Bitcoin miner Core Scientific edged into a buy zone early Monday. Shares gained after Canaccord launched coverage with a buy rating, based on the company's June deal with Nvidia partner Coreweave.
Core Scientific declared Chapter 11 bankruptcy in December 2022. It emerged from the restructuring in January, touting a $54 million investment from Bitmain in Core Scientific stock. Core, in turn, bought 27,000 high-performance Bitmain processing rigs for $23.1 million.
In June, Core was an early mover in the relationship between bitcoin miners and larger operations needing AI data processing capacity. It inked a $6.7 billion deal with the Nvidia-backed cloud host Coreweave, providing 382 megawatts of computing capacity to Coreweave by the first half of 2026.
Canaccord called it "the first and landmark 'mega deal' signed by a Bitcoin miner" to provide high-performance compute data center hosting capacity.
Core: A Bitcoin Miner Breakout
Core Scientific shares jumped more than 3% Monday. The bitcoin mining stock is up 286% since emerging from Chapter 11 protection in January. It traded narrowly above a 12.25 buy point early Monday, eyeing a breakout from a deep, eight-week base.
Investors could also have plotted a handle buy point at 11, or could have bought around Sept. 12, on a rebound from 10-week support.
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