TeraWulf drops as bitcoin dips and investors digest $1.04B equity raise dilution
TeraWulf (WULF) is sliding as bitcoin pulls back to about $76,343 on April 28, 2026, pressuring crypto-mining equities. The stock is also digesting dilution from TeraWulf’s recently closed 54.51M-share offering priced at $19, which raised roughly $1.04B in gross proceeds.
1. What’s moving the stock today
TeraWulf shares are lower in a risk-off tape for bitcoin-linked equities, with bitcoin trading around $76,343 early on April 28, 2026. When spot bitcoin weakens, miners and adjacent infrastructure names often move with amplified volatility due to operating leverage and sentiment-driven flows. (fortune.com)
2. Dilution overhang remains fresh
The decline also comes shortly after TeraWulf closed a large public equity offering on April 16, 2026, selling 54,510,000 shares at $19.00 and including the full exercise of the underwriters’ 7,110,000-share option. The deal generated about $1.04 billion of gross proceeds, increasing the share count and leaving a near-term valuation and supply overhang as the market rebalances. (investors.terawulf.com)
3. What to watch next
Traders will likely key on crypto tape direction and any follow-through from the company’s preliminary Q1 2026 ranges disclosed alongside the offering process, including revenue of $30 million to $35 million and adjusted EBITDA of $0 million to $3 million. The next widely cited expected earnings window is early May 2026, which could reset near-term expectations for the combined bitcoin-mining and HPC/data-center strategy. (investing.com)