Core Scientific's $420M Trading Volume Ranked 240th as Shareholders Criticize Merger Valuation

On August 14, 2025, Core Scientific (CORZ) traded with a volume of $0.42 billion, ranking 240th in market activity. The stock closed down 0.11%, reversing a seven-day winning streak amid heightened shareholder scrutiny over its proposed merger with CoreWeave Inc. Two Seas Capital, holding 6.5% of Core Scientific, publicly criticized the deal as "inadequately valued," warning it exposes shareholders to CoreWeave's market volatility without safeguards. The firm argued the merger disproportionately benefits CoreWeave at the expense of Core Scientific holders, citing concerns about valuation fairness and risk exposure. The fixed exchange ratio of 0.1235 CoreWeave shares per Core Scientific share has intensified debates about strategic alignment and shareholder protection mechanisms.

The controversy highlights ongoing tensions between corporate strategy and investor expectations in the AI infrastructure sector. While the merger aims to consolidate computing resources, dissenting shareholders emphasize the need for transparent valuation frameworks to mitigate risks from market fluctuations. Analysts note that such governance disputes often delay deals and create short-term price pressures as market participants reassess risk-reward profiles. The absence of additional corporate updates or regulatory interventions has left the stock in a wait-and-see phase, with technical indicators showing mixed sentiment between bearish corrections and potential consolidation patterns.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to now delivered moderate returns. The 1-day return was 0.98%, with a total return of 31.52% over 365 days. This indicates the strategy captured some short-term momentum but also reflected market volatility and potential timing risks.