Bitcoin Miner TeraWulf Raises $200M in Debt and Equity
The miner expects to complete its merger with Ikonics and go public during the week of Dec. 13.
Dec 3, 2021 at 12:31 a.m. UTCUpdated May 11, 2023 at 5:47 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MHYV2GYGINC75PGYFPVC7DTR3Q.jpg)
TeraWulf – an environmentally minded bitcoin mining company – raised $200 million in debt and equity financing from institutional and individual investors, the company announced Thursday.
- “TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” CEO Paul Prager said in a statement.
- The miner, which expects to mine bitcoin powered by nuclear, hydro and solar energy, will use the funding to achieve mining power of 6 exahash per second by the second half of 2022.
- The financing includes about $123.5 million in a three-year, senior secured term loan and subscription agreements with investors to purchase newly issued shares of the company’s common stock for about $76.5 million.
- Investment bank Moelis acted as an exclusive placement agent for TeraWulf’s debt and equity financing.
- In June, TeraWulf said that it will merge with Nasdaq-listed Ikonics (IKNX) to go public and trade under the symbol “WULF.” The miner said on Thursday that the deal is expected to be completed during the week of Dec. 13.
00:57
What Do EigenLayer's Outflows of $2.3B Signal?
04:20
What Do TradFi Crypto Moves Mean for Decentralization?
02:02
Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
00:53
Ether Slides as Grayscale's ETHE Outflows Ramp Up
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/83b3bbdb-5508-48a9-a9d9-2d7dd460fd5b.png)
Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets