Gwyneth Paltrow Invests In Terawulf, A Bitcoin Mining Operation
Gwyneth Paltrow Joins '8-Digit Equity Investment' in Terawulf's Bitcoin Mining Operation.
Gwyneth Paltrow, an American actress and businesswoman, took part in a funding round for Terawulf, a bitcoin mining company. Paltrow and a group of investors reportedly made a “significant, 8-digit equity investment” in the company, according to sources.
— Bitcoin News (@BTCTN) December 14, 2021
Paltrow is well-known for her cryptocurrency engagement, having joined the crypto company Abra as an advisor in 2017.
Terawulf CEO Paul Prager tweeted on December 13 that Gwyneth Paltrow has invested in his bitcoin mining firm. “We’re thrilled that Gwyneth Paltrow, among others, has invested in Terawulf and backed our team of energy entrepreneurs’ new paradigm for best-in-class [crypto mining] that uses 100 per cent zero-carbon energy”, Prager said.
According to sources, investors such as Paltrow and Moj Mahdara, the Iranian-American CEO of Beautycon Media, “made a substantial, 8-digit equity investment in Terawulf.”
According to Joshua Fineman of Seeking Alpha, Terawulf is amid a reverse merger with Ikonics (NASDAQ: IKNX). The publicly traded ticker will be changed to “WULF” as a result of the special purpose acquisition company (SPAC) merger.
Several crypto companies have used the SPAC approach to generate funds via an initial public offering (IPO) to buy an existing business.
Griid, a vertically integrated bitcoin self-mining company, unveiled its ambitions for a public listing on the New York Stock Exchange (NYSE) via a SPAC deal at the end of November.
Paltrow Businesswoman joins Abra as an advisor in 2017 and includes crypto topics in her lifestyle publication. Goop
Gwyneth Paltrow’s investment in Terawulf is not her first venture into the crypto market; she has previously worked with crypto assets. Paltrow joined Abra as an advisor in the first week of August 2017, according to Abra CEO Bill Barhydt.
At the time, Barhydt remarked of Paltrow, “She has been a major value add.” “She’s given us great business advise and opened up her network to us”, Barhydt remarked.
Goop, Paltrow’s “conversation-changing lifestyle brand“, and Goop.com, Paltrow’s news publication, published an article on “how to understand—and invest—in cryptocurrencies” at the end of August. Paltrow discussed the topic with Sophie Wiberg Holm, a cryptocurrency specialist and entrepreneur.
“The fast-changing world of digital currency, how NFTs function, and the long-term upsides of investing in cryptocurrencies”, the American actress and Wiberg Holm discussed.