SCHEDULE: Two Seas Capital Amends Core Scientific Stake to 5.9%

Two Seas Capital LP and its affiliates updated their beneficial ownership in Core Scientific, Inc. to 5.9%, detailing recent stock and options transactions.

Summary

• Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi collectively beneficially own 18,716,679 shares of Core Scientific, Inc. Common Stock.
• This ownership represents approximately 5.9% of the 315,332,655 shares of Common Stock outstanding as of February 26, 2026.
• The reported beneficial ownership includes 313,646 shares issuable upon exercise of warrants and 2,034,000 shares issuable upon exercise of options.
• The aggregate purchase price for the shares and derivatives held by the Strategic Fund, Global Fund, and Accounts totals approximately $189.96 million.
• The Global Fund holds options to purchase 1,500,000 shares at $18 (expiring March 20, 2026) and 534,000 shares at $20 (expiring April 17, 2026).
• The Global Fund also purchased options to sell 2,431,000 shares at $17 (expiring April 17, 2026) and sold options to purchase 1,500,000 shares at $23 (expiring March 20, 2026), among other option positions.
• Between February 19, 2026, and March 4, 2026, the reporting persons engaged in numerous transactions, including both purchases and sales of common stock and various call and put options.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral regarding the company's prospects. It primarily details an investor's active and complex trading strategy, including hedging, rather than a clear bullish or bearish stance on Core Scientific's fundamental value.

Positives

• The reporting persons maintain a significant beneficial ownership stake of 5.9% in Core Scientific, Inc., indicating continued investment interest.
• The purchase of put options with an exercise price of $17 suggests a strategy to protect against downside risk below that level, potentially indicating a belief in the stock's value above $17.

Negatives

• The reporting persons engaged in significant sales of common stock during the reporting period, alongside purchases, indicating active trading rather than a pure accumulation strategy.
• The sale of call options with exercise prices of $20 and $23, and the sale of put options with an exercise price of $14, could suggest a hedged or moderately bearish outlook on the stock's upside potential or a willingness to profit from limited downside.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Core Scientific, Inc.'s future performance or operations. It focuses solely on the beneficial ownership and trading activities of the reporting persons.

Industry Context

StockSavvy.ai notes that this Schedule 13D/A filing primarily reflects an institutional investor's active management of its position in Core Scientific, a company operating in the cryptocurrency mining sector. While the filing itself does not provide direct industry insights, the investor's trading activity, particularly in options, could be interpreted as a response to perceived volatility or future price movements within the broader crypto market, which often impacts mining companies like Core Scientific.

Stakeholder Impact

• Shareholders: The active trading and options positions of a significant institutional investor could influence market perception and potentially contribute to price volatility. The maintenance of a 5.9% stake indicates continued institutional interest.
• Company Management: Awareness of a significant and actively managed institutional stake may influence strategic decisions or communication with investors.

Key Dates

Recommendation

This filing primarily details an institutional investor's active trading and hedging strategy, rather than providing new fundamental information about Core Scientific's operations or financial health. The complex options positions suggest a nuanced, risk-managed approach. Without additional fundamental data, a seasoned investor would likely maintain a 'hold' position, observing future company performance and market dynamics, while acknowledging the active management of a significant institutional stake.

Keywords

Core Scientific, Two Seas Capital, Schedule 13D, Beneficial Ownership, Common Stock, Options, Warrants, Institutional Investor, SEC Filing, Investment Management