American Actress Gwyneth Paltrow has invested in the Terawulf Bitcoin mining operation. According to a tweet by the Terawulf CEO, Paul Pager, the View From the Top star had a significant investment in the company. Reports indicate that Paltrow made an 8-digit investment, although the exact figure has not been revealed.
The Investment
According to a Fox Business report, the Hollywood star made an 8-digit investment in the company. Another notable person who made a significant investment in the Bitcoin mining company was Beautycon Media CEO, Moj Mahdara.
Terawulf is currently undergoing a reverse merge with Ikonics. According to a report by Seeking Alpha, the special purpose acquisition company (SPAC) merger will see the company change its ticker to WULF. Various crypto firms have used a SPAC to raise capital via IPOs to acquire an existing company. For instance, in November, Griid, a Bitcoin self-mining firm, revealed that it planned a public listing on the NYSE via a SPAC.
Paltrow is not new to the crypto industry. In 2017, she joined Abra, a crypto firm, as one of its advisors. At the time, Abra CEO Bill Barhydt stated that Paltrow had been a huge value addition to them. The CEO said that Paltrow opened up her network to them and gave them valuable business advice.
In August 2021, Paltrow’s Goop.com published an article detailing how to invest in crypto. In the article, she discussed with Sophie Wiberg Holm, an entrepreneur and crypto expert on how to invest in crypto. The two discussed the rapidly changing digital currency landscape. They also discussed NFTs and the long-term benefits of crypto investments.
The Implications
While Paltrow might not be the biggest investor in Terawulf, she brings her star power to the firm as well. The investment will no doubt get the attention of the crypto markets and those looking for investment opportunities. Additionally, it could be a useful boost for the crypto industry when it comes to adoption. While the crypto market has grown a lot in recent years, less than ten percent of the world owns or has ever used crypto. However, the data shows that global crypto ownership is growing.
About Terawulf
Terawulf describes itself as a green BTC mining company. The company states that it represents a new paradigm shift in how crypto mining takes place. It states that it is providing “domestically produced Bitcoin by using more than 90% + zero-carbon energy today”. According to Terawulf, it has a goal of consuming all of its electricity from zero-carbon energy sources.
It is working on creating fully-owned fully-integrated BTC mining facilities. In various locations across the US, generating attractive returns for investors while providing sustainable benefits for communities. With its industry-leading engineering and energy markets expertise, the company will follow the most efficient path to mine BTC.
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