CoreWeave Inc (NASDAQ:CRWV) just made a big move — but the market didn't applaud. Shares of Core Scientific Inc (NASDAQ:CORZ) plunged nearly 21% on Monday, even as AI cloud provider CoreWeave announced it will acquire the Bitcoin (CRYPTO: BTC) miner in an all-stock deal.

The twist?

Beth Kindig, CEO and Lead Tech Analyst at I/O Fund, flagged the valuation in a post on X:

The exchange ratio values Core Scientific at a jaw-dropping $9 billion — or $20.40 per share, a massive premium over its pre-deal price of under $11. That's a valuation level this Bitcoin mining company could have secured only during the heady crypto boom days of 2021. And markets aren't buying it.

Read Also: CoreWeave, Core Scientific Shares Move Lower On $9 Billion All-Stock Deal

CoreWeave's stock also dipped 3.9% on the news, despite its own red-hot 293% year-to-date rally. While the company touts the acquisition as a strategic play to vertically integrate and secure cheap, scalable power for its AI infrastructure, investors seem skeptical of marrying high-growth AI with high-volatility crypto mining.

That's a head-turner in today's market, where Bitcoin miners have struggled with compressed margins, regulatory uncertainty, and post-halving revenue pressure.

Core Scientific is down 12% in the past month and still negative year-to-date — yet CoreWeave's offer implies nearly double the current share price.

CoreWeave's bullish bet hinges on AI's insatiable energy appetite. Owning a Bitcoin mining company such as Core Scientific, which operates massive power-dense data centers, could give CoreWeave better control over energy infrastructure. But the question remains: Can a 2021-style crypto valuation fly in a 2025 market?

For now, the answer from investors is a resounding, "not yet."

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