TeraWulf (WULF) is trading higher today as crypto-sensitive names catch a bid alongside a modest move up in bitcoin, which often drives near-term flows into bitcoin miners and adjacent digital-infrastructure plays. With bitcoin around $78,134 in the latest snapshot, the tape effect is supportive for high-beta miners even without a fresh company headline.

The stock’s rebound also reflects investors digesting and moving past a major dilution event earlier this month: TeraWulf priced an upsized public offering of 47.4 million shares at $19.00 for roughly $900 million in gross proceeds, after initially outlining an $800 million plan. As the deal settles into the market, short-term pressure tied to new-supply fears can ease, allowing the stock to trade more on sector momentum and the company’s buildout narrative.

Proceeds from the offering have been positioned as fuel for expansion, including development tied to the Hawesville, Kentucky site that has been framed as an AI/data center project, shifting the story beyond pure bitcoin mining. That strategy has become a central part of the bull case as investors look for more durable compute-related revenue streams versus solely bitcoin price exposure.