ISS and Two Seas Capital Oppose CoreWeave’s Acquisition of Core Scientific (CORZ)

Core Scientific, Inc. (NASDAQ:CORZ) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.

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On October 20, 2025, Institutional Shareholder Services (ISS) argued Core Scientific, Inc. (NASDAQ:CORZ)’s historical success makes it capable of thriving independently. Accordingly, the proxy advisory firm recommended voting against CoreWeave’s (NASDAQ:CRWV) proposed $9 billion all-stock acquisition of Core Scientific, announced in July.

Two Seas Capital, an alternative investment management firm and the largest active shareholder of CORZ, also previously voted against the company’s proposed sale and welcomed ISS’s recommendation. Core Scientific, Inc. (NASDAQ:CORZ) possesses significant upside on an independent basis, the shareholder stated in a letter to investors on October 17, highlighting that CORZ has risen only 9% since the acquisition was announced.

This recommendation follows shortly on the heels of Core Scientific, Inc. (NASDAQ:CORZ)’s appeal to its shareholders to support the acquisition. The company, in contrast to Two Seas Capital and ISS’s recommendation, believes the deal would create operational synergies by combining its mining infrastructure with CoreWeave’s Nvidia-powered AI data centers.

Yet, ISS and major shareholder Two Seas Capital both expressed their concerns over the proposed deal’s valuation and fixed exchange ratio. They view the deal as combining Core Scientific Inc. (NASDAQ:CORZ)’s value with CoreWeave’s declining stock price, thereby exposing shareholders to increased risks. CORZ’s shares surged over 5% in post-market trading following ISS’s recommendation, indicating growing investor support for independence over integration. Meanwhile, CoreWeave’s shares have declined approximately 15% since the proposed transaction was announced; Two Seas Capital highlighted this in its letter.

Through its self-mining, hosted mining, and HPC segments, Core Scientific, Inc. (NASDAQ:CORZ) offers digital asset mining and high-performance computing services in the U.S.

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