Terawulf Inc. (Nasdaq: WULF) announced plans to raise $3.2 billion through senior secured notes. This is the largest single debt financing attempted by a publicly traded Bitcoin mining company.
This article comes from Theminermag, a trade publication for the crypto mining industry, focusing on the latest news and research about institutional Bitcoin mining companies.
TerraWolf said Tuesday that the private placement of senior secured notes due 2030 will be sold to qualified institutional investors under Rule 144A of the Securities Act. Proceeds will help fund the next phase of Lake Mariner’s development. Lake Mariner is being repositioned as a hybrid colocation campus for Bitcoin mining and AI.
According to the company, the notes will be guaranteed by a subsidiary of WULF Compute and secured by a first-priority lien on substantially all of the assets of Fluidstack USA I Inc., including its equity interests and designated lockbox accounts. Prior to completion of the expansion, Google LLC intends to pledge warrants to purchase Terawulf common stock as part of the collateral package.
The funding underscores Terawulf’s transformation into a broader digital infrastructure provider, following an AI partnership with Fluidstack, which operates high-performance computing clusters with support in part from Google. Under the agreement, Terawulf will host Fluidstack’s AI workloads at its New York facility, marking one of the first large-scale integrations of cloud GPU infrastructure within a traditional Bitcoin mining site.
Terrawolf said it will provide a project completion guarantee and ensure the timely realization of the Mariner Lake expansion. The proposed $3.2 billion issuance size is several times larger than previous issuances by other public miners such as IREN and MARA, and reflects both increased institutional interest in AI-related infrastructure and the ongoing capital-intensive shift among Bitcoin miners as they diversify into high-performance computing.
The original article can be found here.
