Google backs Bitcoin miners with at least $5B in guarantees for AI pivot

Google is backing Bitcoin miners with at least $5 billion in credit guarantees to fund AI data center pivots, rather than investing directly. Miners such as Cipher, IREN, TeraWulf and Hut 8 supply land and power while Fluidstack signs long-term leases; Google backs those obligations. Related miner stocks climbed 300–500% in 2025, and Google took warrants of 14% (TeraWulf) and 5.4% (Cipher).