Shares of Bitcoin miner TeraWulf (ticker WULF) received a strong boost after signing a long-term data center lease contract for artificial intelligence with Anthropic worth $19 billion. During the main Nasdaq trading session, the company's shares rose by 4.86%, reaching $22.21. This move marks another stage in the miner's transformation from a cryptocurrency extractor to a player in the high-performance computing market for AI.
TeraWulf, which started as a classic Bitcoin miner, is increasingly pivoting its business. The profitability of mining the first cryptocurrency has significantly declined after last year's halving, which cut the block reward in half. Under these conditions, the company, like many competitors, began seeking more stable and predictable sources of income.
From Mining to AI: A New Growth Strategy
TeraWulf's energy capacities and infrastructure, originally designed for mining, are now being actively repurposed for hosting AI computations. A long-term contract with a giant like Anthropic provides a much more stable cash flow than the volatile economics of mining. The company is not completely abandoning Bitcoin mining, but it is the deal with Anthropic and the growing portfolio of AI service contracts that now essentially determine its market value.
Simultaneously, TeraWulf announced the sale of its 50.1% stake in the Abernathy joint venture in Texas. The buyer was a group led by partner Fluidstack. The transaction amount was approximately $530 million, allowing the company to monetize about $450 million in invested capital at a premium. The freed-up funds will be directed towards expanding the data centers that TeraWulf directly owns.
Global Trend: Capital Moves from Crypto to AI
This deal is not an isolated incident but part of a large-scale trend I have been tracking for several quarters. As of March 2026, Bitcoin miners have sold over 15,000 BTC from their reserves and signed AI computing contracts totaling over $70 billion. Miners are literally "chasing" more stable margins in the AI segment, which continues to "siphon" capital from the crypto industry, especially against the backdrop of a loss-making first half for many public companies.
The rise in TeraWulf's shares is particularly telling against the weak performance of Bitcoin itself. Yesterday, BTC fell to $61,900, although it recovered to $63,300 today. Pressure on the first cryptocurrency also came from sales by Strategy, which disclosed the sale of 3,588 BTC worth $216 million — a sharp increase in volume compared to the sale of just 32 coins several weeks earlier.
My expert opinion: TeraWulf demonstrates a brilliant example of adaptation. The market clearly values the company not as a cyclical miner, but as an infrastructure provider for the AI era. While miners that failed to diversify will suffer from margin compression after the halving, players like TeraWulf are receiving a premium for the "technological upgrade" of their business.