TeraWulf shares rise more than bitcoin (BTC) after agreement with Google
Shares of TeraWulf (WULF), a U.S. company dedicated to Bitcoin mining, have risen almost 100 percent since August 13, currently surpassing $10 per unit, a level not seen since February 2022.
That day, WULF was trading at $5.4. A day later, after an agreement was announced with the artificial intelligence firm Fluidstack, a financially backed operation by Google, TeraWulf’s shares skyrocketed upwards to touch their current value.
In contrast, the price of bitcoin (BTC) during August 13 reached above $123,000 and is currently around $116,500, according to TradingView data.
The agreement states that TeraWulf will supply Fluidstack with more than 200 megawatts (MW) of critical IT (Information Technology) at its Lake Mariner campus in New York.
The term “TI” refers to the electrical capacity dedicated to keeping essential servers and equipment in operation, which is key both for Bitcoin mining operations and for artificial intelligence projects.
The positive reaction of the market reflects investor confidence that this deal can diversify and strengthen TeraWulf’s earnings.
As CryptoNews reported, Google pledged to financially back Fluidstack with $1.8 billion in lease obligations.
This implies that the tech giant will assume part of the financial commitments of the artificial intelligence company, reducing risks and facilitating the development of the project.
Google received about 41 million TeraWulf shares at a pre-agreed price, equivalent to about 8% stake in WULF. Afterwards, TeraWulf said that the technology company’s share amounted to as much as 14%.
At the close of this article, Google’s shares were revalued by almost 100%.
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