Core Scientific (CORZ) has rejected the $1 billion buyout offer from cloud computing firm CoreWeave, the firm said in a press release on Thursday.
Core Scientific’s board believes that CoreWeave’s offer to buy the bitcoin {{BTC}} miner for $5.75 per share significantly undervalues the firm.
The cloud computing firm’s made the offer to buy the miner on Tuesday, the same day the two firms signed a 200 MW deal to host CoreWeave's high-performance compute (HPC) services.
Shares of Core Scientific had jumped nearly 40% on Tuesday after the news of the two deals. At the time of writing, Core Scientific was trading flat in pre-market trading at $7.12.