Bitcoin mining firm TeraWulf raised $32 million by raising equity.
Every player in the cryptocurrency market ecosystem has struggled through this past period. In the crypto winter, some companies went into layoffs and downsizing, while others found debt and kept their companies going.
TeraWulf Goes To Increase Equity
Bitcoin and cryptocurrency mining firm TeraWulf has increased its capital to ensure the continuity of the company. One of the sectors most affected by the crypto winter was cryptocurrency mining firms.
Cryptocurrency mining companies have suffered greatly from the rising energy prices and the low price of Bitcoin during this period. TeraWulf said in a statement that it has raised $32 million from a public capital increase.
Making a statement on the subject, the company stated that it has reached a binding agreement in principle with the current lenders to restructure its debt subject to an increase in equity. TeraWulf CEO Paul Prager used the following statements in his statement about the capital increase:
“As we achieve these successes, we believe more than ever that TeraWulf is positioned to deliver profitable growth and returns. We remain committed to creating shareholder value as we continue to rely on our ability to raise the additional funds needed to get a discount on debt.”
