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    Crypto Market Recap: CoreWeave to Acquire Core Scientific in US$9 Billion Deal

    Giann Liguid
    Meagen Seatter
    Jul. 07, 2025 01:05PM PST

    Elsewhere in the crypto space, the SEC issued its first concrete disclosure guidance for crypto-linked ETFs, and Elon Musk said his new political party will embrace Bitcoin.

    Bitcoin coin in sand with blurred American flag background.
    Ewan Kennedy / Unsplash

    Here's a quick recap of the crypto landscape for Monday (July 7) as of 9:00 p.m. UTC.

    Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.


    Bitcoin and Ethereum price update

    Bitcoin (BTC) is priced at US$108,159, a 0.3 percent decline in the last 24 hours. The day's range for the cryptocurrency brought a low of US$107,591 and a high of US$108,551.

    Bitcoin price performance, July 7, 2025.

    Bitcoin price performance, July 7, 2025.

    Chart via TradingView.

    Bitcoin hovered near US$109,000 at the start of the day as investors shifted from equities to crypto in response to tariff-related uncertainty under US President Donald Trump.

    Meanwhile, MicroStrategy's (NASDAQ:MSTR) paused its weekly Bitcoin purchases for the first time since March, signaling a strategic reassessment amid recent volatility. Together, macro pressures and institutional moves helped support Bitcoin’s price.

    Ethereum (ETH) is priced at US$2,546.07, up by 0.2 percent over the past 24 hours. Its lowest valuation as of Monday was US$2,521, and its highest was US$2,553.

    Altcoin price update

    • Solana (SOL) was priced at US$149.11, down by 1.3 percent over 24 hours. Its lowest valuation as of Monday was US$149.21, and its highest was US$153.06.
    • XRP was trading for US$2.30, up 1.6 percent in the past 24 hours. The cryptocurrency's lowest valuation was US$2.28, and its highest was US$2.30.
    • Sui (SUI) is trading at US$2.87, down by 0.7 percent over the past 24 hours. Its lowest valuation was US$2.84 and its highest was US$2.92.
    • Cardano (ADA) is priced at US$0.5847, down by 0.4 percent in the last 24 hours. Its lowest valuation as of Monday was US$0.5764, and its highest was US$0.589.

    Today's crypto news to know

    CoreWeave to acquire Core Scientific for US$9 billion

    CoreWeave (NASDAQ:CRWV) signed a definitive agreement to acquire Core Scientific (NASDAQ:CORZ) in an all-stock deal valued at US$9 billion. Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A common stock for each share of Core Scientific, representing a 66 percent premium over Core Scientific's June 25 closing price.

    The deal had been in the works for over a year. A US$1 billion bid made by CoreWeave in 2024 was initially rejected as too low, but the Wall Street Journal reported in June that discussions between the two companies had resumed.

    “This acquisition accelerates our strategy to deploy AI and (high-performance computing) workloads at scale,” said Michael Intrator, CoreWeave's CEO, Chair and co-founder.

    “Verticalizing the ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion.”

    SEC’s crypto ETF guidance signals mainstream shift

    The US Securities and Exchange Commission (SEC) took a major step toward regulating crypto exchange-traded products with its first formal guidance on crypto ETP disclosures, according to Reuters analysis.

    Issued last week, the 12 page document issues new guidance, stating firms should describe risks and custody arrangements in “plain English.” The document could speed up approval of dozens of new crypto ETFs tied to a variety of coins, including Solana, XRP and even Trump’s meme coin, Reuters states.

    Anonymous insiders told Reuters the SEC is also developing a more standardized listing rule to replace the case-by-case exemptions that currently delay launches. That change could shrink approval timelines from 240 days to as little as 75.

    Musk’s America Party goes all in on Bitcoin, calls fiat "hopeless"

    Elon Musk confirmed that his newly formed America Party will officially embrace Bitcoin after declaring that “fiat is hopeless” in a post on X. The move follows Musk’s earlier hints at increasing his own Bitcoin exposure and praising Bitcoin as a hedge against traditional currency.

