Google-backed crypto mining stock reaches all-time high

Shares of TeraWulf Inc. (NASDAQ: WULF), a Bitcoin (BTC) mining company, surged by 12% and reached an all-time high at $15.29 after the market opened on Oct. 10.

The rally came as investors reacted positively to the continued company’s growing relationship with Alphabet Inc. (NASDAQ: GOOGL), Google’s parent company.

The stock has maintained strong upward momentum in recent weeks, gaining traction following reports that Google increased its stake in the miner to 14%.

Launched in 2021, TeraWulf Inc. is a U.S.-based Bitcoin mining firm focused on sustainable, domestically produced energy.

The company operates large-scale mining facilities powered by nuclear and hydro energy, including Nautilus Cryptomine in Pennsylvania and Lake Mariner in New York. TeraWulf aims to deliver carbon-free Bitcoin mining at industrial scale, setting it apart as one of the few publicly traded miners committed to 100% zero-carbon operations.The logo of US' multinational corporation and technology company Google is pictured at the International Motor Show IAA in Munich, southern Germany, on September 8, 2025. (Photo by Tobias SCHWARZ / AFP) (Photo by TOBIAS SCHWARZ/AFP via Getty Images)Getty Images

Backed by Google

On Aug. 14, TeraWulf announced a strategic partnership with Google Cloud to integrate advanced analytics and energy-efficient computing into its mining operations. The company’s shares spiked more than 35% soon after.

A couple of days later, Google increased its equity position in the company by 14% to approximately $3.2 billion from $1.8 billion in return for 32.5 million WULF shares.

The collaboration is part of a broader effort to bring large-scale cloud computing to the Bitcoin mining ecosystem, marking one of the most high-profile entries of a traditional tech giant into the crypto infrastructure space.

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Why is TeraWulf rallying?

TeraWulf surged nearly 7% in September, riding the wave of Bitcoin’s strong performance and investor optimism surrounding digital assets.

TeraWulf's growing presence in AI and high-performance computing (HPC) infrastructure is a major driver of investor enthusiasm. Analysts note that its existing energy capacity and data center footprint uniquely position it to benefit from the AI boom. The company’s Lake Mariner facility in New York currently hosts over 422 megawatts in signed leases.

TeraWulf’s stock also gained from a series of bullish analyst upgrades in September. Compass Point initiated coverage with a “Buy” rating and a $6.50 price target, while analyst Darren Aftahi raised his fair value estimate to $21.50, citing the firm’s rapid diversification and power capacity.

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Related: What is Bitcoin mining? Explained

This story was originally reported by TheStreet on Oct 10, 2025, where it first appeared in the Stock Ideas section. Add TheStreet as a Preferred Source by clicking here.

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