SCHEDULE: Two Seas Capital Reduces Stake in Core Scientific

Two Seas Capital LP has disclosed a reduction in its beneficial ownership of Core Scientific, Inc. to below the 5% threshold.

Summary

• Two Seas Capital LP, along with its affiliates, reported a reduction in its beneficial ownership of Core Scientific, Inc. common stock.
• As of April 23, 2026, the reporting persons beneficially own 13,984,778 shares, representing approximately 4.4% of the outstanding common stock.
• The reporting persons officially crossed below the 5% beneficial ownership threshold on April 23, 2026.
• The holdings include 13,671,132 shares of common stock and 313,646 shares issuable upon the exercise of warrants, plus options to purchase 3,000,000 shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure of institutional portfolio management, reflecting standard market activity rather than a specific signal regarding the company's operational health.

Positives

• The reduction in stake indicates a strategic portfolio rebalancing by the investment firm.
• The firm maintains a significant remaining position of over 13.9 million shares, signaling continued, albeit reduced, interest in the issuer.

Negatives

• The reporting persons have ceased to be beneficial owners of more than 5% of the company's common stock.
• The firm engaged in a series of significant sell-side transactions between April 17 and April 23, 2026.

Risks

• The expiration of various call options in 2026 may impact the firm's future derivative exposure to the issuer.
• Market liquidity and price volatility could be affected by the firm's ongoing divestment activities.

Future Outlook

The filing does not provide forward-looking guidance for the issuer, focusing instead on the reporting person's historical transaction activity and current ownership status.

Management Comments

• The reporting persons have delegated sole voting and investment power over the securities to Two Seas Capital LP.

Industry Context

StockSavvy.ai notes that institutional divestment below the 5% reporting threshold is a common occurrence in the volatile digital asset mining sector, often reflecting profit-taking or portfolio rebalancing rather than a fundamental change in the issuer's business outlook.

Comparison to Industry Standards

• The filing follows standard SEC disclosure requirements for institutional investors reducing positions in publicly traded entities.
• The use of weighted average pricing for multiple transactions is consistent with standard institutional trading practices.

Stakeholder Impact

• Shareholders may perceive the reduction in institutional ownership as a signal of reduced long-term conviction, potentially impacting short-term price sentiment.

Next Steps

• Monitoring of future SEC filings to determine if the reporting persons continue to reduce their position.

Key Dates

Keywords

Core Scientific, Two Seas Capital, Schedule 13D, Beneficial Ownership, SEC Filing, Equity Divestment