One of the best investors in the history of Wall Street is doubling down on a publicly traded Bitcoin miner.
What’s happening:
- Legendary billionaire investor and former Wall Street hedge fund manager Stanley Druckenmiller’s family office Duquesne has increased their equity position in Bitcoin miner TeraWulf (NASDAQ: WULF) according to new filings made with the United States Securities and Exchange Commission
By the numbers:
- Duquesne purchased an additional 854,000 shares of TeraWulf on the open market according to the new filings
- This grew Duquesne’s overall position by approximately 40% and they now hold a total of 2.94M shares of TeraWulf
- Duquesne's first purchase of TeraWulf was for roughly 2 million shares at an average cost basis of $4.45 USD per share
Why it matters:
- Bitcoin has continued to hit fresh all time highs amidst surging demand from large institutions and spot Bitcoin ETFs, as well as experiencing a dramatic positive shift in the sentiment of what the future of digital assets will look like following the recent outcome of the presidential election in the United States of America
Going deeper:
- TeraWulf recently raised half a billion dollars for the purpose of expanding their Lake Mariner data centre and scaling up their ambitions for high performance computing
The intrigue:
- While originally being best known for their Bitcoin mining operations that were powered by nuclear energy, TeraWulf recently sold their minority equity stake in their Nautilus project back to nuclear power company Talen Energy (NASDAQ: TLN)
