TeraWulf Rally Cools on $850M Convertible Note Sale After Google Deal

Mining giant TeraWulf hits the brakes after its explosive rally—turns out even billion-dollar AI partnerships can't shield you from Wall Street's favorite party trick: the dilutive financing round.

The $850 Million Reality Check

Just weeks after celebrating a landmark deal with Google, TeraWulf announces a massive $850 million convertible note offering. Investors immediately hit the sell button—because nothing says 'we believe in our stock' like dumping a boatload of potential equity onto the market.

Convertible Notes: The Bull Market's Dirty Little Secret

Companies love these instruments during crypto rallies—get cash now, let investors convert to stock later at a premium. It's basically free money until those conversion triggers hit and suddenly everyone's calculating the dilution math. Smart money knows this dance all too well.

Google Deal Can't Offset Financing Hangover

Even a blue-chip AI partnership couldn't keep the momentum going. The market's message was clear: we'll take actual revenue over potential future synergies any day. Another reminder that in crypto mining, operational execution trumps headline deals every time.

Miners keep playing the capital markets game while pretending they're tech companies—some things never change in this beautifully cynical industry.