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By Will Canny|Edited by Stephen Alpher
Updated Jul 9, 2025, 2:01 p.m. Published Jul 9, 2025, 1:53 p.m.
- JPMorgan said CoreWeave’s bid for Core Scientific lifts the valuation foor for bitcoin mining stocks
- Much like the HPC deal the two companies signed last summer, the terms and price are likely to be a one-off, the analyst team said.
- Broker B.Riley cut Core Scientific to neutral from buy, with an unchanged $17 price target.
AI infrastructure firm CoreWeave’s (CRWV) deal to buy Core Scientific (CORZ) will raise the valuation floor for bitcoin
mining stocks but is unlikely to be replicated, Wall Street bank JPMorgan said in a research report Tuesday.
“Much like the company’s first HPC deal with CoreWeave announced last summer, the terms and purchase price appear to be a one-off,” analysts Reginald Smith and Charles Pearce wrote.
STORY CONTINUES BELOW
CoreWeave said Monday it had agreed to buy Core Scientific in an all-stock transaction valuing the bitcoin miner at about $20.40 per share, based on recent closing prices.
The bank’s analysts noted that Core Scientific closed at around a 25% discount to the deal terms the day the takeover was announced. Given the year-end projected close, the analysts said this seemed appropriate.
B.Riley downgraded Core Scientific from buy to neutral with an unchanged $17 price target, the broker said in a research report Wednesday.
The investment firm said its price target takes into account the volatility in CoreWeave shares and the 6-month projected close for the deal.
Read more: CoreWeave’s All-Stock Bid for Core Scientific Likely to Draw Shareholder Scrutiny: KBW
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
