TeraWulf began as a bitcoin miner, running warehouses of specialized computers to earn newly issued coins, a company whose margins tightened after last year’s halving cut mining rewards in half.
Like several of its peers, it has pointed to its power capacity and places to host AI computing instead, where a single tenant on a long lease offers more stable income than the volatile economics of mining. The company still runs a bitcoin operation, but the anthropic lease and its broader pipeline may now define its value.
Meanwhile, TeraWulf added that it will sell its entire 50.1% stake in the Abernathy data center joint venture in Texas to a group led by its partner Fluidstack for about $530 million, cashing in about $450 million of invested capital at a premium and freeing up cash to expand data centers it owns directly.
The deal fits a rotation CoinDesk has been tracking all year. In March 2026, Bitcoin miners sold more than 15,000 coins from peak holdings and signed over $70 billion in AI data processing contracts chasing the more stable margins of the AI trade, the same shift of capital towards artificial intelligence that has pulled money out of crypto through a losing first half.
The lift stood out against a soft day for bitcoin itself. The token fell toward $61,900 on Monday after Strategy disclosed the sale of 3,588 bitcoin for about $216 million, a sharp step up from the 32 coins it sold weeks ago.
