Coreweave (CRWV) has agreed to acquire Bitcoin Miner Nore Scientific (Corz) In a stock agreement valued at $ 20.40 per share, which implies an ebitda multiple of ~ 16x for fiscal year 26E, a strong discount for the companions of the traditional data centers, according to the KBW investment bank.
Core’s scientific actions were 18% lower, quoting around $ 14.75 at the time of publication. Coreweave’s shares fell 5%.
Although the agreement offers strategic benefits of Coreweave, cutting more than $ 10 billion in lease and unlocking obligations more than $ 500 million in annual cost savings by 2027, Kbw considers it as an opportunistic movement, capitalizing on the 295% demonstration after the CRWV OPI, the bank said in a report on Monday.
“While we see this as an opportunistic attempt to capitalize on the recent appreciation of the actions, the reaction indicates the disappointment and possible disagreement to the terms of the agreement,” analyst Bill Papanastasiou wrote.
According to the terms of the agreement, Core’s scientific shareholders will receive 0.1235 Coreweave shares for each action maintained, valuing the business in around $ 9 billion.
The agreement requires the approval of the main scientific shareholders and is expected to close in the fourth quarter of 2025.
Core scientific shareholders can go back the terms of the agreement, said the analyst, given the asset base without changes from the first failed offer of CRWV and the lack of a cash component. The “shareholders vote can see friction.”
Even so, without a competitive offer being expected, the agreement is likely to continue, according to the report.
KBW has a “higher performance” rating in the main scientific actions with an objective price of $ 19.
The rival firm of Wall Street, Bernstein, pointed out the fall in the central price of scientific actions after the agreement was announced and said that “the shareholders probably expected a higher assessment”, and “the investors were disappointed with an agreement of all the actions.”
The corridor has a higher performance rating on the main scientific actions with a price objective of $ 17.
Read more: Core Scientific, Bitcoin miners fall into the purchase of Coreweave; Jefferies says that the price in the expected range
