TeraWulf’s chief strategy officer, Kerri Langlais, says Google has become its largest shareholder, providing “powerful validation” from a leading tech giant.
Tech giant Google has become the largest shareholder of TeraWulf, holding 14% of shares, after receiving more stock in exchange for increasing its backstop in the lease deal between the Bitcoin miner and AI infrastructure provider Fluidstack.
TeraWulf disclosed in a shareholder call on Thursday that it inked a 10-year colocation lease agreement with Fluidstack. Google is supporting the lease obligations through a financial guarantee known as a backstop and receiving warrants to purchase shares in return.
Speaking to Cointelegraph, Kerri Langlais, the chief strategy officer of TeraWulf, said Google’s backstop in the agreement has now increased to $3.2 billion total in return for warrants to purchase over 73 million shares in TeraWulf, representing a 14% stake in the company.
