Google-backed bitcoin miner TeraWulf plans $3B debt-funded data center expansion - report

[bitcoins new virtual currency. A worker is digging on golden bitcoin with dollar background]
bakhurmikele/iStock Editorial via Getty Images

* Bitcoin miner TeraWulf plans to raise approximately $3 billion to expand its data center operations, with backing from Google (NASDAQ:GOOG [https://seekingalpha.com/symbol/GOOG]), according to CFO Patrick Fleury.
* The debt is expected to be issued either through the high-yield bond market or via leveraged loans, Fleury told _Bloomberg_ in a recent interview.
* Morgan Stanley is arranging the potential transaction, which could be launched as early as October.
* Google’s (NASDAQ:GOOG [https://seekingalpha.com/symbol/GOOG]) (GOOGL [https://seekingalpha.com/symbol/GOOGL]) backstop commitment to support the debt financing is an additional $1.4 billion, bringing its total to $3.2 billion.

MORE ON TERAWULF, ALPHABET

* Google: Near-Term Might Be Stretched, But It Is Still A Long-Term Winner [https://seekingalpha.com/article/4825529-google-near-term-might-be-stretched-but-it-is-still-a-long-term-winner]
* Alphabet: Investing In This Longevity Leader; Could AI Double The Human Lifespan? [https://seekingalpha.com/article/4825407-alphabet-investing-in-this-longevity-leader-could-ai-double-the-human-lifespan]
* Alphabet Trades Softer Amid Antitrust Hearing And H-1B Visa News [https://seekingalpha.com/article/4824927-alphabet-trades-softer-amid-antitrust-hearing-and-h-1b-visa-news]
* Meta has discussions with Google about using Gemini to boost ad targeting: report [https://seekingalpha.com/news/4499330-meta-has-discussions-with-google-about-using-gemini-to-boost-ad-targeting-report]
* Google expected to be hit with a second EU fine for its search business practices - Reuters [https://seekingalpha.com/news/4499206-google-expected-to-be-hit-with-a-second-eu-fine-for-its-search-business-practices---reuters]