TeraWulf – an environmentally minded bitcoin mining company – raised $200 million in debt and equity financing from institutional and individual investors, the company announced Thursday.
“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” CEO Paul Prager said in a statement.
The miner, which expects to mine bitcoin powered by nuclear, hydro and solar energy, will use the funding to achieve mining power of 6 exahash per second by the second half of 2022.
The financing includes about $123.5 million in a three-year, senior secured term loan and subscription agreements with investors to purchase newly issued shares of the company’s common stock for about $76.5 million.
Investment bank Moelis acted as an exclusive placement agent for TeraWulf’s debt and equity financing.
In June, TeraWulf said that it will merge with Nasdaq-listed Ikonics (IKNX) to go public and trade under the symbol “WULF.” The miner said on Thursday that the deal is expected to be completed during the week of Dec. 13.