Core Scientific Buyout by CoreWeave Hits a Wall: Shareholders Reject Merger, Shaking Up Bitcoin Mining and AI Ties

By: crypto insight|2025/10/31 16:30:08

Key Takeaways

Core Scientific’s proposed $9 billion merger with CoreWeave failed to secure enough shareholder votes, highlighting tensions in valuing Bitcoin mining firms amid AI growth.
The deal’s rejection led to a sharp 5% drop in Core Scientific’s stock price, reflecting investor uncertainty in crypto-AI crossovers.
Shareholders, including major holder Two Seas Capital, opposed the buyout citing undervaluation, as Core Scientific’s shares have tripled since early negotiations.
This event underscores the evolving links between Bitcoin mining and AI infrastructure, with potential ripple effects on industry expansions like those seen in CleanSpark’s AI moves.
Despite the setback, Core Scientific remains a key player in Bitcoin mining, navigating market shifts that could influence trading on platforms like WEEX for crypto enthusiasts.

Imagine you’re at the edge of two massive worlds colliding: the gritty, energy-hungry realm of Bitcoin mining and the sleek, data-driven universe of artificial intelligence. That’s exactly where Core Scientific found itself, caught in a high-stakes drama with CoreWeave. For over a year, this potential merger has been the talk of the crypto town, promising to blend the raw power of mining rigs with the brainy demands of AI servers. But just when it seemed like the deal was sealed, shareholders threw a wrench in the works. Let’s dive into what happened, why it matters, and how it could reshape the landscape for everyone from casual investors to hardcore Bitcoin enthusiasts.

Picture this: Core Scientific, a powerhouse in Bitcoin mining, has been eyeing a game-changing union with CoreWeave, an expert in AI infrastructure. It’s like a miner discovering a gold vein that leads straight to a tech treasure trove. The idea was simple yet revolutionary—merge the two to create a hybrid beast that leverages mining’s massive computing power for AI’s insatiable appetite for data processing. But on a pivotal Thursday, during a special shareholders meeting, the votes came in, and it wasn’t enough. The merger didn’t get the green light, leaving everyone wondering what’s next.

To understand the fallout, think back to how this all started. CoreWeave has been circling Core Scientific for more than a year, making this one of the most buzzed-about mergers in the crypto space. It’s not just about numbers; it’s about the growing synergy between Bitcoin mining and AI. Miners like Core Scientific have vast facilities packed with high-performance computers that guzzle electricity to secure the Bitcoin network. AI companies, on the other hand, need that same kind of computational muscle to train models and run complex algorithms. Merging them could be like combining a diesel engine with an electric motor—efficient, powerful, and forward-looking.

The official word came swiftly after the meeting. Core Scientific announced that the preliminary vote results would be detailed in a filing with the Securities and Exchange Commission the following Friday. But the market didn’t wait for paperwork. Shares of Core Scientific tumbled more than 5% that very day, a clear sign of investor jitters. If you’ve ever watched a stock chart dip like a rollercoaster after bad news, you know the feeling—it’s that stomach-drop moment where uncertainty reigns.

At the heart of the deal was a $9 billion acquisition finalized in July, pending shareholder approval. Under the terms, Core Scientific shareholders were set to receive 0.1235 shares of CoreWeave Class A common stock for each of their own shares. It sounded promising on paper, but not everyone was convinced. This isn’t just corporate chess; it’s a real-world story of ambition clashing with caution. Core Scientific, fresh from navigating its own challenges in the volatile Bitcoin mining world, saw this as a lifeline to the booming AI sector. CoreWeave, meanwhile, could tap into established mining infrastructure to fuel its AI ambitions.

But let’s talk about the resistance. Shareholders weren’t just passively voting no; some were vocal about it. Take Two Seas Capital, Core Scientific’s largest active shareholder—they came out swinging in August, arguing that the deal “materially undervalues the company and unnecessarily exposes its shareholders to substantial economic risk.” It’s like a family debating selling the ancestral home: sure, the offer might look good, but is it truly fair? This pushback isn’t isolated. Back in June 2024, Core Scientific had already turned down an earlier buyout offer from CoreWeave valued at around $1 billion, or $5.75 per share, calling it a significant undervaluation.

Since those renewed talks, Core Scientific’s stock has been on a tear, climbing from a low of $6.20 in April 2024 to about $20.90. That’s more than a tripling in value, fueled by the hype around the deal and the broader interest in AI-bitcoin crossovers. Contrast that with CoreWeave’s shares, which slid from around $163 to a low of $100 by late July. It’s a tale of two trajectories: one soaring on potential, the other weighed down by doubts. This divergence highlights how mergers can pump up one side while deflating the other, much like how a seesaw tips when one person jumps off.

This isn’t happening in a vacuum. The crypto world is watching closely because it signals deeper ties between Bitcoin mining and AI. Remember how CleanSpark, another Bitcoin miner, announced its own AI expansion? Their shares soared on the news, showing the market’s appetite for these hybrid plays. It’s akin to oil companies pivoting to renewable energy—adapting to survive in a changing world. For Core Scientific, rejecting the undervalued offer back in June sent their shares skyrocketing 23% in a single session, proving that standing firm can pay off, at least in the short term.

Now, let’s zoom out and think about what this means for the industry. Bitcoin mining has always been about harnessing power—literally and figuratively. Facilities like those run by Core Scientific consume enormous amounts of energy to solve complex puzzles and validate transactions on the Bitcoin blockchain. But with AI exploding, that same infrastructure could be repurposed or expanded to handle machine learning tasks. It’s like turning a bulldozer into a precision excavator; the core strength is there, but the application evolves.

