Bitcoin Miner TeraWulf to Merge With Nasdaq-Listed Ikonics

ESG-focused bitcoin mining company TeraWulf is set for a Nasdaq listing after agreeing to merge with publicly trading imaging-technology company Ikonics.

  • The two entered into an agreement for a merger under a new holding company, an announcement Friday said.
  • The new firm will bear TeraWulf’s name and is expected to trade on Nasadaq under the ticker “WULF.” Paul Prager, chairman & CEO of TeraWulf, will hold the same positions in the new company.
  • Ikonics (NASDAQ:IKNX) investors will receive $5 in cash and one share in the new company for each share they hold. Ikonics stock closed at $11.30 on Thursday.
  • They will also receive one contingent value right (CVR). The CVRs, which won’t be publicly traded, entitle them to 95% of the proceeds from a sale of Ikonics’ imaging business and will expire after 18 months.
  • TeraWulf aims to mine bitcoin with over 90% zero-carbon energy. It has over 60,000 miners on order, giving it 50 MW mining capacity. It expects that to grow to 800 MW by 2025, enabling a hashrate of more than 23 EH/s.
  • As of Thursday, IKONICS had a market cap of $22.3 million.
Read more: How the Bitcoin Industry Is Responding to Wall Street’s ESG Concerns