12:24 PM EDT, 06/05/2025 (MT Newswires) -- (Updates with JPMorgan Chase ( JPM ) and TeraWulf's ( WULF ) replies in the fifth and sixth paragraphs.)

JPMorgan Chase ( JPM ) and Morgan Stanley ( MS ) are arranging a $350 million project financing for TeraWulf ( WULF ) , which the two banks plan to sell to private credit firms, Bloomberg reported Thursday, quoting unnamed sources familiar with the matter.

The report said that usually bank-originated loans are sold to funds in the high-yield bond market or to participants in the syndicated-loan market.

Funds from the TeraWulf ( WULF ) loan are to back the construction of a data center in New York, the report said.

Bloomberg said that JPMorgan ( JPM ) and Morgan Stanley ( MS ) representatives declined to comment, and a TeraWulf ( WULF ) representative pointed to the firm's latest earnings call, in which executives said a financing process had been started.

JPMorgan ( JPM ) declined to comment to MT Newswires.

TeraWulf ( WULF ) expects to complete the financing process around mid-year, a company spokesperson said in an email to MT Newswires.

Morgan Stanley ( MS ) didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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