Shares of crypto miners Applied Digital Corp (NASDAQ:APLD), Galaxy Digital Inc (NASDAQ:GLXY) and IREN Ltd (NASDAQ:IREN) all closed higher Thursday in sympathy with Core Scientific Inc (NASDAQ:CORZ). Core Scientific’s stock gained on reports that AI cloud firm CoreWeave Inc (NASDAQ:CRWV) is in discussions to acquire it.
What To Know: According to the Wall Street Journal, a deal could be finalized soon. This news comes after CoreWeave made an unsuccessful bid for Core Scientific a year ago at $5.75 per share.
The Bitcoin (CRYPTO: BTC) miner's shares now trade at more than double that price. Core Scientific operates one of North America’s largest digital infrastructure platforms and has a 12-year hosting partnership with CoreWeave.
The positive sentiment lifted other sector players. Earlier in June, Applied Digital shares were volatile after CoreWeave divested its entire stake, a move that followed a major 15-year lease agreement for Applied Digital expected to generate $7 billion.
Galaxy Digital also benefited from the upbeat mood on Thursday. The company recently expanded its high-performance computing infrastructure, supported by a new agreement with CoreWeave.
Additionally, Galaxy Digital is collaborating with Invesco on a proposed Solana ETF and partnered with Liquid Collective to enhance institutional liquid staking.
How To Buy CORZ Stock
By now, you're likely curious about how to participate in the market for Core Scientific, be it to purchase shares or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of Core Scientific, which is trading at $16.36 as of publishing time, $100 would buy you 6.11 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option or sell a call option at a strike price above where shares are currently trading — either way, it allows you to profit from the share price decline.
Read Also:
• CoreWeave Stock Is Moving Lower Wednesday: What’s Going On?
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