Bitcoin miner TeraWulf's shares surge 15% after infrastructure acquisitions
After unveiling a couple of key acquisitions, bitcoin miner TeraWulf's shares surged on Tuesday.
TeraWulf's shares (NASDAQ: WULF) hit a morning high of $15.58 before paring some of those gains. The company's rising stock price came on the heels of it announcing two new acquisitions on Monday after the market closed.
The company said it has acquired brownfield infrastructure sites in both Kentucky and Maryland.
"Together, these acquisitions add approximately 1.5 gigawatts (GW) of capacity to TeraWulf’s portfolio and advance the Company’s strategy of developing energy-advantaged locations with near-term power availability, long-term scalability, and the ability to support customer demand and broader grid needs," TeraWulf said.
The Kentucky site has more than 250 buildable acres for compute capacity with access to power infrastructure. In Maryland, TeraWulf acquired a site with roughly 480 MW of power availability, with the ability to expand further, the company added.
"These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth," TeraWulf Chairman and CEO Paul Prager said. "Regional diversity has become increasingly important as grid congestion, permitting timelines, and weather and policy considerations vary by market."
Last October, TeraWulf said it planned to raise $900 million from privately offered convertible senior notes as part of a pivot from core bitcoin mining operations to building artificial intelligence data facilities.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
WTI tumbles to near $87.50 as US inventories jump, geopolitical risks in focus
Jensen Huang out, Nvidia's $500 billion AI financing plan is also in jeopardy
The AI financing platform led by Jensen Huang has seen zero transactions since its high-profile launch in August. The core issue lies in Nvidia's guarantee rate of only 25%, which is significantly lower than competitor Broadcom's maximum of 72.5%, resulting in little interest from lenders. Analysts believe that, having lost its visionary leader and facing pressure from Wall Street to assume more risk, the project is unlikely to be implemented any time soon.
Four consecutive gains! Short-term US Treasury yields record fastest increase since 2022 as market bets on Fed rate hike
U.S. short-term Treasury yields have soared sharply for four consecutive trading days, with the 2-year yield rising to 4.862%, accumulating a 38.8 basis point increase—the largest four-day gain since June 2022. The 10-year yield simultaneously broke through the critical 5.10% threshold. Real interest rates have climbed as well, and the market has significantly raised its terminal rate expectations to 4.82%. An interest rate hike in December is now almost certain, while the probability of another hike in January stands at 75%.
Gold falls to over one-year low below $3,900 amid inflation concerns, US PPI data looms
Crypto prices
More
