Shares of Bitcoin miner TeraWulf (ticker WULF) surged sharply after signing a massive deal with Anthropic to lease data centers for artificial intelligence (AI) computing. During the main trading session, the stock gained 4.86%, reaching $22.21. This event marks another stage in the company's transformation, which initially positioned itself as a Bitcoin miner but is now increasingly shifting toward hosting AI computing capacity.
The rise in TeraWulf shares is particularly notable against the backdrop of Bitcoin's weak performance. Yesterday, the leading cryptocurrency corrected to $61,900, but recovered to $63,300 today. Market pressure also came from Strategy selling 3,588 BTC for $216 million — a sharp jump compared to the 32 coins sold several weeks earlier.
Shift from Mining to AI
TeraWulf, like several competitors, is increasingly diversifying its business. Energy-intensive facilities previously used exclusively for Bitcoin mining are now being repurposed to support AI computing. Long-term lease contracts, such as the $19 billion agreement with Anthropic, provide more stable cash flow compared to the volatile economics of mining.
The company still maintains Bitcoin mining operations, but the deal with Anthropic and its expanding contract portfolio are beginning to play a decisive role in shaping its value. Simultaneously, TeraWulf announced the sale of its 50.1% stake in the Texas joint venture data center Abernathy. The buyer was a group led by Fluidstack partner, with the transaction amount totaling approximately $530 million. Thus, the company is monetizing about $450 million of invested capital at a premium, freeing up funds to expand its own data centers.
Part of a Global Industry Shift
This deal fits into a global trend I have been tracking for several months. As of March 2026, Bitcoin miners have sold over 15,000 BTC from peak holdings and signed AI computing contracts worth more than $70 billion. Miners are chasing more stable margins in the AI segment — this is the same capital flow from cryptocurrencies to artificial intelligence that has been "draining money" from the industry throughout the unprofitable first half of the year.
My expert opinion: TeraWulf's transformation is not just a corporate strategy but a reflection of a fundamental shift in the industry. Bitcoin mining, especially after the halving, is becoming an increasingly less profitable business. The transition to hosting AI computing provides miners not only with stable income but also access to a vast market that is just beginning to grow. For investors, this is a signal: companies that can successfully diversify their revenues toward AI may significantly outperform traditional miners in terms of capitalization growth rates.