    Musk was a significant figure in Trump’s reelection campaign and even headed the Department of Government Efficiency before splitting with Trump over his budget bill and creating the America Party.

    The shift could inject more digital asset discussions into US politics as Musk tries to build a third-party movement.

    Despite hype from Dogecoin supporters, no plans for DOGE adoption were announced.

    Metaplanet boosts Bitcoin stash past 15,500 BTC

    Japan’s Metaplanet (OTCQX:MTPLF,TSE:3350) disclosed this week that it has purchased another 2,205 BTC at an average price of 15.64 million yen per coin, spending around US$213 million.

    This purchase brings the firm's total Bitcoin holdings to 15,555 BTC, making Metaplanet one of the world’s largest corporate holders of the asset. The company tracks a proprietary metric called BTC Yield, measuring the effect of share dilution on per-share Bitcoin value.

    For the second quarter, Metaplanet reported a BTC yield of 95.6 percent, down from 309.8 percent the previous quarter, but still strong enough to highlight aggressive growth.

    Metaplanet’s total BTC investment now tops US$1.38 billion.

    The Blockchain Group and Smarter Web Company expand Bitcoin holdings

     The Blockchain Group (EPA:ALTBG) and Smarter Web Company (AQSE:SWE) have expanded their Bitcoin holdings.

    In a Monday announcement, France’s The Blockchain Group said it acquired 116 BTC for about 10.7 million euros, bringing its total holdings to 1,904 BTC. For its part, the UK's Smarter Web Company announced the purchase of 226.42 BTC for 17.9 million pounds, bringing the company’s total to 1,000 BTC.

    Bit Digital shifts corporate treasury from Bitcoin to Ether

    Digital asset firm Bit Digital (NASDAQ:BTBT) has shifted its corporate treasury from Bitcoin to Ether, according to an announcement made by the company on Monday.

    The change was punctuated by a purchase of more than 75,000 ETH tokens, funded by the sale of 280 Bitcoin and proceeds raised during a recent public offering that brought in US$172 million.

    According to the announcement, Bit Digital held 24,434 ETH prior to the offering, and the additional ETH acquisition has brought the company’s total to approximately 100,603 ETH. This move establishes Bit Digital as the second-largest corporate holder of ETH after Coinbase Global, as per CoinGecko data. Following this news, Bit Digital's stock closed over 18 percent higher, and its market cap temporarily rose above US$1 billion.

    Don't forget to follow us @INN_Technology for real-time news updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
    Meagen Seatter

    Meagen Seatter

    Investment Market Content Specialist

    Meagen moved to Vancouver in 2019 after splitting her time between Australia and Southeast Asia for three years. She worked simultaneously as a freelancer and childcare provider before landing her role as an Investment Market Content Specialist at the Investing News Network.

    Meagen has studied marketing, developmental and cognitive psychology and anthropology, and honed her craft of writing at Langara College. She is currently pursuing a degree in psychology and linguistics. Meagen loves writing about the life science, cannabis, tech and psychedelics markets. In her free time, she enjoys gardening, cooking, traveling, doing anything outdoors and reading.

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    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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    Meagen Seatter
    Meagen Seatter

    Investment Market Content Specialist

    Meagen moved to Vancouver in 2019 after splitting her time between Australia and Southeast Asia for three years. She worked simultaneously as a freelancer and childcare provider before landing her role as an Investment Market Content Specialist at the Investing News Network.

    Meagen has studied marketing, developmental and cognitive psychology and anthropology, and honed her craft of writing at Langara College. She is currently pursuing a degree in psychology and linguistics. Meagen loves writing about the life science, cannabis, tech and psychedelics markets. In her free time, she enjoys gardening, cooking, traveling, doing anything outdoors and reading.

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