TeraWulf Inc., a cryptocurrency miner that aims to be more environmentally friendly than peers, on Monday closed down 17% after paring a steeper decline that was the most since its reverse merger in December.
Earlier, the company’s shares slid as much as 33% to an all-time low of $4.03, adding to a persistent decline for the celebrity-backed crypto firm. The stock is down more than 80% since the company’s reverse merger with Ikonics Corporation and listing on the Nasdaq Stock Market at $25.
TeraWulf stock stumbled right after its trading debut and about $800 million of its market capitalization has been wiped out since then.
The firm, with celebrity backers including Gwyneth Paltrow and Mindy Kaling, describes itself as a “clean” cryptocurrency mining company amid concerns of the environmental impact of such energy-intensive activities.
Terawulf’s decline comes amid a broader rout in crypto mining companies, many of which have underperformed Bitcoin so far this year on concerns around rising costs and falling digital currency prices.
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