Two Seas Capital increased its beneficial ownership in Core Scientific (NASDAQ: CORZ) to 8.1% of the company’s common stock, according to an SEC filing.
The $1.4 billion investment firm disclosed holding 25,002,467 shares in the filing, an increase from 7.9% on December 1.
The stake includes options and warrants exercisable, with Two Seas Capital holding 313,646 shares issuable upon the exercise of warrants, as well as options to purchase 8,477,600 shares of common stock.
Specific expiration dates and prices apply to the options contracts. The holdings consist of options to purchase 3,400,000 shares at $15 per share expiring on January 16, 2026. A second tranche includes options for 5,077,600 shares at $17 expiring on February 20, 2026.
This accumulation follows a period of vocal activism by the shareholder regarding the company’s strategy. Two Seas Capital urged votes against the sale of Core Scientific to CoreWeave (NASDAQ: CRWV) on August 7, September 4, and October 13, 2025. The firm publicly opposed the acquisition deal multiple times throughout the second half of the year.
The stock price of Core Scientific dropped 21% since Two Seas Capital last announced its opposition to the deal in October.
Several other hedge funds maintain significant positions in the bitcoin miner. Event-driven fund Pentwater Capital Management LP holds 8.50% of the common stock. Situational Awareness, an AI-focused hedge fund, controls a 9.4% stake.Valiant Capital Management, L.P. holds 5.8% of the outstanding shares. Citadel Securities also disclosed a 5.5% stake in Core Scientific.
