TeraWulf slips as bitcoin-miner trade cools into Fed week after big equity raise
TeraWulf (WULF) is sliding as crypto-linked equities soften ahead of the April 28–29 Fed decision window, pressuring high-beta bitcoin miners. The pullback also comes after WULF’s recent $19-per-share follow-on equity offering and a sharp multi-week run-up, prompting profit-taking.
1. What’s moving the stock today
TeraWulf shares are down about 3.6% in midday trading, tracking a broader cooling in crypto-sensitive equities as markets position around the April 28–29 Federal Reserve meeting window. Bitcoin-mining stocks often trade as leveraged proxies for crypto risk appetite, and the group tends to see heightened volatility when macro rates expectations shift. (phemex.com)
2. Recent company-specific overhang: dilution and profit-taking
The move also lands in the shadow of TeraWulf’s recently completed follow-on stock sale, which increased the share count and can weigh on near-term price action even if the capital supports expansion. The company said it closed a public offering of 54,510,000 shares at $19.00 per share (including the underwriters’ option), a deal that can create technical selling and “digesting-the-offering” trading in subsequent sessions. (investors.terawulf.com)
3. What investors are watching next
Investors are focused on whether the company’s AI/HPC pivot translates into improving profitability and steadier cash flows versus pure-play bitcoin mining. Earlier in April, TeraWulf guided to first-quarter 2026 revenue of $30 million to $35 million and adjusted EBITDA of $0 million to $3 million, framing near-term performance expectations as the market reassesses growth and funding needs. (investors.terawulf.com)