“The bitcoin miner turned AI infrastructure play has more than 50% upside, said the bank.”, — write: www.coindesk.com
The failed merger between Core Scientific and CoreWeave came as no surprise after reports and proxy recommendations pointed to shareholder opposition, analysts Paul Golding and Marni Lysaght wrote in the report on Thursday.
The bank’s analysts viewed the outcome as a positive, giving Core Scientific more flexibility to lease its near-term power capacity to AI tenants.
Core Scientific shares were 4.5% higher in early trading, around $21.70.
The analysts noted that the bitcoin miner’s 1.5 gigawatt (GW) portfolio includes 590 megawatts (MW) leased to CoreWeave and another 1 GW gross, roughly 700 MW billable, under load study.
Management expects to sign at least one new colocation customer by fourth-quarter earnings, a move Macquarie said could accelerate revenue diversification and highlight the company’s advantage in high-performance computing buildouts.
Jefferies said Core Scientific is moving forward with renewed focus after shareholders voted down its proposed merger with CoreWeave.
The bank noted that Core Scientific exits the process with 1.5 GW of existing and planned billable power capacity and little capital expenditure tied to the now-defunct deal.
Throughout the merger talks, the miner continued expanding its data center business and is now positioned to sign new tenants and power contracts by the end of the year, analysts led by Jonathan Petersen wrote in the Thursday report.
The signing of a new tenant would be a key milestone for diversifying revenue and reducing dependence on CoreWeave, the report said.
Jefferies has a buy rating on Core Scientific shares with a $28 price target.
Read more: Core Scientific Holders Poised to Reject CoreWeave Merger, Jefferies Says
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Ether rose on heavier trading, then slipped after an upper-band rejection, leaving a tighter range and a clear set of checkpoints above and below.
- ETH gained 1.50% to $3,822.60 as volume ran 19.01% above the seven-day average.
- A late drop from $3,869 to $3,820 followed rejection near the $3,860–$3,880 band.
- Support sits at $3,680–$3,720, with a reclaim of $3,880 reopening the $3,887.35 session high.
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