Author: KarenZ, Foresight News

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

Recently, a series of its actions have drawn widespread attention: through the AI cloud platform Fluidstack, it has formed a partnership with Bitcoin mining company TeraWulf, acquiring an 8% stake in TeraWulf; the Google Play Store is set to adjust its policies regarding cryptocurrency exchanges and software wallets; and preliminary discussions are underway with several cryptocurrency companies regarding stablecoin integration—these actions highlight Google's deep involvement in AI computing and cryptocurrency.

How did Google acquire an 8% stake in 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, recently expanding into high-performance computing.

In its Q2 financial report, TeraWulf noted that the company mined 485 Bitcoins at its Lake Mariner facility, generating revenue of $47.6 million, a 33.7% increase compared to $35.6 million in revenue for Q2 2024. However, due to increased investments in high-performance computing and mining costs, TeraWulf's net loss for the first half of the year widened to approximately $79.79 million. As of June 30, 2025, the company held $90 million in cash, cash equivalents, and Bitcoin, along with total outstanding debt of about $500 million.

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

From a financial perspective, TeraWulf stated 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 total contract revenue to about $8.7 billion. The expected site net operating income (NOI) profit margin is 85%, generating approximately $315 million in annual revenue.

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

Following the announcement of the deal, TeraWulf's stock price surged by 50%, rising from a closing price of $5.46 the previous trading day to about $8.70, reflecting market optimism regarding the transaction.

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 transaction accelerates TeraWulf's strategic expansion into the high-performance computing sector.

From an industry perspective, many Bitcoin mining companies are beginning to diversify, turning towards AI data centers (some Bitcoin miners are also shifting to Ethereum strategies). The core logic behind this transformation is that AI training and inference require substantial computing resources, and the existing infrastructure, such as GPU clusters in mining, is highly compatible. Fluidstack, as a GPU provider for AI labs (such as Mistral AI and Black Forest Labs), further enhances the value of the transaction.

For Google, the core motivation for its involvement 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 new policies for Crypto

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

According to the new regulations, developers of cryptocurrency exchanges and software wallet applications must obtain local government licenses and comply with local laws and industry standards when launching services in specific regions, including Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the UK, the US, and some EU countries. This policy will officially take effect on October 29, 2025.

Specific requirements vary by region, for example:

• Hong Kong: Cryptocurrency exchanges must obtain a Type 1 (Securities Trading) and Type 7 (Providing Automated Trading Services) license issued by the Hong Kong Securities and Futures Commission (SFC), while software wallets do not have this requirement;
• United States: Exchange and software wallet developers must register as money service businesses with the Financial Crimes Enforcement Network (FinCEN) and also register as payment institutions in certain states, or as federally/state-chartered banking entities;
• United Kingdom: Exchange and software wallet developers must register with the Financial Conduct Authority (FCA).

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 new platform policies. Rich Widmann, head of Google Cloud's Web3 strategy, also confirmed that the policy does not cover non-custodial wallets, and the use of the term "software wallet" was not accurate, 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, encouraging innovation in DeFi.

In fact, Google Play has previously introduced related policies regarding transparency requirements for mining and distributing tokenized digital assets, as well as NFT gamification mechanisms. For example:

• No applications are allowed to mine cryptocurrency on devices, but applications can 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 Features" declaration form on the "App Content" page in the Play Management Center. Applications must not promote or embellish any earnings that may be earned through gaming or trading activities.

From a user 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 towards the Crypto field: supporting innovation while prioritizing compliance.

Google's preliminary discussions with cryptocurrency companies on stablecoin integration

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 regarding stablecoin integration. 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 sector.

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

The author has noticed that members of the Google Cloud team frequently express their views on Web3 and stablecoins on Twitter and have discussed the current applications of stablecoins around the world with members of the PayPal team.

Conclusion

In the past, Google's progress in the Crypto field was mainly reflected in technical infrastructure support, investment layout, and exploration of blockchain technology, but its strategy was relatively cautious, focusing more on indirect participation rather than direct involvement in cryptocurrency business. For example, providing hosted blockchain node services through Google Cloud, investing in several Crypto-related companies through its subsidiary (GV) Google Ventures (such as crypto security platform Blockaid, Helium, Dapper Labs, etc.), and gradually relaxing Crypto advertising policies.

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

In the global AI race, computing resources have become a bottleneck. The transaction between TeraWulf and AI cloud platform Fluidstack represents 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 sector. For Google, this is not only an equity investment but also a strategic layout to ensure the AI computing supply chain.

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