Now, CoreWeave has helped another crypto mining operation fully pivot. On Monday, the company announced its plans to acquire Core Scientific, a publicly traded Bitcoin miner. The acquisition, which CoreWeave said is expected to close in the fourth quarter, was an all-stock deal for about $9 billion.

CoreWeave’s CEO said the acquisition will enhance the company’s performance and expertise as they "continue helping customers unleash AI’s full potential."

Core Scientific stock drops 25% after CoreWeave all-stock buyout announcement, reflecting investor fears over valuation risks and lack of price protection.