Google's Ambition: From AI Computing Power Infrastructure to Crypto

Original author: KarenZ, Foresight News

Reprint: Oliver, Mars Finance

Google, this global tech giant, is accelerating its strategic layout in the fields of Crypto and AI computing.

Recently, a series of actions have attracted widespread attention: the cooperation between the AI cloud platform Fluidstack and the Bitcoin mining company TeraWulf will acquire an 8% stake in TeraWulf, the Google Play Store is about to adjust its policies regarding cryptocurrency exchanges and software wallets, and preliminary discussions are underway with several cryptocurrency companies regarding the integration of stablecoins — these actions highlight Google's deep involvement in the fields of AI computing and cryptocurrency.

How did Google acquire an 8% stake in the Bitcoin mining company TeraWulf?

TeraWulf Inc. (Nasdaq: WULF), as a vertically integrated zero-carbon digital infrastructure operator, has primarily focused on Bitcoin mining in recent years and has recently expanded into high-performance computing.

TeraWulf pointed out in its Q2 financial report that the company mined 485 bitcoins at the Lake Mariner facility, generating revenue of $47.6 million, which is an increase of 33.7% compared to the revenue of $35.6 million in Q2 2024. However, due to increased investment in high-performance computing and costs associated with mining, TeraWulf's net loss for the first half of the year expanded to approximately $79.79 million. As of June 30, 2025, the company held $90 million in cash, cash equivalents, and bitcoins, in addition to total outstanding debt of approximately $500 million.

TeraWulf has reached two 10-year high-performance computing hosting agreements with the AI cloud platform Fluidstack, planning to provide over 200 megawatts of critical IT load (equivalent to approximately 250 megawatts of total capacity) at its Lake Mariner data center campus located in western New York. This data center is specifically built for liquid-cooled AI workloads, designed to meet the scale, density, and resilience required for next-generation computing.

From a financial perspective, TeraWulf states that the agreement represents approximately $3.7 billion in contract revenue over the initial 10-year term and includes two five-year extension options, which, if exercised, would bring the total contract revenue to approximately $8.7 billion. The site's net operating income (NOI) profit margin is expected to be 85%, generating approximately $315 million in revenue annually.

Google plays a key role in this collaboration: it not only guarantees the $1.8 billion lease obligation to support project debt financing, but also obtains warrants to acquire approximately 41 million shares of TeraWulf common stock, corresponding to an equity stake of about 8%, thus becoming an important shareholder of TeraWulf.

After the announcement of the transaction, TeraWulf's stock price soared by 50%, rising from a previous closing price of $5.46 to about $8.70, reflecting the market's optimistic expectations for the deal.

TeraWulf CEO Paul Prager stated that TeraWulf is partnering with world-class capital and computing partners to provide next-generation AI infrastructure powered by low-cost, zero-carbon energy, and this deal will accelerate TeraWulf's strategic expansion into the high-performance computing arena.

From the industry background, many Bitcoin mining companies have begun to diversify, turning to AI data centers (some Bitcoin mining companies are also shifting towards Ethereum strategies). The core logic of this transformation lies in the fact that AI training and inference require a large amount of computing resources, and the existing infrastructure such as GPU clusters in mining is highly compatible with it. Fluidstack, as a GPU provider for AI laboratories (such as Mistral AI and Black Forest Labs), further enhances the value of transactions.

For Google, the core driving force for intervention stems from the explosive growth in AI computing demand: it urgently needs reliable and sustainable computing infrastructure, and the Lake Mariner campus, equipped with dual 345 kV transmission lines, a closed-loop water cooling system, and low-latency fiber connections, makes it an ideal choice.

Google Play adjusts Crypto new policy

The Google Play Store, as the core distribution platform for the Android system, its policy adjustments directly affect hundreds of millions of users.

According to the new regulations, cryptocurrency exchanges and software wallet application developers must obtain local government permission and comply with local laws and industry standards when launching services in specific regions. Applicable countries/regions include Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the United Kingdom, the United States, and some EU countries. This policy will officially take effect on October 29, 2025.

