Core Scientific shareholders today rejected the proposed merger with CoreWeave, an AI-focused cloud computing provider, blocking the takeover deal between the Bitcoin mining and data center operator and the high-performance computing infrastructure company.

Proxy advisory firms had urged Core Scientific shareholders to vote against the CoreWeave merger, citing concerns over undervaluation of the company’s assets.

Market observers noted strong indications from Core Scientific investors favoring rejection of the deal to pursue independent growth in Bitcoin mining and data centers.