Google Becomes Largest Shareholder in Bitcoin Miner TeraWulf with 14% Stake

Google, the global tech giant, has become the largest shareholder in the Bitcoin mining company TeraWulf. Google now has a 14% stake in the company after expanding its financial backstop in a major colocation lease deal with AI infrastructure provider Fluidstack. This move boosts Google’s influence in the fast-developing fusion of cryptocurrency and artificial intelligence.

Google Holds 14% Stake in TeraWulf

TeraWulf disclosed on Thursday that it signed a 10-year colocation lease agreement with Fluidstack for its Lake Mariner data center campus in New York. Google is backing Fluidstack’s long-term lease obligations through a $3.2 billion financial guarantee, known as a backstop, in exchange for warrants to purchase over 73 million TeraWulf shares.

Kerri Langlais, TeraWulf’s chief strategy officer, told Cointelegraph that the equity arrangement makes Google the company’s largest shareholder. She described the investment as “a powerful validation from one of the world’s leading technology companies” and praised the deal as recognition of TeraWulf’s “zero-carbon infrastructure and the scale of the opportunity ahead.”

Under the agreement, Fluidstack will expand operations at Lake Mariner with a new purpose-built data center, expected to go online in the second half of 2026. Google’s backstop ensures Fluidstack can meet its financial obligations, but Langlais clarified that the funds are not tied to TeraWulf’s corporate debt or its Bitcoin mining operations. Instead, the guarantee exclusively supports contracted AI and high-powered computing (HPC) lease revenues.

“This is unrelated to our mining operations,” Langlais emphasized, noting that mining remains a source of cash flow and energy grid flexibility. Still, long-term growth lies in AI and HPC workloads.

TeraWulf’s strategy reflects a broader trend among Bitcoin miners diversifying into AI and HPC hosting after the April 2024 Bitcoin halving reduced block rewards to 3.125 BTC. Langlais said TeraWulf plans to maintain, but not expand, its mining platform, while focusing on delivering contracted HPC services with blue-chip partners like Fluidstack and Google.

An August 2024 report by asset manager VanEck estimated that if miners shifted 20% of their energy capacity to AI and HPC by 2027, they could collectively add $13.9 billion in annual profits. TeraWulf projects its deal with Fluidstack could generate $6.7 billion in revenue, with potential to reach $16 billion if lease extensions are exercised.

Investor sentiment has been strong since the announcement. TeraWulf’s stock (NASDAQ: WULF) surged 72% over five days, reaching $10.57 intraday on Monday before closing at $9.38. Despite a slight dip after hours, the deal has fueled optimism about TeraWulf’s transition from a pure Bitcoin miner to a hybrid player in crypto and AI infrastructure.