Specific to different regions, there are variations in policy requirements, for example:

Hong Kong: Cryptocurrency exchanges are required to obtain a Type 1 (dealing in securities) and Type 7 (providing automated trading services) license issued by the Securities and Futures Commission (SFC) of Hong Kong, while software wallets do not have this requirement;

United States: Exchange and software wallet developers must register as money services businesses with the Financial Crimes Enforcement Network (FinCEN) and simultaneously register as payment institutions in a certain state, or as federally/state-chartered banking entities;

UK: Exchange and software wallet developers must register with the Financial Conduct Authority (FCA) in the UK.

This update aims to strengthen regulatory compliance but has sparked widespread discussion in the industry. Subsequently, Google officially responded that non-custodial crypto wallets are not subject to the platform's new policy. Rich Widmann, the Web3 strategy lead at Google Cloud, also confirmed that the policy does not cover non-custodial wallets and that the use of the term "software wallets" is not accurate enough, causing confusion. Rich Widmann also mentioned, "It is no longer 2015; we are working with dozens of dev shops and protocols to build this ecosystem."

For crypto developers, this policy increases compliance costs. On the other hand, the exemption for non-custodial wallets is seen as a positive signal that encourages innovation in DeFi.

In fact, Google Play has also previously introduced relevant policies regarding mining, transparency requirements for the distribution of tokenized digital assets, and the gamification mechanisms of NFTs. For example:

No applications are allowed to perform cryptocurrency mining on the device, but applications are permitted to remotely manage cryptocurrency mining operations.

If an application sells tokenized digital assets or allows users to earn such assets, it must declare this situation through the "Financial Function" declaration form on the "App Content" page of the Play Management Center. The application must not promote or embellish any earnings that may be earned through gaming or trading activities.

From the user's perspective, this policy will enhance security and reduce fraudulent applications. However, in emerging markets, users may face a shortage of applications. Overall, this reflects Google's cautious attitude in the Crypto space: supporting innovation while prioritizing compliance.

Google's preliminary discussions with cryptocurrency companies on the integration of stablecoins

Stablecoins are also attracting the attention of tech giants.

In June 2025, according to a report by Fortune magazine citing informed sources, Apple, X, Airbnb, and Google are all in preliminary talks with cryptocurrency companies about integrating stablecoins. These companies may view stablecoins as a means to reduce transaction costs and optimize cross-border payments, marking a shift of mainstream tech companies towards the cryptocurrency space.

According to Crypto Briefing, Rich Widmann, the Web3 strategy director of Google Cloud, has confirmed that the company is exploring the use of stablecoins on its platform.

The author found that members of the Google Cloud team often express their views on Web3 and stablecoins on Twitter, and have also discussed the current applications of stablecoins around the world with members of the PayPal team.

Summary

In the past, Google's progress in the Crypto field has mainly been reflected in supporting technical infrastructure, investment layout, and exploring blockchain technology. However, its strategy has been relatively cautious, participating more indirectly rather than directly engaging in cryptocurrency business. For example, by providing managed blockchain node services through Google Cloud, investing in several Crypto-related companies (such as the crypto security platform Blockaid, Helium, Dapper Labs, etc.) through its subsidiary (GV) Google Ventures, and gradually relaxing its Crypto advertising policies.

Recently, Google's layout in the fields of Crypto and AI computing has shown a multidimensional strategy: securing AI computing resources through the TeraWulf transaction; regulating the application ecosystem through Google Play policies; and negotiating stablecoins aimed at the trillion-dollar payment market.

In the global AI competition, computing resources have become a bottleneck. The transaction between TeraWulf and the AI cloud platform Fluidstack is an important step for TeraWulf in expanding from crypto mining to AI infrastructure, further establishing TeraWulf's position as an AI infrastructure provider and accelerating its expansion in the high-performance computing field. For Google, this is not just an equity investment, but also a strategic layout to ensure the AI computing supply chain.