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Core Scientific (CORZ) has rejected the more than $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 made the offer to buy the miner on Tuesday, the same day the two firms signed a 200 megawatt (MW) deal to host CoreWeave's high-performance computing (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.

Edited by Aoyon Ashraf.

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Core Scientific Rejects CoreWeave's Over $1B Buyout Offer

The board of Core Scientific rejected CoreWeave's offer to buy the miner for $5.75 per share.