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I just saw that TeraWulf, the Bitcoin miner listed on Nasdaq, closed a pretty large funding round: $1.03B. They issued 54.5 million common shares at $19 each.
What’s interesting is that heavy banks got involved: Morgan Stanley led the deal, followed by Bank of America, Citigroup, TD Cowen, Wells Fargo. Even Santander and Citizens Capital Markets participated as co-managers. Quite a banking movement for a mining company.
What does this mean? That TeraWulf is getting fresh capital to expand operations. With these additional $1 billion, they will probably accelerate the acquisition of more mining equipment or expand their data centers. The common share price was set at $19, which was apparently the market consensus at that time.
I don’t know about you, but I increasingly see traditional banks getting closer to Bitcoin mining. Could this be a sign that institutionalization is still progressing?