We came across a bullish thesis on TeraWulf Inc. on Investing With Purpose’s Substack. In this article, we will summarize the bulls’ thesis on WULF. TeraWulf Inc.'s share was trading at $11.35 as of September 17th. WULF’s forward P/E was 29.76 according to Yahoo Finance. Hut 8 (HUT) Sets New Record High on Price Target, Rating Upgrade WULF represents a tangible pivot from cryptocurrency mining to becoming a specialized AI infrastructure landlord, leveraging its power-rich industrial campuses in upstate N ...

Crypto mining firm TeraWulf (WULF) is planning to raise $3 billion in debt to expand its data center operations in a deal supported by Google, as the AI infrastructure arms race intensifies. The company, Bloomberg reports citing TeraWulf CEO Patrick Fleury, is working with Morgan Stanley to arrange the funding, which could launch as early as next month through high-yield bonds or leveraged loans. Credit rating agencies are evaluating the deal, and Google’s support may help it secure a stronger credit rat ...

TeraWulf's stock price has been volatile with the firm looking to raise $3 billion from a high-yield bond or leveraged loan offering. | Credit: Cheng Xin / Getty Images. Key Takeaways TeraWulf is pivoting to a dual business model that combines Bitcoin mining with AI infrastructure hosting. The company is expected to raise $3 billion via a debt offering to help fund its data center buildout. Google’s $3.2 billion backstop on a major data center lease provides a degree of stability, but markets remain ...

Key Takeaways TeraWulf signed a $6.7B contract with Fluidstack, with total contract revenues projected at $16B. Alphabet backs Fluidstack's lease with $3.2B credit support and holds 14% equity in TeraWulf. WULF shares have surged 103% YTD, trading at a premium with a price/book ratio of 26.77X. TeraWulf’s (WULF) prospects are expected to benefit from an expanding clientele. This vertically integrated owner and operator of next-generation digital infrastructure, purpose-built to support bitcoin mining and hi ...

Bitcoin (BTCUSD) mining stocks are turning out to be some of the biggest winners in the current climate. Several of them are posting exceptional gains and are dwarfing BTC's own performance. BTC is essentially flat over the past month, but several mining stocks have surged 30-150% in this timeframe. This could be a part of a broader shift where investors pile into these companies for sharper gains. Crypto mining companies have been left in the dust by Bitcoin and the broader crypto market due to their ine ...

Key Takeaways Strategy holds 638,460 bitcoins and targets $20B in gains if bitcoin reaches $150K by year-end. TeraWulf mined 485 bitcoin in Q2 2025 and is expanding with 72.5 MW of HPC colocation capacity. MSTR shares rose 20.6% YTD, while WULF surged 97.4%. Strategy (MSTR) and TeraWulf (WULF) are two well-known bitcoin-focused stocks. While Strategy is the world’s largest bitcoin treasury company, holding 638,460 bitcoins as of Sept. 7, 2025, TeraWulf is a vertically integrated owner and operator of next-g ...

TeraWulf Inc. (NASDAQ:WULF) is one of the stocks on Jim Cramer’s radar. Inquiring about the stock, a caller asked if there is an upside going forward. Cramer remarked: “No, no. Terawulf is just kaput. We want to go elsewhere. We do not have to mess with that low quality. We like high quality, high quality only on Mad Money.” Photo by bitcoin executium on Unsplash TeraWulf Inc. (NASDAQ:WULF) is a digital asset technology company engaged in the development and operation of bitcoin mining facilities. The ...

加密货币股权ETF背景 - 加密货币股权ETF在现货比特币ETF推出前为投资者提供了早期接触比特币的途径 通过传统经纪账户间接获取比特币敞口 [1] - 随着现货比特币ETF上市 加密货币股权ETF关注度下降 但矿业股仍具独立投资价值 [1] 矿业股投资逻辑 - 比特币矿企提供不直接持有比特币的投资替代方案 其营收和利润率在比特币上涨时因运营杠杆效应可能更快增长 [2] - 矿企投资需进行业务尽职调查 包括电力合约 设备更新周期 规模 资产负债表强度和管理纪律评估 [3] - 矿企正发展托管和数据中心服务等互补性收入来源 以平滑比特币周期波动 但股票波动性高于比特币本身 对电价和资本需求高度敏感 [4] 矿业与区块链主题对比 - 矿业投资相比广义区块链主题更聚焦基础设施 收入与比特币价格直接联动 而区块链ETF受交易量 支付活动等多因素影响 [5] - 多数上市矿企归类于科技板块的软件与服务行业 而广义区块链更多涉及金融板块和科技巨头 矿企虽具更高周期性和成本敏感性 但与比特币关联更直接透明 [6] 矿业与人工智能融合 - 矿企凭借电力 土地和数据中心运营优势切入AI领域 Core Scientific与AI超算公司CoreWeave签订12年托管协议并达成收购协议 将矿场转型为AI基础设施 [7] - Iren Ltd通过专项融资采购10900块英伟达GPU扩展AI云服务 Riot Platforms在德克萨斯州保障1GW电力和土地资源 为高密度计算（包括AI/HPC）提供基础设施 [7] - 签署多年合约且具具体GPU订单/交付能力的公司有望获得强劲现金流机会 [7] 矿业ETF产品分析 - 目前存续两只矿业ETF：CoinShares比特币矿企ETF（WGMI）管理2亿美元资产 为主动型基金 至少80%资产投资于矿收占比超50%的企业或矿服提供商 [9] - WGMI前五大持仓包含Iren Ltd（占比20% 年内涨250%） Cipher Mining Terawulf Riot Platforms和Bitfarms（年内涨幅均达双位数或三位数） 截至9月12日年内涨幅68% 管理费75基点 [10] - Grayscale比特币矿企ETF（MNRS）管理700万美元资产 被动跟踪Indxx比特币矿企指数 按自由流通市值加权 单一纯玩股权重上限15% 非纯玩企业总权重限15% [11] - MNRS前五大持仓占ETF权重近50% 包括Riot Platforms Mara Holdings Core Scientific Iren Ltd和Terawulf 仅持有Block Inc（金融类）和Cango Inc（消费类）各一只 英伟达和英特尔因非纯玩股仅分别占2.3%和2.1% [12] 其他矿业投资渠道 - 2023年上半年Viridi比特币矿企ETF（RIGZ）和VanEck数字资产矿业ETF（DAM）已清盘 [14] - 广义区块链ETF如iShares区块链科技ETF（IBLC）和Global X区块链ETF（BKCH）虽定位宽基 但重仓股仍以矿企为主 仅含少量Coinbase和Galaxy Digital等非矿企 [15] - 广义区块链ETF具灵活性 可随市场发展纳入新兴企业类型 [16] 投资方案总结 - 矿企股票为传统投资组合提供可量化 透明度高的比特币投资敞口 聚焦矿企的WGMI（主动型）和MNRS（指数型）ETF提供差异化选择 [17]

