Two Seas Capital LP, one of the largest shareholders of Core Scientific Inc. (NASDAQ: CORZ), issued a letter urging shareholders to vote against the company's proposed sale to CoreWeave Inc. (NASDAQ: CRWV) at a special meeting scheduled for October 30, 2025.

The alternative investment management firm, which manages approximately $2.0 billion in assets, argues that Core Scientific's stock would be trading more than twice as high as the CoreWeave transaction value of $16.40 per share if it traded in line with AI infrastructure peers. Two Seas stated that investment in AI infrastructure has accelerated since the transaction was announced in July, driving equity valuations of Core Scientific's peers higher.

According to the letter from Two Seas founder Sina Toussi, Core Scientific has access to low-cost power, expertise in site construction and management, strong existing infrastructure and an attractive future pipeline. The firm expressed confidence in Core Scientific's executive management team and their ability to build out a 700-megawatt pipeline and secure additional hosting contracts.

The proposed acquisition was announced on July 7, 2025. Two Seas filed a definitive proxy statement with the SEC on September 29, 2025, to solicit votes against the transaction using a GOLD proxy card.

Two Seas, founded in 2020, specializes in event-driven investing with a focus on special situations. The firm currently owns shares in both Core Scientific and CoreWeave and continues to trade securities in both companies.