TeraWulf Inc. (NASDAQ:WULF) extended its 2025 financing streak after announcing a $500 million private offering of convertible senior notes due 2032, deepening its expansion into AI-driven data-center infrastructure as shares consolidate near recent highs.
Google-Backed Shift Expands TeraWulf's Reach
The miner said proceeds from the offering will fund its Abernathy, Texas campus and support general corporate purposes, including high-performance computing (HPC) buildouts.
The move follows the firm's $9.5 billion joint venture with Google-backed Fluidstack earlier in October and a $3 billion debt-financing plan disclosed in September.
The Abernathy facility represents one of TeraWulf's largest U.S. expansions, complementing its low-carbon mining operations in New York and Pennsylvania.
Shares slipped about 5% after the latest financing announcement, according to The Block.
Corporate Expansion Outpaces Rivals
TeraWulf's partnership with Fluidstack aims to deliver next-generation AI compute capacity, transforming the company from a traditional Bitcoin (CRYPTO: BTC) miner into a hybrid data-infrastructure operator.
The deal pushed WULF stock up 25% on its announcement day, reinforcing bullish sentiment across crypto-linked equities.
August filings show Google's pro-forma stake in TeraWulf rose to roughly 14% after a 10-year, $3.7 billion infrastructure agreement.
This stake is viewed as a signal of broader institutional confidence in U.S.-based mining and HPC ecosystems.
Technical Setup Signals Extended Uptrend
TeraWulf Price Dynamics (Source: TradingView)
TeraWulf stock remains in a strong ascending channel that began with an August breakout above its year-long downtrend.
On the daily chart, the price trades above its 20-day EMA at $13.50, while the 50- and 100-day EMAs sit lower at $11.59 and $9.41, confirming a layered bullish structure.
The RSI at 67 stays below the overbought line, suggesting room for continuation if buying volume persists.
Immediate resistance sits near $16.20, followed by the upper channel at $18.50–$19.00.
A close above these levels could open a path toward the psychological $20 mark.
Support rests at $14.00, then $13.00, with deeper protection at the 50-day EMA near $11.60.
Losing the lower channel base would shift short-term focus toward $10, where the 100-day EMA and prior consolidation align.
Investor Outlook: Momentum Meets Macro Tailwinds
TeraWulf's continued access to large-scale financing and its alignment with Google's AI ambitions place it ahead of peers such as Marathon Digital Holdings Inc. (NASDAQ:MARA) and Riot Platforms Inc. (NASDAQ:RIOT).
For investors, the combination of aggressive capital formation, institutional backing, and favorable technicals suggests upside potential remains while the 20-day EMA trend holds.
A confirmed breakout above $16.20 would likely extend the rally, whereas failure to defend $13.00 could invite profit-taking.
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