Author: KarenZ, Foresight News
Google, this global tech giant, is accelerating its strategic layout in the fields of Crypto and AI computing.
Recently, a series of actions have attracted widespread attention: a partnership with Bitcoin mining company TeraWulf through the AI cloud platform Fluidstack will secure an 8% equity stake in TeraWulf, Google Play is about to adjust its policies regarding cryptocurrency exchanges and software wallets, and preliminary talks are underway with several cryptocurrency companies for stablecoin integration — these actions highlight Google's deep involvement in the fields of AI computing and cryptocurrency.
How did Google acquire an 8% equity stake in Bitcoin mining company TeraWulf?
TeraWulf Inc. (NASDAQ: WULF), as a vertically integrated zero-carbon digital infrastructure operator, has primarily focused on Bitcoin mining in recent years, recently expanding into high-performance computing.
In TeraWulf's Q2 earnings report, the company stated that it mined 485 bitcoins at the Lake Mariner facility, generating revenue of $47.6 million, an increase of 33.7% compared to revenue of $35.6 million in the second quarter of 2024, with the cost of revenue rising from 39.1% in Q2 2024 to 46.4%. However, due to increased investment in high-performance computing and other mining costs, TeraWulf's net loss for the first half of the year widened to approximately $79.79 million. As of June 30, 2025, the company holds $90 million in cash, cash equivalents, and bitcoins, with a total outstanding debt of approximately $500 million.
TeraWulf has reached two 10-year high-performance computing hosting agreements with AI cloud platform Fluidstack, planning to provide over 200 megawatts of critical IT load at its Lake Mariner data center park in western New York (equivalent to approximately 250 megawatts of total capacity). This data center is built specifically for liquid-cooled AI workloads and aims to meet the scale, density, and resilience required for next-generation computing.
From a financial perspective, TeraWulf stated that the agreement represents approximately $3.7 billion in contract revenue over the initial 10-year term and includes two five-year extension options, which, if exercised, would bring the total contract revenue to approximately $8.7 billion. The expected net operating income (NOI) profit margin is 85%, generating approximately $315 million in revenue annually.
In this cooperation, Google plays a key role: not only guaranteeing $1.8 billion in lease obligations to support project debt financing but also acquiring warrants to purchase approximately 41 million shares of TeraWulf common stock, corresponding to an equity stake of about 8%, thus becoming an important shareholder of TeraWulf.
After the announcement of the transaction, TeraWulf's stock price soared 50%, rising from the previous day's closing price of $5.46 to about $8.70, reflecting the market's optimistic expectations for the transaction.
TeraWulf CEO Paul Prager stated that TeraWulf is uniting world-class capital and computing partners to provide next-generation AI infrastructure powered by low-cost, zero-carbon energy, and this transaction accelerates TeraWulf's strategic expansion into high-performance computing.
From an industry background perspective, many Bitcoin mining companies are beginning to diversify and turn towards AI data centers (some Bitcoin mining companies are also shifting towards Ethereum strategies). The core logic behind this transformation is that AI training and inference require large amounts of computing resources, which are highly compatible with existing mining infrastructures such as GPU clusters. Fluidstack, as a GPU provider for AI labs (such as Mistral AI and Black Forest Labs), further enhances the value of the transaction.
For Google, the core motivation for its involvement stems from the explosive growth in AI computing demand: it urgently needs reliable and sustainable computing infrastructure, and the Lake Mariner park, equipped with dual 345 kV power lines, a closed-loop cooling system, and low-latency fiber connections, makes it an ideal choice.
Google Play adjusts new Crypto policies
The Google Play Store, as the core distribution platform of the Android system, directly impacts hundreds of millions of users with its policy adjustments.
According to the new regulations, cryptocurrency exchange and software wallet application developers must obtain local government licenses and comply with local laws and industry standards when launching services in specific regions, including Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the UK, the US, and some EU countries. This policy will officially take effect on October 29, 2025.
