Google Boosts Stake in Bitcoin Miner as Stock Skyrockets Nearly 90%
Shares of Bitcoin mining firm Terawulf (NASDAQ: WULF) have surged almost 90% over the past week, fueled by fresh investment from Google and the company’s expansion into AI-driven data infrastructure.
On Monday, Terawulf revealed that Google will backstop an additional $1.4 billion in project-related debt financing. In return, the tech giant will secure warrants to purchase 32.5 million shares, increasing its pro forma equity stake in the miner from 8% to 14%. This latest injection brings Google’s overall commitment to $3.2 billion.
Terawulf, headquartered in Easton, Maryland, also confirmed plans to launch a new facility, CB-5, in collaboration with AI cloud provider Fluidstack. Just last week, the miner signed two 10-year contracts with Fluidstack to deliver more than 200 megawatts of computing capacity at its Lake Mariner data centre—signalling a stronger pivot toward AI infrastructure.
The news immediately lifted WULF shares, which were trading at $10.06 on Monday morning, marking a weekly gain of nearly 86%. CEO Paul Prager highlighted the dual benefit of the deal: expanding Terawulf’s infrastructure while tightening strategic ties with Google.
Terawulf’s move underscores a growing trend among Bitcoin miners who are diversifying into AI services. Both industries demand immense energy and high-performance computing power. While some miners, like BitMine Immersion and Bit Digital, have gone all in on AI, industry analysts caution that pivoting requires specialised infrastructure beyond what traditional mining provides.
Meanwhile, Bitcoin’s price slipped 2% Monday to $115,592 after hitting a record $124,128 last week, according to CoinGecko. Despite the pullback, momentum in both crypto and AI continues to fuel investor interest in companies straddling the two worlds.
