Google Buys 14% Stake in Bitcoin Miner TeraWulf, Becomes Largest Shareholder

August 19, 2025 – Tech giant Google has taken a 14% ownership in Bitcoin miner TeraWulf, becoming its largest shareholder. The deal, tied to a lease agreement with AI firm Fluidstack, marks a major step in the growing intersection between Bitcoin mining and artificial intelligence.

Google Strengthens Role in TeraWulf

TeraWulf revealed during a shareholder call that Google received warrants for over 73 million shares after expanding its financial guarantee in a 10-year colocation lease with Fluidstack. This backstop, now worth $3.2 billion, ensures stability for Fluidstack’s operations at TeraWulf’s Lake Mariner data center in New York.

Kerri Langlais, TeraWulf’s chief strategy officer, called Google’s involvement “a powerful validation” of its zero-carbon infrastructure and long-term vision.

What the Backstop Means

The financial backstop is not a guarantee of TeraWulf’s debt, nor is it linked to its Bitcoin mining. Instead, it secures future revenues from AI and high-performance computing (HPC) hosting, protecting Fluidstack’s commitments. If Fluidstack fails to meet its obligations, Google would cover the $3.2 billion.

Bitcoin Mining Meets Artificial Intelligence

While TeraWulf will maintain its Bitcoin mining platform, the company signaled a gradual shift toward AI and HPC services. Langlais noted that mining still generates cash flow and supports the electrical grid, but AI workloads offer stronger long-term growth with contracted revenues from blue-chip partners.

This shift reflects a wider industry trend. Following the April 2024 Bitcoin halving, many miners have been exploring HPC to offset reduced block rewards. A VanEck report last year suggested that moving just 20% of mining capacity to AI could add nearly $14 billion in profits over 13 years.

Revenue and Stock Market Impact

TeraWulf estimates its deal with Fluidstack could generate $6.7 billion in revenue, with potential to reach $16 billion through extensions. Investors reacted strongly, pushing TeraWulf’s stock (WULF) up 72% in five days. On Monday, shares peaked at $10.57 before closing at $9.38.