Specifically, there are differences in policy requirements across different regions, such as:
Hong Kong: Cryptocurrency exchanges are required to obtain a Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) license issued by the Securities and Futures Commission (SFC) of Hong Kong, while software wallets have no such requirement.
United States: Exchange and software wallet developers must register with the Financial Crimes Enforcement Network (FinCEN) as money service businesses and also register as payment institutions in certain states, or as federally/state-chartered banking entities.
United Kingdom: Exchange and software wallet developers must register with the Financial Conduct Authority (FCA) of the UK.
This update aims to strengthen regulatory compliance but has sparked widespread discussion in the industry. Subsequently, Google officially responded that non-custodial crypto wallets are not subject to the new platform policy. Rich Widmann, head of Web3 strategy at Google Cloud, also confirmed that the policy does not cover non-custodial wallets, stating that the use of the term 'software wallets' is not accurate enough, causing confusion. Rich Widmann also mentioned, 'It's no longer 2015; we are working with dozens of dev shops and protocols to build this ecosystem.'
For Crypto developers, this policy increases compliance costs. On the other hand, the exemption for non-custodial wallets is viewed as a positive signal, encouraging innovation in DeFi.
In fact, Google Play has previously introduced related policies regarding transparency requirements for mining and distributing tokenized digital assets, as well as NFT gamification mechanisms. For example:
No application is allowed to conduct cryptocurrency mining on devices, but applications are allowed to remotely manage cryptocurrency mining operations.
If an application sells tokenized digital assets or allows users to earn such assets, it must declare this situation through the 'Financial Function' declaration form on the 'App Content' page of the Play Management Center. Applications must not promote or embellish any earnings that may be earned through gaming or trading activities.
From the user's perspective, this policy will enhance security and reduce fraudulent applications. However, in emerging markets, users may face a shortage of applications. Overall, this reflects Google's cautious attitude in the Crypto field: supporting innovation but prioritizing compliance.
Preliminary talks between Google and cryptocurrency companies regarding stablecoin integration.
Stablecoins are also attracting the attention of tech giants.
In June 2025, Fortune magazine reported, citing insiders, that Apple, X, Airbnb, and Google were all in preliminary discussions with cryptocurrency companies regarding stablecoin integration. These companies may view stablecoins as a means to reduce transaction costs and optimize cross-border payments, marking a shift of mainstream tech companies towards the cryptocurrency field.
According to Crypto Briefing, Rich Widmann, the head of Web3 strategy at Google Cloud, has confirmed that the company is exploring the use of stablecoins on its platform.
The author found that members of the Google Cloud team often express views on Web3 and stablecoins on Twitter and have discussed the current applications of stablecoins around the world with members of the PayPal team.
Summary
In the past, Google's progress in the Crypto field has primarily been reflected in supporting technical infrastructure, investment layout, and exploring blockchain technology, but its strategy has been relatively cautious, often participating indirectly rather than directly engaging in cryptocurrency business. For example, by providing managed blockchain node services through Google Cloud, investing in several crypto-related companies (such as the crypto security platform Blockaid, Helium, Dapper Labs, etc.) through its subsidiary Google Ventures (GV), and gradually relaxing its Crypto advertising policies.
Recently, Google's layout in the fields of Crypto and AI computing has shown a multidimensional strategy: ensuring AI computing resources through the TeraWulf transaction; regulating the application ecosystem through Google Play policies; and targeting the trillion-dollar payment market through stablecoin discussions.
In the global AI competition, computing resources have become a bottleneck. The transaction between TeraWulf and AI cloud platform Fluidstack represents an important step for TeraWulf from expanding in the crypto mining sector to AI infrastructure, further establishing TeraWulf's position as an AI infrastructure provider and accelerating its expansion into high-performance computing. For Google, this is not only an equity investment but also a strategic layout to ensure the AI computing supply chain.
