Bitcoin

Bitcoin miner Core Scientific turns down $1 billion takeover offer

Published

8 months ago

8 June, 2024

Core Scientific Inc., a significant player in Bitcoin (Bitcoin) mining industry, rejected an unsolicited $1 billion acquisition offer from artificial intelligence (AI) startup CoreWeave Inc., as more and more companies rush to join the crypto bandwagon.

Core Scientific rejects takeover bid

Core Scientific, one of North America’s largest owners and operators of high-powered digital infrastructure for Bitcoin mining and hosting services, has received an unsolicited, non-binding proposal from CoreWeave to acquire all of its outstanding shares on a fully diluted for $5.75 per share in cash.

O proposalvaluing Core Scientific at $5.75 per share, was made on March 28, 2023, and was rejected by the company’s board of directors.

This proposal came shortly after Core Scientific and CoreWeave signed a series of 12-year contracts for Core Scientific to provide approximately 200 MW of infrastructure to host CoreWeave’s high-performance computing services.

Despite the potential benefits of the partnership, Core Scientific’s board determined that the offer significantly undervalued the company and was not in the best interests of the company and its shareholders. The board cited Core Scientific’s significant growth potential and its ability to capitalize on growing demand for data center space and high-performance computing facilities.

This decision follows Core Scientific’s exit from bankruptcy protection in January. Following the announcement, the company’s shares jumped as much as 16% to $8.30 on June 6, and have risen about 70% since the initial takeover offer.

Core Scientific’s $3.5 billion deal with CoreWeave

In other news, Core Scientific recently signed a significant 12-year contract agreement with CoreWeave, a cloud computing provider, to provide 200 megawatts (MW) of infrastructure to host CoreWeave’s high-performance computing (HPC) operations.

This partnership represents a milestone in Core Scientific’s strategy to diversify its business model and capitalize on the growing demand for data center space and high-performance computing facilities.

The deal, valued at $3.5 billion, is expected to generate cumulative revenues in excess of $3.5 billion over the initial 12-year contract periods.

The estimated average annual revenue from these contracts is approximately US$290 million. This revenue stream will allow Core Scientific to balance its portfolio between Bitcoin mining and alternative computer hosting, positioning the company to optimize cash flow and mitigate risk while maintaining substantial exposure to Bitcoin’s potential growth.

Approximately 18% of Core Scientific’s total operational infrastructure will be used to accommodate CoreWeave’s HPC operations.

More companies making forays into crypto

Bakkt, the digital asset platform launched by Intercontinental Exchange (ICE), parent company of the New York Stock Exchange (NYSE), is supposedly exploring a potential sale.

The company hired a financial advisor to evaluate several strategic options, including a possible sale or spin-off.

This news coincides with fintech brokerage Robinhood’s recent announcement of its acquisition from European cryptocurrency exchange Bitstamp for $200 million. This move reflects a broader trend of larger companies acquiring crypto-related companies as the industry consolidates.

Having gone public in 2021 through a merger with a blank check vehicle, Bakkt has been evaluating its strategic alternatives with the guidance of a financial advisor.

Despite posting a loss of $21 million in the first quarter and revenue of $855 million, Bakkt shares rose 15% to $22.33 on June 7. Its market value is around US$300 million.

The potential sale or dissolution of Bakkt emphasizes continued consolidation in the crypto industry as larger companies aim to bolster their presence in the digital asset space. With Bakkt holding a BitLicense from the New York State Department of Financial Services and establishing partnerships with companies such as Starbucks and Microsoft, the platform could emerge as an attractive acquisition target for companies looking to enter or expand in the crypto market.

As Web3 market participants continue to anticipate the arrival of a massive crypto summer, it definitely won’t be a surprise to see more established companies making inroads into the fledgling cryptoverse.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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