Paul, Weiss advised TeraWulf Inc., a leading owner and operator of environmentally sustainable U.S. bitcoin mining facilities, on the sale of its 25% equity interest in the Nautilus Cryptomine joint venture to its partner, a subsidiary of Talen Energy Corporation. The transaction is valued at approximately $92 million, consisting of $85 million in cash and around $7 million in Talen-contributed miners and equipment. The deal supports TeraWulf’s expansion of high performance computing artificial intelligence (HPC/AI) and bitcoin mining at its Lake Mariner facility in Western New York and positions the company for substantial value creation.

The Paul, Weiss team was led by partners Ted Ackerman and Reuven Garrett and associate Gerald Shalam, and included corporate partners David Huntington, Raphael Russo and Stephen Koo and counsel Robert Balis and Jason Tyler; litigation partner Geoffrey Chepiga; restructuring partner Brian Hermann; tax partner Brian Grieve; and executive compensation counsel Meghan Fox.