Two Seas Capital, the third largest shareholder in Core Scientific (CORZ) with a 6.3% stake, has come out against the bitcoin miner’s proposed all-stock acquisition by AI cloud provider CoreWeave (CRWV).

In a letter published Thursday, Two Seas said it intends to vote against the deal, which was announced July 7, and plans to rally other shareholders to do the same unless significant changes are made.

The opposition centers on the all-stock, uncollared nature of the transaction, which Two Seas argues unfairly favors CoreWeave and fails to reflect Core Scientific’s strategic position in high-performance computing (HPC) infrastructure.

"The proposed sale materially undervalues the company and unnecessarily exposes its shareholders to substantial economic risk," said Sina Toussi, founder o

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