Bitcoin Mining Stocks Plunge 9% After Hitting 52-Week High

TeraWulf Inc. (NASDAQ: WULF) closed at $22.97 on June 10, down 9.13% for the day, erasing roughly $950 million (about ₩1.3 trillion) in market value. The company’s market capitalization now stands at approximately $11.3 billion (₩16 trillion), after shares hit a 52-week high of $27.48 before the sharp decline.

In late April, TeraWulf completed a common stock offering priced at $19 per share, raising about $900 million (₩1.2 trillion) to fund facility expansion and build out AI and high-performance computing (HPC) infrastructure.

For the first quarter of fiscal 2026, reported on May 8, the company’s revenue and earnings missed consensus estimates. Despite this, analysts at Compass Point and KBW have maintained Buy and Outperform ratings, with price targets in the mid- to high-$20 range, citing growth potential in AI-driven HPC sales.

TeraWulf operates U.S. Bitcoin-mining facilities powered by low-carbon electricity, including nuclear-powered Lake Mariner in New York and the hydroelectric Nautilus site in Pennsylvania. The company is now pivoting its mining infrastructure toward AI and HPC data centers—a strategy that, alongside Bitcoin price volatility and significant capital investment requirements, has contributed to its stock’s recent fluctuations.