Google Just Became TeraWulf’s Largest Shareholder—Here’s Why Its Bitcoin Mining Move Changes Everything

Google just placed its biggest bet yet on Bitcoin—and it's not just dipping a toe. The tech behemoth snapped up the largest stake in TeraWulf, one of the fastest-growing publicly traded bitcoin miners. No more sidelining crypto. This is a full-scale power play.

Why Bitcoin? Why now?

It’s not just about digital gold—it’s about power, infrastructure, and hedging against a shaky macro environment. While traditional finance still debates whether Bitcoin is an asset or a scam, Google’s moving in. Quietly. Strategically. With the kind of capital that makes markets flinch.

What this means for miners—and the market

TeraWulf’s stock surged on the news. No surprise. When Google enters, liquidity follows. Mining operations scale. Institutional confidence builds. And skeptics? They’re left staring at charts they don’t understand.

But let’s be real—this isn’t charity. Google isn’t here to “save crypto.” It’s here to own the infrastructure, control the narrative, and maybe—just maybe—make a killing while Wall Street still thinks Proof-of-Work is a waste of electricity. Funny how the biggest tech giant on earth sees value where suits see risk.

In brief

• Google becomes main shareholder of TeraWulf with 14% of capital.
• A backstop of 3.2 billion $ secures the agreement with Fluidstack for AI and HPC.
• TeraWulf maintains its Bitcoin mining but now prioritizes AI for future growth.

A significant entry into the world of Bitcoin mining

Google has officially taken a 14% stake in the company TeraWulf, specialist in bitcoin mining. It thereby becomes its main shareholder. This operation stems from an agreement around the Lake Mariner data center, where TeraWulf collaborates with the AI infrastructure Fluidstack.

In exchange for a financial backstop of 3.2 billion dollars, Google received more than 73 million warrants. For Kerri Langlais, TeraWulf’s strategy director, this partnership constitutes a strong validation by a globally recognized technological player.

Google’s commitment is to guarantee Fluidstack’s financial obligations over ten years. If the latter could not pay its rents, Google WOULD take over.

This guarantee is exclusively linked to AI and HPC (High Performance Computing) hosting activities. It does not cover debt or TeraWulf’s direct bitcoin mining operations.

Fluidstack has already confirmed the expansion of its activities with the construction of a new data center planned for 2026 at the Lake Mariner campus.

This securitization draws the attention of financial markets. It strengthens the solidity of the partnership and legitimizes TeraWulf’s hybrid strategy.

Mining maintained, but without expansion

After the April 2024 halving, mining rewards fell to 3.125 BTC, reducing miners’ profitability. Facing this pressure, many players diversify their model by redirecting part of their energy capacity to more profitable uses such as AI and HPC.

TeraWulf confirms it wants to maintain its bitcoin mining activities. Indeed, the company wants to generate cash FLOW but does not plan expansion in this area. The priority is now on long-term AI and HPC contracts, considered more predictable and value-creating.

A VanEck report in 2024 estimated additional potential profits of 14 billion dollars for listed mining companies, provided they shift 20% of their capacity to AI by 2027. In this perspective, the TeraWulf–Fluidstack agreement could generate between 6.7 and 16 billion dollars in revenue, depending on its duration and extensions.

Investors seem convinced. TeraWulf stock (WULF) jumped more than 70% in five days. Thus, it confirms that Google’s entry acts as a catalyst for the company and more broadly for the crypto industry.

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