TeraWulf started out as a bitcoin miner, running warehouses of specialized computers to earn newly issued coins, a business whose margins tightened after last year’s halving cut the mining reward in half.
Like several of its peers, it has pivoted its power capacity and sites toward hosting artificial intelligence computing, where a single tenant with a long-term lease offers more stable income than the volatile mining economy. The company still trades in bitcoin, but Anthropic’s lease and broader portfolio 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 partner Fluidstack for about $530 million, monetizing about $450 million of invested capital at a premium and freeing up cash to expand data centers it directly owns.
The deal fits a rotation CoinDesk has followed all year. In March 2026, Bitcoin miners sold more than 15,000 coins of their peak holdings and signed more than $70 billion in AI computing contracts, chasing more stable margins from AI trading, the same capital shift toward artificial intelligence that has taken money out of cryptocurrencies during a losing first half.
The rise stood out on a weak day for bitcoin itself. The token fell to $61,900 on Monday after Strategy revealed the sale of 3,588 bitcoins for around $216 million, a sharp increase from the 32 coins it sold weeks ago.
