Thanks to an agreement, Google will acquire an approximately 8% stake in a publicly traded Bitcoin (BTC) miner. What does this collaboration entail?
Google invests in a Bitcoin (BTC) miner
Last week, Bitcoin (BTC) miner TeraWulf announced a major deal whereby Google will take an approximately 8% stake in the company. TeraWulf first signed “two 10-year high-performance computing (HPC) colocation agreements” with artificial intelligence cloud platform Fluidstack.
This is where Google comes in, guaranteeing TeraWulf’s future leasing expenses:
To support the rollout, Google will guarantee $1.8 billion of Fluidstack’s lease obligations to finance the project through debt and will receive warrants to acquire approximately 41 million shares of TeraWulf common stock, representing a pro forma ownership interest of approximately 8%, aligning TeraWulf with one of the world’s most influential AI partners.
For its part, TeraWulf will provide 200 MW of power, and it should be noted that the agreements discussed today with Fluidstack relate solely to AI infrastructure and not to Bitcoin mining. In any case, these are expected to generate $3.7 billion in revenue over the next 10 years, a total that could potentially be increased to $8.7 billion with the exercise of two 5-year extension options. Paul Prager, CEO of TeraWulf, expressed his optimism:
This is a pivotal moment for TeraWulf. We are proud to bring together leading financial and IT partners to deliver a next-generation AI infrastructure powered by low-cost, majority carbon-free energy.
Following the announcement, the company’s stock gained nearly 60% in a single session and is now trading at $8.97. While the price has returned to November 2024 levels, TeraWulf’s market capitalization now stands at $3.52 billion:
When presenting its latest quarterly results, TeraWulf reported revenue of $47.63 million, up 13% from the previous year, with EBITDA of $14.53 million. In terms of mining itself, 485 bitcoins were mined in the second quarter of 2025, and computing power increased to 12.8 EH/s, up 45.5% year-on-year.
