Bitcoin Miner TeraWulf Proposes $350 Million Convertible Notes to Repurchase Up to $200 Million of Outstanding Shares

On October 24, bitcoin miner TeraWulf proposed to raise $350 million through a private offering of convertible notes, and will also grant initial purchasers of the notes an option to raise an additional $75 million within 13 days of their issuance. The company has not yet finalized the pricing and interest rate for the offering, but said the notes will mature in 2030.TeraWulf plans to use the proceeds of the offering for general corporate purposes and to repurchase up to $200 million of its outstanding shares of common stock by December 2025.TeraWulf is also proposing to raise $350 million through a private offering of convertible notes, with an option for an additional $75 million to be granted to the initial purchasers 13 days after its offering.