Ethereum ended CoreWeave's mining days. Earnings test its AI bet Arjun Parashar Tue, November 10, 2026 at 5:25 PM EST 6 min read CRWV +1.82% ETH-USD -4.06% TSLA +0.35% NVDA -5.30% Trade CRWV on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
CoreWeave (Nasdaq: CRWV), a former crypto miner, is set to report its third-quarter earnings after the U.S. market closes on Nov. 10, with options traders pricing in a potential double-digit stock swing.
The report follows a difficult month for the AI infrastructure company, which has drawn criticism from CNBC host Jim Cramer and Tesla CEO Elon Musk over its stock performance and mounting debt.
Related: Goldman Sachs revises rating and target on beaten-down AI stock
CoreWeave began in 2017 as Atlantic Crypto, a cryptocurrency mining company founded by former hedge fund colleagues Michael Intrator, Brian Venturo and Brannin McBee.
"We were the largest Ethereum miner in the world for like two and a half years," Venturo told TechCrunch in March 2025, adding that the company once operated 50,000 Nvidia GPUs.
The company rebranded as CoreWeave in December 2019 and shifted toward renting computing power for artificial intelligence.
CoreWeave went public on March 28, 2025, raising $1.5 billion at a roughly $14 billion valuation. Its stock reached an all-time high of $187 on June 20, 2025.
Despite securing an $8.5 billion loan in March 2026 for AI infrastructure, CoreWeave's total debt has exceeded approximately $50 billion this year, driving its unsecured notes into distressed yields. Company shares have fallen sharply over the past few months amid concerns over its AI infrastructure costs.
On Oct. 20, Cramer wrote on X, "I think I am a prisoner of Coreweave and I am breaking out," without confirming whether he had sold his shares.
A week later, he questioned the company's borrowing costs.
"If Jensen thinks that CoreWeave is money good he should buy up their their 15% debt," Cramer wrote, referring to Nvidia CEO Jensen Huang.
When investor Chamath Palihapitiya flagged CoreWeave's bond yield reaching 15%, Musk replied with a single word: "Yikes."
CoreWeave shares fell sharply the following day, trading near $65.97 during the session.
Ethereum's switch from mining to staking, known as the Merge, took effect on Sept. 15, 2022. Ethereum.org says the change cut the network's energy use by about 99.95% and that mining is "no longer the means of producing valid blocks."
For miners, the change ended the business. GPU rigs that had secured the network could no longer earn ether, and PCMag reported that miners had to move to far less valuable coins or sell their graphics cards.
The Merge also changed ether's supply. Before it, mining rewards totaled about 13,000 ETH per day against about 1,600 ETH per day for staking, so new issuance fell by about 90%, Ars Technica reported.
CoreWeave had already started moving. In 2019 it began offering its GPUs as a cloud service to companies that needed them, including AI startups, and bought cut-price GPUs from struggling miners, Wired reported. After OpenAI released ChatGPT in late 2022, a shortage of Nvidia chips followed. With Ethereum mining gone, AI computing became CoreWeave's business.
Bitcoin did not change course and still relies on miners. Its miners face the same pull toward AI, without a forced shutdown like Ethereum's.
CoreWeave is the most valuable example of a trade playing out across the crypto industry, as miners convert power-hungry sites into AI data centers.
In July 2025, CoreWeave agreed to acquire Core Scientific, one of the largest U.S.-listed Bitcoin miners, in an all-stock deal valued at about $9 billion. Core Scientific shareholders rejected the offer, and the companies terminated the agreement on Oct. 30, 2025.
The pivot has accelerated anyway. Core Scientific and IREN, two Nasdaq-listed Bitcoin miners, reported shrinking mining revenue and surging AI income on Nov. 5, TheStreet reported, and Hive Digital Technologies grew its AI cloud sales 70% in its latest quarter.
That makes Tuesday's report a test for the entire trade. Strong AI demand would validate the miners' pivot, while more pressure on borrowing costs would extend the concerns raised by Cramer and Musk.
In a Nov. 10 post, Barchart highlighted CoreWeave shares bouncing from the lower boundary of a descending price channel.
The pattern suggests a possible countertrend rally, meaning a short-term recovery within a broader downward trend.
Options markets, however, indicate significant uncertainty ahead of earnings.
While Barchart estimates a 15% expected move, TipRanks estimated 18.17% in its Nov. 10 analysis.
CoreWeave's previous four post-earnings stock moves averaged approximately 16.4% in absolute terms.
The Barchart and TipRanks figures reflect volatility implied by options pricing, while the 16.4% average reflects actual past moves. None predicts whether the stock will rise or fall
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CoreWeave will release its third-quarter results after Tuesday's market close, with an earnings call scheduled for 5 p.m. ET.
Analysts expect revenue to climb approximately 160% year over year to $3.54 billion, according to TipRanks.
The company could also report a wider loss of $1.27 per share, compared to the eight-cent loss it had clocked last year.
Investors will be watching whether demand for AI computing can justify CoreWeave's aggressive expansion and borrowing costs.
Wall Street remains cautiously optimistic, with a Moderate Buy consensus based on 21 Buy, five Hold and three Sell ratings. The average analyst price target stands at $123.21.
CoreWeave's previous earnings report triggered a 19.3% stock rally after the company posted a smaller-than-expected loss.
This time, attention will also focus on financing plans, debt obligations and management's outlook for AI infrastructure demand.
CoreWeave shares traded at $47.53, down 2.95%, at press time.
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Related: Hive posts $84.9 million fiscal Q2 2027 revenue with AI cloud sales up 70%
This story was originally published by TheStreet on Nov 10, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
