Bitcoin miner TeraWulf's shares surge 15% after infrastructure acquisitions

After unveiling a couple of key acquisitions, bitcoin miner TeraWulf's shares surged on Tuesday.

TeraWulf's shares (NASDAQ: WULF) hit a morning high of $15.58 before paring some of those gains. The company's rising stock price came on the heels of it announcing two new acquisitions on Monday after the market closed.

The company said it has acquired brownfield infrastructure sites in both Kentucky and Maryland.

"Together, these acquisitions add approximately 1.5 gigawatts (GW) of capacity to TeraWulf’s portfolio and advance the Company’s strategy of developing energy-advantaged locations with near-term power availability, long-term scalability, and the ability to support customer demand and broader grid needs," TeraWulf said in a statement.

The Kentucky site has more than 250 buildable acres for compute capacity with access to power infrastructure. In Maryland, TeraWulf acquired a site with roughly 480 MW of power availability, with the ability to expand further, the company added.

"These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth," TeraWulf  Chairman and CEO Paul Prager said. "Regional diversity has become increasingly important as grid congestion, permitting timelines, and weather and policy considerations vary by market."

Last October, TeraWulf said it planned to raise $900 million from privately offered convertible senior notes as part of a pivot from core bitcoin mining operations to building artificial intelligence data facilities.