Gwyneth Paltrow, an American actress and entrepreneur has taken part in an investment round that involved the Terawulf bitcoin mining company. According to reports, Paltrow and a group of investors made a “substantial, 8-digit equity investment” in the company. Paltrow is well-known for her interest in cryptocurrency. She joined Abra as an advisor in 2017.
Gwyneth Paltrow Joins Investors Making ‘8-Digit Equity Investment’ in Bitcoin Mining Operation Terawulf
On December 13, Terawulf CEO Paul Prager tweetedGwyneth Patrow invests in Bitcoin mining. “Thrilled for Gwyneth Paltrow, among others, to invest in Terawulf and support our team of energy entrepreneurs’ new paradigm for best-in-class [crypto mining] that uses 100% zero-carbon energy,” Prager said. Furthermore, reports disclose that investors like Paltrow and the Iranian-American CEO of Beautycon Media, Moj Mahdara, “made a substantial, 8-digit equity investment in Terawulf.”
Seeking Alpha’s Joshua Fineman explains that Terawulf is in the midst of a reverse merger with a firm called Ikonics (NASDAQ: IKNX). The special purpose acquisition company (SPAC) merger will change the publicly listed ticker to “WULF.” A number of crypto firms have leveraged the SPAC method to raise capital through an initial public offering (IPO) in order to acquire an existing company. Griid, a vertically integrated Bitcoin self-mining firm, revealed its plans at the end December to become a public listed company on the New York Stock Exchange.
Paltrow was an Abra Advisor from 2017 to Her Lifestyle Publication Goop, where she featured crypto subjects
The investment in Terawulf is not Gwyneth Paltrow’s first foray into the crypto industry as she’s been involved with crypto assets in the past. Abra CEO Bill Barhydt made it known that Paltrow was joining the company as an adviser during the first week in August 2017. “She has been a huge value add,” Barhydt said of Paltrow at the time. “She’s opened up her network to us, given us valuable business advice,” Barhydt added.
Paltrow’s “conversation-changing lifestyle brand” called Goop and the news publication Goop.com recently published an article at the end of August on “how to understand—and invest—in cryptocurrency. Paltrow spoke with Sophie Wiberg Holm, a cryptocurrency expert and entrepreneur. The American actress and Wiberg Holm conversed about “the rapidly changing landscape of digital currency, how NFTs work, and the long-term upsides of investing in cryptocurrency.”
How do you feel about Gwyneth paltrow’s investment in Terawulf, a bitcoin mining company? Comment below to let us know your thoughts on this topic.
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