CoreWeave (CRWV) has agreed to acquire bitcoin miner Core Scientific (CORZ) in an all-stock deal valued at $20.40 per share, implying a ~16x FY26E EBITDA multiple, a steep discount to traditional data center peers, according to investment bank KBW.

Core Scientific shares were 18% lower, trading around $14.75 at publication time. CoreWeave stock was down 5%.