Shares of TeraWulf Inc. (NASDAQ: WULF) soared 12% to an all-time high of $15.29 on Oct. 10 as investors reacted positively to the company’s growing relationship with Alphabet Inc. (NASDAQ: GOOGL), Google’s parent company. Google increased its stake in the miner to 14%, boosting the stock’s upward momentum.

TeraWulf Inc., a U.S.-based Bitcoin mining firm founded in 2021, focuses on sustainable, domestically produced energy. The company operates large-scale mining facilities powered by nuclear and hydro energy, aiming to deliver carbon-free Bitcoin mining at an industrial scale.

In August, TeraWulf announced a strategic partnership with Google Cloud to integrate advanced analytics and energy-efficient computing into its mining operations. Following the news, the company’s shares surged over 35%. Google increased its equity position in TeraWulf by 14% to approximately $3.2 billion.

The collaboration between TeraWulf and Google Cloud aims to bring large-scale cloud computing to the Bitcoin mining ecosystem, marking a significant entry of a traditional tech giant into the crypto infrastructure space. TeraWulf’s stock also saw a 7% surge in September, riding the wave of Bitcoin’s performance and growing investor enthusiasm for digital assets.

TeraWulf’s expanding presence in AI and high-performance computing infrastructure, along with its energy capacity and data center footprint, has garnered investor interest. The company’s Lake Mariner facility in New York hosts over 422 megawatts in signed leases. Additionally, TeraWulf received bullish analyst upgrades in September, further boosting its stock performance.

Read more at Yahoo Finance: Google-backed crypto mining stock reaches all-time high