Bitcoin mining company Terawulf plans to issue $350 million in convertible notes to repurchase up to $200 million of its outstanding shares

ChainCatcher news, according to TheMinerMag, Bitcoin mining company Terawulf has proposed to raise $350 million through a private issuance of convertible notes, and will grant the initial purchasers of the notes an option to add $75 million within 13 days after their issuance. The company has not finalized the pricing and interest rate of the issuance, but stated that these notes will mature in 2030.

Terawulf intends to use the proceeds from this issuance for general corporate purposes and to repurchase its outstanding common stock, with a maximum amount of up to $200 million, before December 2025.

Terawulf stated that after "strict capital expenditures aimed at supporting organic growth in HPC/AI, as well as evaluating potential strategic opportunities such as site acquisitions," the stock repurchase program will be prioritized.