Mentioned:
One of the largest publicly listed Bitcoin mining companies in North America has pulled in half a billion dollars for expansion.
What’s happening:
- TeraWulf (NASDAQ: WULF) has successfully raised $500M USD through a new convertible debt financing round
By the numbers:
- TeraWulf issued $500M USD of convertible senior notes that yield 2.75% interest
- TeraWulf also repurchased $115M USD of their own stock as part of the new financing
Why it matters:
- The new funding is likely to accelerate TeraWulf’s expansion of their Lake Mariner data centre located in Lake Ontario and scale up their infrastructure for high performance computing and artificial intelligence cloud computing
Going deeper:
- Energy giant Talen Energy (NASDAQ: TLN) recently bought TeraWulf’s minority equity stake in the Nautilus Bitcoin mining facility in Pennsylvania, which is powered entirely through nuclear energy
The intrigue:
- Billionaire and Wall Street legend Stanley Druckenmiller previously made waves when he filed with the United States Securities and Exchange Commission that his family office had purchased an equity position in TeraWulf
