TeraWulf – an American bitcoin mining company – raised around $200 million in debt and equity financing from a group of individual and institutional investors. As a result, the firm expects to achieve a mining capacity of 6 exahash per second or 200 megawatts by the second part of 2022.
Furthermore, TeraWulf eyes public listing on Nasdaq through a business merger with the tech company IKONICS Corporation.
TeraWulf Aims High
As part of the $200 million financing, TeraWulf entered into an approximately $123.5 million three-year senior secured term loan. The bitcoin miner also signed agreements with investors to buy newly issued shares of the company’s common stock for an aggregate purchase price of $76.5 million.
“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” said Paul Prager, Chairman and Chief Executive Officer at the company.
He added that his firm aims to become bigger than any other public bitcoin mining organization. TeraWulf also intends to produce BTC powered by “100% zero-carbon energy.”
Earlier this year, the entity revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX). The merge is supposed to be completed later this month, after which TeraWulf will enter the global marketplace under the symbol “WULF.”
Some of the giants in the field, such as Riot Blockchain and Marathon Digital, already have their shares traded on Nasdaq. The former trades under the ticker “RIOT,” while the latter under “MARA.”
Griid Infrastructure Has The Same Intentions
A few days ago, Griid Infrastructure – another American bitcoin mining company – and the blank check firm – Adit EdTech Acquisition Corp. (ADEX) – announced their merger. As a result, the latter will acquire Griid Holdco LLC – a newly formed holding organization and parent of Griid. Upon finalizing the transaction, the new entity expects to be listed on the New York Stock Exchange (NYSE).
The newly formed company will have a combined value of about $3.3 billion and will trade as “GRDI.”
Similar to TeraWulf, Griid is also orientated towards green bitcoin mining. Throughout its history, it has secured low-cost power pipelines focusing on carbon-free generation partners. David Shrier – CEO of the company – stated:
“Griid’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASIC’s, and market-leading execution position them to generate attractive profitability and growth.”