Terawulf Inc. (Nasdaq: WULF) has introduced plans to boost $3.2 billion by way of senior secured notes — the most important single debt financing tried by a publicly traded Bitcoin mining firm.
This text is from Theminermag, a commerce publication for the cryptocurrency mining trade, specializing in the most recent information and analysis on institutional bitcoin mining firms.
Terawulf mentioned on Tuesday that the personal providing of senior secured notes due 2030 will probably be marketed to certified institutional patrons below Rule 144A of the Securities Act. Proceeds will finance the subsequent part of improvement at Lake Mariner, which is being repositioned as a hybrid Bitcoin mining and AI colocation campus.
In response to the corporate, the notes will probably be assured by WULF Compute’s subsidiaries and secured by first-priority liens on considerably all of their property, together with fairness pursuits and a chosen lockbox account of Fluidstack USA I Inc. Earlier than completion of the growth, Google LLC will pledge warrants to buy Terawulf frequent inventory as a part of the collateral bundle.
The financing underscores Terawulf’s transformation right into a broader digital infrastructure supplier following its AI partnership with Fluidstack, which operates high-performance computing clusters partly backed by Google. Beneath that settlement, Terawulf will host Fluidstack’s AI workloads at its New York facility, marking one of many first large-scale integrations of cloud GPU infrastructure inside a standard Bitcoin mining web site.
Terawulf mentioned it’ll present completion ensures for the challenge, guaranteeing well timed supply of the Lake Mariner growth. The size of the proposed $3.2 billion issuance — a number of occasions bigger than prior choices by different public miners akin to IREN or MARA — displays each rising institutional curiosity in AI-linked infrastructure and the capital-intensive shift underway amongst Bitcoin miners diversifying into high-performance computing.
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