==Core Scientific (CORZ) to be acquired by CoreWeave (CRWV)

 

CoreWeave to acquire Core Scientific (CORZ) in an all-stock transaction implying a total equity value of $9 bln, expected to close in the fourth quarter of 2025 

• Under the terms of the merger agreement, Core Scientific (CORZ) stockholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock based on a fixed exchange ratio.
• Following CoreWeave's successful IPO in March 2025, this acquisition will help CoreWeave verticalize its data center footprint to future-proof revenue growth and enhance profitability.
• Through this acquisition, CoreWeave will own approximately 1.3 GW of gross power across Core Scientific's national data center footprint1 with an incremental 1 GW+ of potential gross power available for expansion.
• As of July 3, 2025, the agreed-upon exchange ratio implies a total equity value of approximately $9.0 billion.
• This is calculated on a fully diluted basis and based on CoreWeave's 5-day VWAP. This represents a $20.40 per share value based on the closing price of CoreWeave Class A common stock as of July 3, 2025, and a premium of approximately 66% to the unaffected Core Scientific closing share price of $12.30 on June 25, 2025.
• The final value will be determined at the time of transaction close.
• Upon close, CoreWeave expects Core Scientific's stockholders' ownership of the combined company will be less than 10%.

Omada Health prices IPO at $19 per share

• Omada Health is set to start trading on the Nasdaq under the ticker symbol “OMDA.”
• It’s the second digital health company to hit the market in a matter of weeks, following Hinge Health’s debut in May.
• The company priced its IPO at $19 a share.

Omada Health is a virtual-first healthcare provider focused on helping individuals manage and improve their health, especially those with chronic conditions like prediabetes, diabetes, hypertension, and musculoskeletal issues. 

The virtual chronic care company said in a press release that 7.9 million shares are being sold in the offering, amounting to $150 million.

Omada, founded in 2012, will trade on the Nasdaq under the ticker symbol “OMDA.” The company filed its initial prospectus in May and updated the document with an expected pricing range of $18 to $20 per share. 

At the IPO price, Omada is worth about $1.1 billion, though that number could be higher on a fully diluted basis. That’s right around its private market valuation from 2022, when Omada announced a $192 million funding round that pushed its valuation above $1 billion.

U.S. Venture Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.

Circle Internet Group (CRCL) began trading on the NYSE on Thur 5 June 25

Circle Internet Group (CRCL) had a wildly successful debut. After pricing its IPO at $31.00 per share, the global fintech specializing in stablecoins traded as high as $103.75 before closing the session at 83.23.

• Opened at $69 after pricing IPO at $31/share

 

 

• Circle Internet Group (CRCL) is stormed out of the gate as its upsized 34.0 mln share IPO priced at $31/share, above the expected range of $27-$28, achieving a market valuation of $6.9 bln ($8.1 bln fully diluted). Shares opened at $69, a 122.6% surge, reflecting extraordinary investor demand. The IPO raised $1.054 bln in gross proceeds, significantly exceeding the initial target of $624 mln.
• CRCL is a global fintech specializing in stablecoins, notably USD Coin (USDC), the second-largest stablecoin with a $62 bln market capitalization, trailing only Tether's USDT. USDC, pegged 1:1 to the U.S. dollar, facilitates low-cost, rapid cross-border transactions and serves as a trading and DeFi collateral asset. Circle generates revenue primarily through reserve income, transaction and treasury services, and partnerships. In regard to partnerships, CRCL has a 50% revenue sharing agreement with Coinbase (COIN), a key USDC distributor.
• CRCL's mission is to foster a secure, efficient digital dollar ecosystem, bridging traditional finance and blockchain for payments, commerce, and financial applications. Its regulatory compliance, including a 2015 New York BitLicense, positions it as a trusted player for institutional adoption.
• The company's growth prospects are tied to the expanding stablecoin market, projected to grow as digital payments and DeFi gain traction. USDC's ~25% market share and $62 bln in circulation position it to capture increasing demand for stable, blockchain-based transactions, particularly in cross-border payments and B2B use cases. The pending U.S. stablecoin bill, supported by the Trump administration's pro-crypto stance, could enhance USDC's legitimacy and institutional adoption, though it may invite competition from banks exploring their own stablecoins.
• In 2024, CRCL reported revenue and reserve income of $1.68 bln, a 16.1% yr/yr increase, driven by a 9% increase in average daily USDC in circulation reflecting increased demand for Circle stablecoins related to digital asset trading activity, market share gains as it continues to grow in key markets, as well as expanded strategic partnerships and integrations. However, net income fell 41.8% to $(111.9) mln, reflecting rising costs. Distribution and transaction expenses jumped 40.4% in FY24, outpacing revenue growth, due to COIN's revenue-sharing agreement and third-party distribution costs.