Mining.
Market analysts note the vote shows increasing scrutiny among investors in the cryptocurrency and digital asset industries.
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2025 has been a banner year for crypto mergers
Over the past six months, cryptocurrency mergers and acquisitions have surged. Furthermore, this marks one of the busiest periods in the industry’s recent history. Deal value in the third quarter of 2025 reportedly exceeded USD$10 billion, a significant increase compared with the same period last year.
Notable transactions include LayerZero Foundation acquiring Stargate Finance for approximately US$120 million in its native token, ZRO, consolidating two key platforms under a unified governance system. In another major deal, KindlyMD merged with Nakamoto Holdings to create a publicly traded bitcoin treasury vehicle. This deal is supported by around USD$710 million in financing, including a USD$510 million private investment in public equity. These deals demonstrate a shift beyond simple exchange buy outs toward treasury vehicle formations, protocol consolidations, and other innovative structures.
Several factors are driving this wave of consolidation. Increasing regulatory clarity in some regions has encouraged companies to pursue strategic growth. Firms are seeking scale in institutional markets while pivoting toward token native or blockchain infrastructure business models. Additionally, market volatility and high-profile mergers have prompted companies to strengthen their positions through partnerships or acquisitions.
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