Google's ambition: from AI Computing Power infrastructure to Crypto

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 actions have drawn widespread attention: through the AI cloud platform Fluidstack, a partnership with the Bitcoin mining company TeraWulf will result in acquiring 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 for stablecoin integration — 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 a 33.7% increase compared to revenue of $35.6 million in Q2 2024. However, due to increased investments in high-performance computing and other 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 bitcoins, along with an outstanding debt totaling 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 and aims to meet the scale, density, and resilience required for next-generation computing.

From a financial perspective, TeraWulf indicates 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 is expected to have a net operating income (NOI) profit margin of 85%, generating about $315 million in revenue annually.

Google plays a key role in this collaboration: it not only guarantees the $1.8 billion lease obligations to support project debt financing but also acquires warrants to purchase 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 the previous trading day's 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 transaction will accelerate TeraWulf's strategic expansion into the high-performance computing sector.

From an industry perspective, many Bitcoin mining companies have begun to diversify, turning to 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 a large amount of computing resources, and the existing infrastructure of mining, such as GPU clusters, 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 comes from the explosive growth in AI computing demand: it urgently needs reliable and sustainable computing infrastructure, and the dual 345 kV transmission lines, closed-loop water cooling system, and low-latency fiber connections at the Lake Mariner site make it an ideal choice.

Google Play adjusts Crypto new policy

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

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.

Policies vary by region, for example:

• Hong Kong: Cryptocurrency exchanges are required to obtain a Type 1 (Securities Trading) and Type 7 (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) in the United States, as well as 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) 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's no longer 2015, we are collaborating 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 previously introduced relevant policies regarding the transparency requirements for mining and distributing tokenized digital assets, as well as the gamification mechanisms of NFTs. For example:

• No applications are allowed to conduct cryptocurrency mining on the device, but applications are permitted to remotely manage cryptocurrency mining operations.
• If an application sells tokenized digital assets or enables users to earn such assets, this must be declared through the "Financial Functions" 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.

Preliminary discussions between Google and 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 about integrating stablecoins. These companies may see stablecoins as a means to reduce transaction costs and optimize cross-border payments, marking a shift of mainstream tech firms towards the cryptocurrency space.

According to Crypto Briefing, Rich Widmann, the Web3 strategy head at 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 support for technological infrastructure, investment layout, and exploration of blockchain technology. However, its strategy has been relatively cautious, involving more indirect participation rather than direct involvement in cryptocurrency business. For example, it provides hosting services for blockchain nodes through Google Cloud, invests in several Crypto-related companies (such as the crypto security platform Blockaid, Helium, Dapper Labs, etc.) through its subsidiary (GV) Google Ventures, and gradually relaxes its Crypto advertising policies.

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

In the global AI competition, computing resources have become a bottleneck. TeraWulf's transaction with 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 only an equity investment but also a strategic layout to ensure the AI computing supply chain.