TeraWulf signed a 20-year lease with Anthropic to host the AI company at its Justified Data campus in Hawesville, Kentucky, a deal expected to generate roughly $19 billion in contracted revenue over the initial term, according to CoinDesk. The company will provide about 401 megawatts of computing capacity in phases, with first power expected in the second half of 2027 and full site operation by early 2028. The stock jumped as much as 19 percent on Monday before settling to a gain around 4 percent. The $19 billion lease exceeds TeraWulf's roughly $12 billion market value, marking a rotation from bitcoin mining to AI hosting. Separately, TeraWulf will sell its 50.1 percent stake in the Abernathy data-center joint venture in Texas for about $530 million, monetizing invested capital at a premium.

This fits a shift CoinDesk has tracked, with bitcoin miners selling more than 15,000 coins from peak holdings and signing over $70 billion in AI computing contracts as of March 2026. TeraWulf began as a bitcoin miner but tightened margins after last year's halving cut mining rewards in half. The Anthropic lease, backed by what TeraWulf described as an investment-grade credit, offers steadier income than mining. The deal suggests the miner-to-AI pivot is no longer experimental, with long leases replacing volatile coin revenue.

For bitcoin itself, the miner rotation out of BTC is a known headwind but not a fresh catalyst. Funding sits at 1.0 basis points per 8 hours, 10 times the 30-day average of 0.1bp, indicating leveraged longs remain in the market. Fear and Greed reads 27, up from a 30-day average of 17, pointing to reduced panic rather than euphoria. The TeraWulf news does not change the immediate supply picture — the company still runs a bitcoin operation, and its Texas stake sale is a capital reallocation, not a forced liquidation. Strategy's disclosure of selling 3,588 bitcoin for about $216 million is a near-term supply event, but a measured exit rather than distressed dumping.

The signal is sector-specific rather than systemic. Miners with power capacity and sites are now valued on AI hosting potential, not hash rate or coin reserves. TeraWulf's stock is up more than 80 percent this year. For traders, this suggests miner equities and bitcoin itself are decoupling — a miner rally on an AI lease no longer implies BTC strength, and miner coin sales no longer collapse spot. Watch whether other miners with large sites announce similar leases in the coming months, which would confirm AI hosting as a new baseline and further reduce miner coin holdings as a supply overhang.

Source: CoinDesk