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The biggest M&A ever in mining?
How much is Core Scientific worth to CoreWeave? Plus, why you could soon use bitcoin to bolster your credit worthiness when taking out a mortgage and other news.

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Fractal Bitcoin
In a moment, everything changed. At least for Bitcoin miners!
Today, a note on CoreWeave’s bombshell offer to buy Core Scientific — and what analysts think the deal might be worth.
Also, the FHFA’s order to include cryptocurrencies as legit assets for mortgages, stablecoins are coming back to Bitcoin, and more!
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CoreWeave close to Core Scientific acquisition deal, sources say
The $100 billion cloud computing firm CoreWeave is in talks to acquire Core Scientific, the bitcoin mining company turned AI infrastructure provider that CoreWeave has contracted for 590 MW of critical IT load. According to persons close to the matter who spoke to the Wall Street Journal, the deal could close in a matter of weeks. Shares of Core Scientific surged 33% on the news.– link
OUR TAKE: Cinderella is trading in her glass slippers for fiberoptic and silicon.
For those who weren’t around or who are short of memory, Core Scientific, buried under a pile of debt, filed for bankruptcy at the end of 2022. It emerged from its Chapter 11 restructuring in January 2024 under new management, and it’s up 350% since. Now this summer’s hottest, $100 billion tech stock – which raised $1.5 billion in its March IPO – is eyeing it for acquisition. The comeback story of the decade.
Now, no story gets leaked like this unless those on the inside think it’s to their advantage. It’s also probably a decent sign that negotiations are going well and the deal really is close to the finish line (of course, there’s no way to know for sure, but that’s just my hunch).
Speculation is abuzz on the socials about how much the deal might be worth. Our friend Pennyether did some back of the napkin math that places the buyout at $4.47-6.6 billion ($15-22.50/share). That’s pretty damn good. But you know what’s even better? Cantor Fitzgerald calling for $30/share – a cool $8.9 billion acquisition price.
All things considered, the deal could very well be the most valuable M&A deal in bitcoin mining history.
Another question on our mind, though, is, what does this mean for CoreWeave’s other strategic partners, Applied Digital and Galaxy Digital? CoreWeave has multi-hundred megawatt contracts with both of these firms. It’s unlikely that CoreWeave ditches these contracts, but they will certainly take a backseat to the infrastructure CoreWeave would own if the Core Scientific deal goes through. Or, maybe Applied Digital and/or Galaxy Digital’s data center business are next…
-CMH
P.S. Will just did a podcast with Galaxy Digital’s Co-Head of Data Centers. Subscribe to our Youtube to get notified when it drops.
Luxor x Gridless: Remote Mines, Predictable Revenue
Discover how Luxor helped Gridless overcome unreliable power and limited connectivity in Africa—using robust pool infrastructure and real-time reporting to ensure steady Bitcoin mining even in the most remote locations.
Fannie Mae and Freddie Mac to recognize cryptocurrency holdings for mortgages
The Trump Administration’s Director of Federal Housing, Bill Pulte, has ordered Fannie Mae and Freddie Mac to consider cryptocurrency holdings when evaluating assets for credit worthiness of single-family mortgages. Per the order, only cryptocurrencies custodied on regulated U.S. exchanges would qualify. - link
Flashnet to launch Bitcoin-native stablecoin
Bitcoin trading infrastructure startup Flashent is bringing stablecoins back to Bitcoin. The company, in partnership with a licensed financial firm, Brale, will soon rollout its USDB stablecoin on Spark, the statechain-Lightning Network hybrid L2 designed by Lightspark. Flashnet will initially integrate USDB on the Magic Eden marketplace. - link
Cango closes share-settled mining deal, brings total capacity to 50 EH/s
Cango has completed the share-settled portion of its November 6, 2024, agreement to acquire on-rack crypto-mining machines, issuing shares to purchase the remaining 18 EH/s of rigs. It now boasts 50 EH/s of machines globally - link
Tweet of the Week
Scuttlebutt circulated on X — purely speculative, of course — that Bitcoin’s recent hashrate dip had something to do with the U.S. strikes on Iran last weekend. Well, we hate to be a wet blanket, but there’s a more logical, more boring explanation: it’s the weather, stupid.
Your average ipad-kid-brain Bitcoin maxi vs multi cycle Bitcoin miners.
— cbspears ◉ (@cbspears)
3:09 AM • Jun 25, 2025
Blockspace Podcasts
Analysts estimate that CoreWeave's proposed buyout of CoreScientific could fetch anywhere from $4.5 billion to $9 billion. The gang breaks down bitcoin mining's biggest acquisition on the latest Mining Pod news round up!
Got any fun plans this weekend? Let us know in a reply!
-CMH