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 drawn widespread attention: the partnership between AI cloud platform Fluidstack and Bitcoin mining company TeraWulf will secure an 8% stake in TeraWulf, Google Play Store is about to adjust its policies regarding cryptocurrency exchanges and software wallets, and preliminary discussions with several cryptocurrency companies about stablecoin integration are underway—these actions highlight Google's deep involvement in the fields of AI computing and cryptocurrency.
How did Google obtain an 8% 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 and has recently expanded into high-performance computing.
In its second-quarter financial report, TeraWulf pointed out that the company mined 485 bitcoins at the Lake Mariner facility, generating revenue of $47.6 million, a 33.7% increase compared to $35.6 million in revenue for the second quarter of 2024, while the cost of revenue also increased from 39.1% in the second quarter of 2024 to 46.4%. However, due to increased investments in high-performance computing and mining-related costs, TeraWulf's net loss for the first half of the year expanded to approximately $79.79 million. As of June 30, 2025, the company held $90 million in cash, cash equivalents, and bitcoins, in addition to approximately $500 million in outstanding debt.
This time, TeraWulf reached two 10-year high-performance computing host hosting agreements with AI cloud platform Fluidstack, planning to provide over 200 megawatts of critical IT load (equivalent to about 250 megawatts of total capacity) at its Lake Mariner data center campus in Western New York. This data center is purpose-built for liquid-cooled AI workloads 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 about $8.7 billion. The expected site net operating income (NOI) margin is 85%, generating approximately $315 million in annual revenue.
In this cooperation, Google plays a key role: not only guaranteeing $1.8 billion in lease obligations to support project debt financing but also obtaining warrants to acquire approximately 41 million shares of TeraWulf common stock, corresponding to an ownership stake of about 8%, thus becoming a significant shareholder in TeraWulf.
After the announcement of the transaction, TeraWulf's stock price surged by 50%, rising from the previous closing price of $5.46 to approximately $8.70, reflecting market optimism about the deal.
TeraWulf's CEO Paul Prager stated that TeraWulf is partnering with world-class capital and computing partners to provide next-generation AI infrastructure powered by low-cost, zero-carbon energy, and this transaction will accelerate TeraWulf's strategic expansion into the high-performance computing sector.
From the industry background, many Bitcoin mining companies are beginning to diversify towards AI data centers (with some Bitcoin mining companies also shifting to Ethereum strategies). The core logic behind this transformation is that AI training and inference require substantial computational resources, and the existing infrastructure such as GPU clusters in mining is highly compatible with it. 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, sustainable computing infrastructure, and the Lake Mariner campus, equipped with dual 345 kV transmission lines, a closed-loop water 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 for the Android system, its policy adjustments directly affect hundreds of millions of users.
According to 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, applicable countries/regions include Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the United Kingdom, the United States, and some EU countries. This policy will officially take effect on October 29, 2025.
Specifically, there are differences in policy requirements across different regions, for example:
Hong Kong: Cryptocurrency exchanges are required to obtain the Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) licenses issued by the Hong Kong Securities and Futures Commission (SFC), with no such requirements for software wallets.
United States: Exchange and software wallet developers must register as money services businesses with the Financial Crimes Enforcement Network (FinCEN) 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 UK Financial Conduct Authority (FCA).
This update aims to strengthen regulatory compliance but has sparked widespread discussion in the industry. Subsequently, Google's official response stated that non-custodial crypto wallets are not subject to the platform's new policy restrictions. Rich Widmann, Google Cloud's head of Web3 strategy, also confirmed that this policy does not cover non-custodial wallets, and its use of the term 'software wallet' was inaccurate, leading to confusion. Rich Widmann also mentioned, 'It is no longer 2015; we are collaborating 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 seen 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 and the gamification mechanisms of NFT. For example:
No applications are allowed to mine cryptocurrency 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 Features' declaration form on the 'App Content' page of the Play Management Center. Applications must not promote or embellish any earnings that may be made 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 space: supporting innovation while prioritizing compliance.
Preliminary discussions between Google and cryptocurrency companies regarding stablecoin integration.
Stablecoins are also attracting the attention of tech giants.
In June 2025, according to a report by Fortune magazine citing informed sources, Apple, X, Airbnb, and Google are all in preliminary talks with cryptocurrency companies about integrating stablecoins. These companies may view stablecoins as a means to reduce transaction costs and optimize cross-border payments, marking a shift of mainstream tech companies toward the cryptocurrency sector.
According to Crypto Briefing, Rich Widmann, Google Cloud's head of Web3 strategy, has confirmed that the company is exploring the use of stablecoins on its platform.
The author has found that Google Cloud team members often share their views on Web3 and stablecoins on Twitter and have even discussed the current applications of stablecoins around the world with PayPal team members.
Summary
In the past, Google's progress in the Crypto field has mainly been reflected in technological infrastructure support, investment layouts, and exploration of blockchain technology, but its strategy has been relatively cautious, involving more indirect participation rather than direct engagement in cryptocurrency business. For example, providing hosted 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 (GV) Google Ventures, and gradually relaxing Crypto advertising policies.
Recently, Google has shown a multidimensional strategy in the fields of Crypto and AI computing: ensuring AI computing resources through the TeraWulf transaction; regulating application ecology through Google Play policies; and negotiating stablecoins targeting the trillion-dollar payment market.
In the global AI competition, computing resources have become a bottleneck. TeraWulf's transaction with AI cloud platform Fluidstack represents a significant step for TeraWulf's expansion from Crypto mining to AI infrastructure and further establishes TeraWulf's position as an AI infrastructure provider while accelerating its expansion in the high-performance computing sector. For Google, this is not only an equity investment but also a strategic layout to ensure the AI computing supply chain.
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