10 Most Promising Penny Stocks According to Hedge Funds

4. Terawulf Inc. (NASDAQ:WULF)

Share Price as of October 11: $3.93

Number of Hedge Fund Holders: 37

Terawulf Inc. (NASDAQ:WULF) owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the US. It has two Bitcoin mining facilities: the wholly-owned Lake Mariner Data facility in New York, and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin.

In Q2 2024, it completed Building 4 at Lake Mariner, boosting its mining capacity to over 10 EH/s. Its industry-leading power costs and fleet efficiency give it a competitive advantage. The company amended its Bitman purchase agreements and acquired 5,000 S21 Pro miners at $16/TH. It also made progress in AI and HPC initiatives through WULF Den and streamlined its capital structure.

Overall revenue generated in the second quarter was $35.57 million, surging 130.16% as compared to the year-ago period. It mined 184 Bitcoins in August, averaging 5.9 Bitcoins daily. Its self-mining capacity increased 100% YoY to 10.0 EH/s. Its operational hash rate averaged 8.2 EH/s in August, reflecting effective demand response strategies and performance optimizations.

On October 5, it sold its 25% stake in Nautilus Cryptomine joint venture to Talen Energy Corporation for $92 million and will reinvest the proceeds to expand its high-performance computing and Bitcoin mining operations at the Lake Mariner facility. Later on October 11, the company secured a 35-year land lease for 157 acres at the Lake Mariner facility in Somerset, New York, paying Somerset’s parent company 20 million shares and $12 million in cash.

The company’s commitment to sustainability and its significant infrastructure positions it well for growth in the Bitcoin mining and alternative compute hosting sectors. Terawulf Inc.’s (NASDAQ:WULF) operational excellence and focus on increasing output demonstrate its potential for sustained profitability in the evolving cryptocurrency market.