TeraWulf, an American bitcoin mining company, raised approximately $200 million in equity and debt financing from a group a institutional and individual investors. The firm now expects to have a mining capacity up to 6 exahash per minute or 200 megawatts in the second half of 2022.
TeraWulf is also looking to be listed on Nasdaq by merging with IKONICS Corporation, a tech company.
TeraWulf Aims High
TeraWulf signed a $123.5 million senior secured term loan for approximately $323.5 million as part of the $200million financing. Investors also agreed to purchase new shares of company stock at a total $76.5 million.
Paul Prager, chairman and chief executive officer of the company, stated that “TeraWulf is able to raise private capital underlines the attractiveness to bring a new paradigm in cryptocurrency mining to public markets.”
He stated that his company aims to be bigger than any other bitcoin mining firm. TeraWulf plans to also produce bitcoin powered by 100% zero-carbon energy.
The entity announced plans earlier this year to merge with IKONICS Corporation, (IKNX) and become a Nasdaq listed public company. TeraWulf is expected to merge with IKONICS Corporation (IKNX) later in the month.
Riot Blockchain, Marathon Digital and other giants in this field have already had their shares listed on Nasdaq. The former trades under the ticker RIOT, while the latter trades under “MARA.”
Griid Infrastructure Shares The Same Intentions
Griid Infrastructure, another American bitcoin mining company, and Adit EdTech Acquisition Corp.(ADEX) announced their merger a few days ago. Griid Holdco LLC, a new holding company and parent of Griid, will be acquired by the former. The new entity will be listed on New York Stock Exchange (NYSE) once the transaction is completed.
The new company will be valued at $3.3 billion, and it will trade under the name “GRDI.”
Griid, like TeraWulf is also focused on green bitcoin mining. It has been able to secure low-cost power lines that are focused on the generation of carbon-free partners throughout its history. David Shrier, CEO of the company, stated:
“Griid’s unique combination of low-cost, non-carbon-free power, market-leading execution, and a large pipeline position them to generate attractive profitability, growth, and both.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.