Crypto stocks were highly active Monday. Shares of Core Scientific tumbled after the bitcoin miner closed an acquisition deal with CoreWeave. Cryptocurrency peers Bit Digital and IREN continued recent rallies that paralleled the Core Scientific news. Elsewhere, the House Financial Services Committee geared up for what it's calling the "Crypto Week" onslaught of cryptocurrency-based legislation.
Core Scientific Buyout
AI hyperscaler CoreWeave on Monday announced that it reached a deal to acquire bitcoin miner Core Scientific for $9 billion in an all-stock transaction.
Per the deal, Core Scientific shareholders will receive 0.1235 shares of newly issued class A CoreWeave stock for each CORZ share they hold. CoreWeave plans to pay $20.40 per share, which represents a 66% premium to Core Scientific's June 25 closing price of 12.30.
Core Scientific rallied more than 60% in June, with most of the gains coming late in the month on Wall Street Journal reports that the companies were close to a deal.
Both boards have already approved the deal, which is expected to close in the fourth quarter after customary closing conditions and approvals.
CoreWeave attempted to purchase Core Scientific last year at $5.75 per share, which valued the company at more than $1 billion. Core Scientific rejected that offer, viewing the proposal as too low and opting to focus on existing partnerships with CoreWeave.
The two companies have collaborated on a number of projects. Last June, the pair announced a series of 12-year contracts for Core Scientific to deliver hundreds of megawatts of processing power to host CoreWeave's operations.
CORZ stock tumbled nearly 18% Monday on the news.
Bit Digital Ditches Bitcoin
Bit Digital continued its rally as the New York-based crypto outfit confirmed a number of recent overhauls to its business. The former bitcoin miner on Monday announced that it has completed its transition to an ethereum strategy.
The company on Monday announced that it has completed its transition to an ethereum treasury and sold off a substantial portion of its bitcoin holdings.
Bit Digital had earlier announced, on June 25, its transition to a pure-play ethereum staking and treasury company. As part of the shift, Bit Digital expects to convert its bitcoin holdings to ethereum over time, and sell or wind down its bitcoin mining operations and redeploy the proceeds into ETH.
Bit Digital has already sold about 280 bitcoin and used the proceeds to purchase additional bitcoin. The company also raised $172 million in gross proceeds from a recent underwritten public offering and used the capital to purchase ETH.
Bit Digital has now accumulated 100,603 ETH, up from the 24,434 held on March 31. The company on March 31 held 417.6 bitcoin worth about $34.5 million at that time, according to the initial strategy announcement.
BTBT stock soared more than 18% Monday. Shares rallied 46% last week following its ethereum strategy announcement.
IREN Falls On Monthly Update
Shares of bitcoin miner IREN recovered from early losses on Monday and gained ground after the firm released its monthly update for June.
IREN mined seven fewer bitcoin in June than in May, with 620 bitcoin mined for the month. Still, June's bitcoin revenue increased to $65.5 million from $64.7 million due to higher prices for the cryptocurrency.
AI cloud services revenue was flat month-over-month at $2.2 million. The company's total hardware profit increased slightly to $51.3 million from $49.9 million in May.
Co-CEO Daniel Roberts noted that June saw "another month of record revenues."
Still, IREN stock saw a slight gain Monday. Shares rallied 54% over the past two weeks prior to Monday's update. IREN shares are up more than 72% so far this year.
House Preps For 'Crypto Week'
Elsewhere, the House Financial Services Committee on July 3 announced that the week of July 14 will be "Crypto Week." During the week, the House will consider various cryptocurrency-related bills. The agenda includes the Clarity Act, which establishes a framework for digital assets, the Genius stablecoin bill, which passed the Senate in June, and the Anti-CBDC Surveillance State Act, which prohibits Federal Reserve banks from issuing central bank digital currencies.
Bitcoin, Crypto Stock Action
Bitcoin traded above $108,000 on Monday, rising less than 1% over the past week. The price of bitcoin is up almost 16% in 2025, but the cryptocurrency is still trading below its May 22 record high of $111,970.
Ethereum has pared its gains over the past week to around 1%, to trade near $2,540. ETH is down nearly 24% so far this year.
Shares of crypto exchange Coinbase rose slightly Monday, adding to their 43% gain this year.
Strategy eased 2%. MSTR stock is trading in a cup base with a 430.35 buy point. Strategy has advanced more than 36% in 2025.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
