Nasdaq-listed crypto mining firm TeraWulf (WULF) is up big after tech giant Google announced it was taking a large position in its stock.
Last week, TeraWulf announced it had signed a 10-year AI-hosting agreement with Fluidstack, a cloud platform specializing in the rapid deployment and management of high-performance GPU clusters.
To finance the deal, Google has agreed to provide a $1.8 billion backstop of Fluidstock lease obligations and receive and approximately 41 million shares of TeraWulf common stock, making it the largest holder of WULF.
TeraWulf is currently the fifth biggest Bitcoin miner in the world, with a market cap of $3.49 billion.
Following the announcement on August 14th, WULF skyrocketed, doubling in price from $5.24 to $10.54. It has since corrected to the $8.90 level.
Says TeraWulf CEO Paul Prager of the Google deal,
“This is a defining moment for TeraWulf… We are proud to unite world-class capital and compute partners to deliver the next generation of AI infrastructure, powered by low-cost, predominantly zero-carbon energy. This transaction underscores Lake Mariner’s status as a premier hyperscale-ready campus and further accelerates our strategic expansion into high-performance compute.”
Google itself is currently worth over $2.43 trillion, with shares of GOOG trading near all-time highs at $201.44.
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