Shares of Bitcoin miner TeraWulf (ticker WULF) showed steady growth after signing a massive contract with Anthropic to lease data centers for artificial intelligence. The deal is worth $19 billion. During the main trading session, the stock rose 4.86%, reaching $22.21. This event highlights the company's strategic shift: from Bitcoin mining to providing computing power for AI.
TeraWulf started as a classic miner, servicing ASIC equipment warehouses for block rewards. However, after the halving, which cut the reward in half, the profitability of this business sharply contracted. Now the company is betting on leasing its energy capacity and sites for AI computing. This makes sense: a long-term contract with Anthropic provides a much more stable and predictable cash flow than the volatile mining economy.
Pivot from Mining to AI
Like several competitors, TeraWulf has redirected its energy resources to hosting AI computing. One tenant on a long-term contract generates more stable income than the volatile mining economy. The company still maintains Bitcoin mining operations, but the deal with Anthropic and a broader portfolio of contracts may now define its value.
At the same time, TeraWulf announced the sale of its 50.1% stake in the Texas joint venture data center Abernathy. The buyer was a group led by the company's partner Fluidstack, with the deal amounting to approximately $530 million. Thus, the company is monetizing about $450 million in invested capital at a premium. These funds are being freed up to expand the data centers it directly owns.
Part of a Global Industry Shift
The deal fits into a trend that experts have tracked all year. As of March 2026, Bitcoin miners have sold over 15,000 BTC from peak holdings and signed AI computing contracts worth over $70 billion. Miners are chasing more stable margins in the AI segment. This is the same capital flow into artificial intelligence that "sucked money" out of cryptocurrencies during the unprofitable first half of the year.
TeraWulf's stock rise stood out against a weak day for Bitcoin itself. Yesterday, the asset fell in price to $61,900, but today BTC's value recovered to $63,300. Selling pressure was also intensified by Strategy's sales. The company disclosed the sale of 3,588 Bitcoins for $216 million—a sharp increase in deal volume compared to the 32 coins sold several weeks earlier.
Cryptalist analytical commentary: TeraWulf demonstrates how miners can successfully diversify into AI, turning their energy infrastructure into an asset for the new economy. However, investors should remember: dependence on a single large contract (Anthropic) carries risks. The market already values WULF not as a miner, but as an infrastructure player in the AI space, which could lead to a revaluation if demand for computing slows down.