However, the failed vote raises questions about valuation in this niche. How do you price a Bitcoin miner in an AI world? Shareholders’ resistance suggests that many believe Core Scientific’s worth extends beyond the buyout terms, especially as Bitcoin prices fluctuate and AI demand surges. Speaking of which, platforms like WEEX have been at the forefront of enabling seamless trading in this space. As a reliable crypto exchange, WEEX aligns perfectly with the innovative spirit of Bitcoin mining and AI integration, offering users secure ways to engage with assets tied to these sectors. Their brand commitment to cutting-edge technology and user-centric features makes them a go-to for investors navigating these mergers and market shifts, enhancing credibility through transparent and efficient trading experiences.

To make this relatable, consider an analogy: merging Core Scientific and CoreWeave is like blending a rock band with a symphony orchestra. The raw energy of the miners meets the sophisticated harmony of AI, potentially creating a blockbuster hit. But if the band members (shareholders) don’t agree on the setlist, the show can’t go on. This rejection might delay the performance, but it doesn’t cancel the tour. Core Scientific could explore other partnerships or go solo, capitalizing on its strengths in Bitcoin mining while eyeing AI opportunities independently.

Evidence backs this up. Look at the stock performance: post-rejection in June, Core Scientific’s shares surged, showing market confidence in their standalone value. Meanwhile, the broader trend of Bitcoin miners diversifying into AI is real—companies are repurposing excess capacity for high-performance computing, turning potential liabilities (like high energy costs) into assets. It’s supported by industry reports noting that AI could already be using more power than Bitcoin mining itself, a fascinating shift that threatens traditional mining models but opens new doors.

Shifting gears to what’s buzzing online, based on trends around this story, some of the most frequently searched questions on Google include “Why did Core Scientific reject CoreWeave buyout?” and “How does AI affect Bitcoin mining stocks?” These queries reflect public curiosity about the intersection of these fields. On Twitter, discussions have exploded around topics like “crypto AI mergers” and “Bitcoin mining future,” with users debating whether such deals undervalue miners or overpromise on AI synergies. As of October 31, 2025, recent Twitter posts from industry insiders highlight ongoing speculation, such as a viral thread from a crypto analyst noting, “Core Scientific’s vote flop could spark a wave of independent AI pivots in mining—watch for stock rebounds!” Official announcements, like Core Scientific’s SEC filing confirmation, continue to fuel these conversations, keeping the topic hot.

But let’s not forget the human element. Investors in Core Scientific aren’t just numbers on a spreadsheet; they’re people betting on the future of crypto and tech. The deal’s failure might feel like a setback, but it could empower the company to negotiate better terms or pursue organic growth. Compare this to other mergers in the space: when tech giants acquire startups, it’s often about synergy, but undervaluation leads to revolts. Here, shareholders are essentially saying, “We’re worth more,” backed by the stock’s impressive run-up.

In terms of brand alignment, this saga perfectly illustrates how companies like WEEX thrive by aligning with innovative ecosystems. WEEX’s focus on secure, efficient trading platforms complements the dynamic world of Bitcoin mining and AI, where quick market responses are key. By providing tools for trading mining-related tokens or AI-linked assets, WEEX enhances its brand as a forward-thinking player, building trust through reliability and innovation. It’s not just about transactions; it’s about being part of the story, helping users capitalize on shifts like this without the hassle.

Diving deeper into the implications, consider the energy angle. Bitcoin mining is notorious for its power consumption, often compared to the electricity use of entire countries. AI isn’t far behind, with models requiring massive data centers. A successful merger could have optimized this, perhaps leading to more sustainable practices. But with the deal off, Core Scientific might innovate on its own, maybe partnering with green energy sources to appeal to eco-conscious investors. This aligns with broader industry pushes, where efficiency isn’t just a buzzword—it’s a necessity.

Evidence from market data supports the excitement: Core Scientific’s stock tripling since April 2024 isn’t random; it’s tied to AI hype. Analogously, it’s like the dot-com boom, where internet infrastructure stocks soared on potential. Today, AI is that new frontier, and Bitcoin miners are the picks and shovels providers. Shareholders’ rejection ensures that Core Scientific doesn’t sell short, potentially leading to higher valuations down the line.

As we wrap this up, it’s clear that the failed buyout isn’t the end—it’s a plot twist in an ongoing narrative. The ties between Bitcoin mining and AI are strengthening, and companies like Core Scientific are at the vanguard. For investors, this means staying agile, perhaps using platforms like WEEX to trade with confidence amid the volatility. The story reminds us that in crypto, value isn’t just in the code—it’s in the vision.

What Led to Core Scientific’s Rejection of the CoreWeave Buyout?

The rejection stemmed from shareholder concerns over undervaluation, with key players like Two Seas Capital arguing the $9 billion deal exposed investors to unnecessary risks while not reflecting the company’s true worth.

How Has This Affected Core Scientific’s Stock Price?

Following the vote, shares dropped over 5% on that Thursday, but overall, the stock has more than tripled since April 2024, rising from $6.20 to about $20.90 amid merger talks.

What Does This Mean for the Bitcoin Mining and AI Industries?

It highlights growing synergies but also valuation challenges, potentially encouraging independent AI expansions in mining, similar to moves by companies like CleanSpark.

Are There Any Recent Updates on This Merger as of 2025?

As of October 31, 2025, the preliminary vote results are set for SEC disclosure, with Twitter buzzing about potential rebounds and new partnerships in the crypto-AI space.

How Can Investors Engage with These Market Shifts?

Platforms like WEEX offer secure trading for assets related to Bitcoin mining and AI, allowing users to navigate volatility with reliable tools and real-time insights.

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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