股价表现与行业对比 - TeraWulf股价年初至今上涨90.1% 但表现落后于金融综合服务行业5.2%和金融板块13.4%的回报率 [1] - 公司股价表现优于同行Riot Platforms(55.7%)和Cleanspark(12.4%) [9] 财务业绩表现 - 第二季度营收4760万美元 环比增长38% 同比增长34% [1] - 调整后EBITDA为1450万美元 同比下降25.6% 但较第一季度的-470万美元显著改善 [2] - 每股亏损预期恶化 2025年共识预期从每股亏损0.19美元扩大至0.27美元 [20] - 第三季度每股亏损预期维持在0.04美元 去年同期为0.05美元 [21] 比特币挖矿业务 - 第二季度自挖485枚比特币 挖矿算力同比增长45.5%至12.8 EH/s [2] - 截至6月30日拥有约70,300台矿机 其中65,100台处于运营状态 [2] - 每比特币电力成本同比飙升98.5% 主要受减半事件和网络难度增加影响 [2] 基础设施扩张计划 - 与Core42签署协议 将提供72.5 MW HPC托管容量 WULF Den和CB-1租约预计第三季度开始产生收入 [5] - 与Fluidstack达成协议 将在Lake Mariner数据中心提供超过360 MW关键IT负载 [6] - Lake Mariner设施短期可扩展至500 MW 目标传输升级后可达750 MW [6] - 在纽约Lansing的Cayuga站点获得183英亩长期地租 可开发高达400 MW数字基础设施容量 [8] 重大合作协议 - 与Fluidstack签署67亿美元合同 总合同收入预计达160亿美元 [7] - Alphabet为Fluidstack租约义务提供担保 包括前6年提前终止保护 [7] - Alphabet提供32亿美元信贷支持 其在TeraWulf的股权比例增至约14% [7] 成本与运营展望 - 预计纽约州北部电价将保持历史水平 下半年每千瓦时5美分 [3] - 挖矿业务预计将对EBITDA做出积极贡献 [3] - 销售及行政费用预期上调至5000-5500万美元 原指引为4000-4500万美元 主要因HPC业务加速增长 [3] 估值水平分析 - 公司估值偏高 价值评分仅为F [14] - 市净率达25.07倍 远高于行业3.67倍和板块4.33倍水平 [14] - 相比Riot Platforms的1.78倍和Cleanspark的1.35倍市净率 存在显著溢价 [14] 技术指标表现 - 股价目前交易在50日和200日移动平均线之上 显示看涨趋势 [17] 竞争环境 - 面临Riot Platforms和Cleanspark的激烈竞争 [10] - Riot Platforms正在探索将其部分电力容量用于AI和HPC用途的可行性 [10] - Cleanspark在2025财年第三季度生产2,012枚比特币 同比增长28% 每比特币平均收入99,000美元 同比增长50% [11]

股价表现 - 公司股价连续第三日上涨 周二最高涨幅达12%至每股10.32美元 接近52周最高价10.71美元[1][2] - 当日收盘上涨11.96%至每股10.30美元 涨幅在纳斯达克市场名列前茅[1][2] - 股价上涨受高性能计算行业乐观情绪推动 同业公司Riot Platforms、Hut 8等同步上涨[3] 业务合作 - 公司与谷歌和Fluidstack扩大合作 将提供360兆瓦IT容量支持高性能计算[3] - 谷歌宣布投资32亿美元支持该项目 换取3250万股普通股认股权证 相当于14%的股权[4] - 合作背景涉及Nebius Group同日与微软达成180亿美元云计算协议[3] 行业动态 - 公司作为比特币挖矿企业同时涉足高性能计算领域 受益于人工智能乐观情绪蔓延[3] - 高性能计算行业出现重大交易 微软180亿美元云计算协议引发同业公司股价联动[3]