A $116 Million Bet on Core Scientific Signals Conviction Beyond Bitcoin Cycles and Headline Volatility

1 day ago 14

Jonathan Ponciano, The Motley Fool

Wed, December 31, 2025 astatine 11:49 AM CST 5 min read

San Francisco-based Valiant Capital Management accrued its presumption successful Core Scientific by 1.68 cardinal shares successful the 3rd quarter.
The determination contributed to a nett worth alteration of $34.34 million.
As of September 30, the money reported holding 6.48 cardinal shares valued astatine $116.31 million, making it the fund's largest position.
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San Francisco-based Valiant Capital Management accrued its presumption successful Core Scientific (NASDAQ:CORZ) by 1.68 cardinal shares successful the 3rd quarter, adding an estimated $34.34 cardinal successful wide presumption value, according to a November 14 SEC filing.

According to a filing with the Securities and Exchange Commission dated November 14, Valiant Capital Management reported buying 1.68 cardinal further shares of Core Scientific (NASDAQ:CORZ) during the 3rd quarter. The post-transaction presumption totaled 6.48 cardinal shares with a marketplace worth of $116.31 cardinal arsenic of September 30. The money besides reported holding telephone options tied to astir 4.21 cardinal shares.

Top holdings aft the filing:

NASDAQ:CORZ: $116.31 cardinal (10.8% of AUM)
NYSEMKT:SPY: $102.93 cardinal (9.5% of AUM)
NYSEMKT:IWM: $102.31 cardinal (9.5% of AUM)
NYSE:AGX: $68.75 cardinal (6.4% of AUM)
NYSE:GEV: $67.16 cardinal (6.2% of AUM)

As of Wednesday, CORZ shares were priced astatine $14.65, up astir 4% implicit the past twelvemonth and underperforming the S&P 500, which is up astir 17% successful the aforesaid period.

Metric

Value

Market Capitalization	$4.54 billion
Employees	325
Revenue (TTM)	$334.18 million
Net Income (TTM)	($768.31 million)

Core Scientific provides integer plus mining, blockchain infrastructure, and colocation services, generating gross from self-mining operations and hosting solutions for large-scale miners.
The institution operates a dual concern model, earning income some from mining integer assets for its ain relationship and from hosting and instrumentality income to third-party miners.
Primary customers see large-scale integer plus miners and blockchain exertion firms seeking secure, high-performance infrastructure and hosting services.

Core Scientific, Inc. is simply a starring supplier of blockchain infrastructure and integer plus mining services successful North America, operating large-scale information centers and offering some self-mining and hosting solutions.

It’s important to enactment that this involvement was built portion Core Scientific was rallying sharply, not aft the wheels came off. Shares were up astir 24% successful the archetypal 3 quarters of the year, reflecting increasing optimism astir infrastructure monetization and the projected CoreWeave merger. The consequent 32% descent came later, aft that woody was scrapped successful precocious October.

That sequencing reframes the move. This was not a reflexive dip buy. It was an endorsement of the strategy earlier the header hazard reentered the picture.

At the time, Core Scientific was starting to beryllium valued little similar a pure-play Bitcoin miner and much similar a powerfulness and compute platform. Third-quarter results reinforced that shift, highlighting increasing colocation gross and the optionality embedded successful its large-scale, power-rich information halfway footprint. The merger’s illness removed a near-term catalyst but did not erase the underlying thesis.

Meanwhile, wrong the portfolio, this remains the astir concentrated position, outranking wide marketplace ETFs and concern holdings alike. That suggests a tolerance for volatility successful speech for a perchance nonlinear payoff.