TeraWulf Announces Issuance of $850 Million Convertible Bonds and Sets Offering Price

According to Jinse Finance, Nasdaq-listed Bitcoin mining company TeraWulf announced today that it has finalized the upsized amount and offering price for its proposed 1.00% convertible senior notes due 2031 (hereinafter referred to as the "convertible notes"), with a total principal amount of $850 million. The convertible notes will be issued through a private placement to qualified institutional buyers as defined under Rule 144A of the amended Securities Act of 1933. The $850 million convertible senior notes carry a 1.00% coupon and a 32.50% conversion premium. TeraWulf has also entered into capped call transactions for the 1.00% convertible notes due 2031, with an initial cap price of $18.76 per share of common stock, representing a 100% premium over TeraWulf’s closing price on August 18, 2025. TeraWulf has granted the initial purchasers of the convertible notes a 13-day option to purchase up to an additional $150 million in principal amount of the notes. The offering is expected to close on August 20, 2025, subject to customary closing conditions.