Gwyneth Paltrow invests in bitcoin miner TeraWulf

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Oscar-winning actress and Goop founder Gwyneth Paltrow recently participated in a $ 200 million debt and equity fundraiser for TeraWulf, a crypto mining company that aims to produce Bitcoin using energy. 100% zero carbon, like nuclear, hydroelectric or solar power.

Oscar-winning actress and Goop founder Gwyneth Paltrow recently participated in a $ 200 million funding round in debt and equity for TeraWulf, a cryptomining company that aims to produce Bitcoin using energy. 100% zero carbon. (Stefanie Keenan / Getty Images for goop)

As part of the tour de table, Paltrow, Moj Mahdara, CEO of Beautycon Media, and a group of very influential investors, executives and entrepreneurs made a substantial 8-figure capital investment in TeraWulf.

The group includes actresses and comedians Mindy Kaling and Lilly Singh, entrepreneur, KITH CEO and founder Ronnie Fieg, FIGS co-CEO and co-founder Trina Spear and TikTok Head of Global Marketing Nick Tran.

Goop started out in 2008 as a newsletter before becoming an entity that confused many when it started selling clothes, health supplements, and candles that supposedly smelled like Paltrow’s vagina for $ 75 a. pop. (Getty Images / Goop)

Prior to Paltrow’s latest investment, Goop published a blog post in 2018 titled “Bitcoin and Cryptocurrency Basics – and How to Invest” and posted a podcast episode in August focusing on crypto investing. -cash.

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The company previously announced its intention to go public through a business combination with the IKONICS company, which is expected to close this week. The shares of the combined company will trade on the Nasdaq under the symbol WULF.

Ticker Security Last modification Modification% IKNX IKONICS 34.00 0.00 0.00%

As part of its debt and equity financing, TeraWulf entered into a senior secured term loan of approximately $ 123.5 million over three years and issued newly issued common shares to the lenders. According to a November 10 filing, TeraWulf has an estimated enterprise value of $ 2.7 billion.

“TeraWulf’s ability to raise private capital underscores the appeal of bringing a new paradigm for mining cryptocurrency to public markets,” TeraWulf Chairman and CEO Paul Prager said in a statement. Press. “Due to our team’s seasoned energy infrastructure expertise, we expect to be able to deploy capital quickly as we build a mining operation larger than any other currently public bitcoin mining company and maintain an economy. attractive bitcoin mining. ”

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TeraWulf’s emergence comes as the world’s largest cryptocurrency has come under fire for its potentially harmful environmental impact due to its massive energy consumption, especially from Tesla CEO Elon Musk.

Cryptocurrency miners and executives agreed to form the Bitcoin Mining Council in May to accelerate sustainability efforts in the space, which TeraWulf joined in July. However, critics have said the group is an “attack on Bitcoin” that will increase mining costs and result in more wasted energy.

Bitcoin is down Monday at time of publication, trading above $ 47,000 per coin.

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