Bitcoin Miner Turned AI Data Center Play Lands New $11 Million Investment. Here's What to Know
Key Points
Covalis (Gibraltar) Ltd opened a new position in TeraWulf during the fourth quarter, adding 939,911 shares.
The stake’s quarter-end value increased by $10.80 million as a result.
The position accounts for 15% of the fund’s reported 13F assets (save for those with underlying options).
- 10 stocks we like better than TeraWulf ›
On February 17, 2026, Covalis (Gibraltar) Ltd disclosed a new position in TeraWulf (NASDAQ:WULF), acquiring 939,911 shares worth $10.80 million during the fourth quarter.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Covalis (Gibraltar) Ltd reported a new position of 939,911 shares in TeraWulf. The quarter-end value of the stake was $10.80 million.
What else to know
- This was a new position for the fund, representing about 15% of the 13F reportable assets under management (save for those with underlying options) as of December 31, 2025.
- Top holdings after the filing:
- NASDAQ:CORZ: $30.29 million (42.7% of AUM)
- NYSE:PCG: $29.87 million (42.1% of AUM)
- NASDAQ: WULF: $10.80 million (15.2% of AUM)
- As of Thursday, shares of TeraWulf were priced at $14.67, up a staggering 350% over the past year and well outperforming the S&P 500’s roughly 20% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $14.67 |
| Market Capitalization | $6.2 billion |
| Revenue (TTM) | $168.5 million |
| Net Income (TTM) | ($661.4 million) |
Company snapshot
- Terawulf operates bitcoin mining facilities in New York and Pennsylvania, generating revenue primarily from mining and selling bitcoin.
- Its business model centers on owning and operating digital asset infrastructure, leveraging proprietary technology to optimize mining efficiency and output.
- The firm serves institutional and professional investors seeking exposure to digital assets through large-scale, energy-efficient mining operations.
TeraWulf is a U.S.-based digital asset technology company specializing in bitcoin mining, with operations in New York and Pennsylvania. The company focuses on developing and managing large-scale, energy-efficient mining facilities to maximize bitcoin production. Its strategic emphasis on infrastructure ownership and operational efficiency positions it as a competitive player in the digital asset mining industry.
What this transaction means for investors
Infrastructure tied to artificial intelligence has become one of the most sought-after themes in the market, and the companies positioned to supply power, compute, and physical capacity are attracting increasing investor attention. That backdrop makes moves around TeraWulf particularly notable because the company is no longer simply a bitcoin miner.
The firm is actively repositioning itself as a developer of large-scale high-performance computing infrastructure. During 2025, TeraWulf secured long-term data center lease agreements totaling 522 megawatts of critical IT capacity across its platform, agreements representing more than $12.8 billion in contracted revenue with credit-backed counterparties. The firm also completed $6.5 billion in long-term financings to help support its expanding platform, according to the latest earnings release.
Those financial results still reflect a business in transition. Total revenue reached about $168.5 million for the year, including $151.6 million from digital asset operations, up from $140.1 million in 2024, and a smaller but growing contribution from high-performance computing lease revenue ($16.9 million, up from nothing a year prior). And with shares up a staggering 350% this past year, all eyes are certainly on Terawulf as it navigates this well-timed pivot.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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