Zurich-based PSquared Asset Management initiated a 405,800-share stake in Core Scientific during the third quarter. The position was worth about $7.28 million as of September 30. The new position represents about 5.78% of reported 13F assets under management. On November 13, Zurich-based PSquared Asset Management disclosed a new position in Core Scientific (NASDAQ:CORZ), acquiring 405,800 shares valued at approximately $7.28 million.
The firm acquired 405,800 shares, bringing its end-of-quarter holding to $7.28 million, or 5.78% of its $125.97 million in U.S. equity assets. Core Scientific provides digital asset mining, blockchain infrastructure, and colocation hosting services, generating revenue from both proprietary mining and third-party hosting contracts. The company operates a dual business model: mining digital assets for its own account and offering datacenter colocation and hosting services for institutional-scale blockchain clients. Primary customers include large-scale blockchain miners and enterprises seeking secure, high-performance infrastructure for distributed ledger operations in North America.
Core Scientific, Inc. provides blockchain infrastructure and digital asset mining services, operating datacenter facilities across North America. The company develops blockchain-based platforms and software solutions, mines digital assets for its own account, and provides hosting and colocation services for large-scale blockchain clients. At quarter-end, Core Scientific looked a lot like a stabilizing digital infrastructure play. Hosting contracts were expanding, the balance sheet had improved post-restructuring, and the proposed CoreWeave merger offered a clean path to monetizing power-heavy data center assets.
For a concentrated fund, the position fit a familiar playbook: buy into optionality while sentiment was still repairing. That context is critical because a steep stock drawdown did not occur until late October, after Core Scientific formally terminated its merger agreement with CoreWeave when shareholders failed to approve the deal. Shares have fallen nearly 30% as investors repriced the loss of a clear catalyst and questioned the pace of the company’s pivot toward high-density colocation and AI-adjacent workloads. Operationally, however, little changed overnight.
Core Scientific still controls valuable power infrastructure and continues to shift capacity away from pure bitcoin mining toward hosting and compute services. But without the merger, execution risk moved back to center stage.
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