Bitcoin Miner TeraWulf Eyes NASDAQ Listing Following a $200 Million Fund Raise

Please fol­low and like us:
Pin Share

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.”

SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *