TERAWULF INC WULF
COM · Common Stock · CUSIP 88080T104
American bitcoin mining company
- SectorFinancials
- IndustryFinance Services
- HeadquartersEaston, MD
- Founded2021
- Websiteterawulf.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($15.5m this quarter). Holder counts are more reliable. Shares outstanding: 499.0m as of 2026-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $24.78. Options: 53 managers hold calls ($3.6bn notional), 39 hold puts ($1.5bn).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 64 |
| Q4 2022 | 59 |
| Q1 2023 | 73 |
| Q2 2023 | 72 |
| Q3 2023 | 99 |
| Q4 2023 | 111 |
| Q1 2024 | 131 |
| Q2 2024 | 205 |
| Q3 2024 | 221 |
| Q4 2024 | 264 |
| Q1 2025 | 271 |
| Q2 2025 | 276 |
| Q3 2025 | 328 |
| Q4 2025 | 410 |
| Q1 2026 | 448 |
| Q2 2026 | 501 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 134 | 93 |
| Q4 2024 | 169 | 92 |
| Q1 2025 | 153 | 135 |
| Q2 2025 | 149 | 110 |
| Q3 2025 | 205 | 123 |
| Q4 2025 | 255 | 147 |
| Q1 2026 | 262 | 193 |
| Q2 2026 | 296 | 208 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $1.2bn | $548.2m | 0.46 |
| Q4 2025 | $1.4bn | $666.3m | 0.48 |
| Q1 2026 | $1.6bn | $859.1m | 0.54 |
| Q2 2026 | $3.6bn | $1.5bn | 0.42 |
Biggest buyers
| FMR LLC | Added | +9.7m |
| MORGAN STANLEY | Added | +6.0m |
| Value Aligned Research Advisors, LLC | Added | +4.4m |
| CITADEL ADVISORS LLC | Added | +4.3m |
| LONE PINE CAPITAL LLC | Added | +4.2m |
| TWO SIGMA INVESTMENTS, LP | Added | +3.7m |
| Capital World Investors | New | +3.5m |
| FEDERATED HERMES, INC. | Added | +3.5m |
| Invesco Ltd. | Added | +3.1m |
| Valiant Capital Management, L.P. | New | +2.9m |
Biggest sellers
| MARSHALL WACE, LLP | Reduced | -8.0m |
| BlackRock, Inc. | Reduced | -4.7m |
| Troluce Capital Advisors LLC | Sold out | -2.3m |
| GOLDMAN SACHS GROUP INC | Reduced | -2.2m |
| Two Seas Capital LP | Reduced | -1.5m |
| Marex Group Ltd | Reduced | -1.2m |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -999.0k |
| Clearline Capital LP | Sold out | -962.8k |
| D. E. Shaw & Co., Inc. | Reduced | -847.0k |
| Park West Asset Management LLC | Reduced | -834.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $584.3m23.7m shares |
| CITADEL ADVISORS LLC | Added | $576.1m23.3m shares |
| JANE STREET GROUP, LLC | Added | $546.6m22.1m shares |
| NOMURA HOLDINGS INC | Added | $367.7m14.9m shares |
| SCOGGIN MANAGEMENT LP | Added | $218.9m8.9m shares |
| IMC-Chicago, LLC | Added | $184.3m7.5m shares |
| GROUP ONE TRADING LLC | Added | $182.0m7.4m shares |
| Caption Management, LLC | Added | $122.0m4.9m shares |
| UBS Group AG | Added | $106.3m4.3m shares |
| Optiver Holding B.V. | Added | $105.7m4.3m shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $312.8m12.7m shares |
| CITADEL ADVISORS LLC | Added | $256.7m10.4m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $170.5m6.9m shares |
| SCOGGIN MANAGEMENT LP | Reduced | $86.5m3.5m shares |
| Caption Management, LLC | Added | $72.8m2.9m shares |
| D. E. Shaw & Co., Inc. | Added | $72.0m2.9m shares |
| Centiva Capital, LP | Added | $55.7m2.3m shares |
| SIMPLEX TRADING, LLC | Reduced | $55.2m2.2m shares |
| IMC-Chicago, LLC | Reduced | $51.8m2.1m shares |
| WOLVERINE ASSET MANAGEMENT LLC | Reduced | $46.7m1.9m shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Prager Paul B.
13D · may seek influence
filed 2025-08-18
Stated purposeNo material change. Full filing |
10.7% |
| Google LLC 13G · passive investor new · filed 2026-09-25 | 7.6% |
Stammtisch Investments LLC
13D · may seek influence
filed 2024-12-31
Stated purposeNo material change. Full filing |
7.0% |
| MORGAN STANLEY 13G · institution new · filed 2026-08-13 | 6.1% |
| Citadel Securities GP LLC 13G · passive investor +2.2 pts · filed 2026-05-27 | 5.9% |
| LONE PINE CAPITAL LLC 13G · passive investor new · filed 2026-04-15 | 5.1% |
Fell to 5% or below in the last year: JANE STREET GROUP, LLC (4.0%, 2026-08-10), VANGUARD PORTFOLIO MANAGEMENT LLC (4.5%, 2026-07-31), BlackRock, Inc. (4.5%, 2026-07-30), VANGUARD GROUP INC (0.0%, 2026-03-27)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 1 | $20.0k | 0 | — | — |
| Q2 2025 | 0 | — | 1 | $83.0k | — |
| Q3 2025 | 0 | — | 2 | $624.2k | — |
| Q4 2025 | 1 | $50.2k | 0 | — | — |
| Q1 2026 | 1 | $200.4k | 2 | $14.2m | $4.5m |
| Q2 2026 | 0 | — | 2 | $16.5m | $12.0m |
| Q3 2026 | 1 | $190.0k | 3 | $5.3m | $2.3m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-15 | Bucella Michael C. Director | Bought | $90.0k6.1k shares |
| 2026-09-08 | Motz Catherine J. Director | Sold | $997.8k56.0k shares |
| 2026-08-31 | Carter Walter E. Director | Sold | $2.0m130.6k shares |
| 2026-08-27 | Prager Paul B. Chief Executive Officer, director · By Beowulf E&D Holdings Inc. | Sold plan | $2.3m137.5k shares |
| 2026-08-17 | Bucella Michael C. Director | Bought | $50.0k2.9k shares |
| 2026-08-14 | Bucella Michael C. Director | Bought | $50.0k3.0k shares |
| 2026-06-29 | Prager Paul B. Chief Executive Officer, director · By Beowulf E&D Holdings Inc. | Sold plan | $3.7m137.5k shares |
| 2026-05-27 | Prager Paul B. Chief Executive Officer, director · By Beowulf E&D Holdings Inc. | Sold plan | $4.3m166.7k shares |
| 2026-05-26 | Prager Paul B. Chief Executive Officer, director · By Beowulf E&D Holdings Inc. | Sold plan | $4.1m166.7k shares |
| 2026-04-28 | Prager Paul B. Chief Executive Officer, director | Sold | $1.6m79.2k shares |
| 2026-04-27 | Prager Paul B. Chief Executive Officer, director | Sold | $2.9m137.5k shares |
| 2026-04-24 | Khan Nazar M. Chief Technology Officer, director | Sold | —452.2k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| LONE PINE CAPITAL LLC 3.65% of their portfolio | 24.1m $596.4m | Added +4.2m |
| BlackRock, Inc. 0.01% of their portfolio | 23.4m $577.8m | Reduced -4.7m |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 22.3m $550.7m | Reduced -166.8k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 17.9m $442.1m | Added +2.3m |
| FMR LLC 0.02% of their portfolio | 14.4m $356.8m | Added +9.7m |
| Value Aligned Research Advisors, LLC 1.81% of their portfolio | 12.3m $302.9m | Added +4.4m |
| MORGAN STANLEY 0.02% of their portfolio | 11.9m $293.8m | Added +6.0m |
| TWO SIGMA INVESTMENTS, LP 0.21% of their portfolio | 11.5m $283.9m | Added +3.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 7.9m $234.0m | Reduced -607.7k |
| SCOGGIN MANAGEMENT LP 45.75% of their portfolio | 7.8m $193.3m | Added +325.0k |
| Invesco Ltd. 0.01% of their portfolio | 7.1m $175.6m | Added +3.1m |
| CITADEL ADVISORS LLC 0.10% of their portfolio | 7.1m $175.3m | Added +4.3m |
| STATE STREET CORP 0.01% of their portfolio | 6.9m $171.0m | Reduced -690.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.72% of their portfolio | 6.9m $170.0m | Added +1.0m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 6.3m $156.2m | Added +1.3m |
| Driehaus Capital Management LLC 0.88% of their portfolio | 6.2m $152.2m | Added +100.9k |
| Squarepoint Ops LLC 0.29% of their portfolio | 6.0m $149.1m | Added +2.5m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 5.7m $140.1m | Reduced -107.1k |
| NOMURA HOLDINGS INC 0.58% of their portfolio | 5.5m $136.3m | Added +2.4m |
| Point72 Asset Management, L.P. 0.20% of their portfolio | 5.2m $127.8m | Added +2.0m |
| NORGES BANK 0.01% of their portfolio | 4.9m $120.0m | Not comparable |
| JENNISON ASSOCIATES LLC 0.07% of their portfolio | 4.5m $110.4m | Added +767.2k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 3.7m $91.7m | Reduced -540.5k |
| Capital World Investors 0.01% of their portfolio | 3.5m $87.0m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.08% of their portfolio | 3.5m $86.9m | Added +1.9m |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 3.5m $86.7m | Added +1.9m |
| FEDERATED HERMES, INC. 0.12% of their portfolio | 3.5m $86.2m | Added +3.5m |
| Forest Avenue Capital Management LP 3.55% of their portfolio | 3.4m $84.6m | Added +1.5m |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 3.4m $83.2m | Reduced -847.0k |
| UBS Group AG 0.01% of their portfolio | 3.3m $81.2m | Added +861.3k |
| HRT FINANCIAL LP 0.17% of their portfolio | 3.0m $73.4m | Added +2.8m |
| Valiant Capital Management, L.P. 4.45% of their portfolio | 2.9m $71.5m | New |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 2.8m $70.4m | Added +2.5m |
| BIT Capital GmbH 2.38% of their portfolio | 2.8m $69.4m | Added +354.6k |
| Engle Capital Management, L.P. 18.28% of their portfolio | 2.7m $66.6m | Reduced -254.9k |
| XN LP 1.72% of their portfolio | 2.6m $65.4m | New |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 2.6m $63.7m | Added +282.2k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 2.6m $63.0m | New |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.5m $62.2m | Reduced -152.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.12% of their portfolio | 2.5m $62.0m | Reduced -782.2k |
| Two Seas Capital LP 2.35% of their portfolio | 2.5m $61.6m | Reduced -1.5m |
| Tidal Investments LLC 0.15% of their portfolio | 2.5m $61.5m | Reduced -423.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.4m $59.3m | Reduced -2.2m |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 2.3m $57.7m | Added +2.3m |
| LORD, ABBETT & CO. LLC 0.16% of their portfolio | 2.3m $56.6m | Added +102.5k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.08% of their portfolio | 2.3m $56.2m | Added +1.5m |
| Hodges Capital Management Inc. 3.66% of their portfolio | 2.2m $55.0m | Reduced -276.2k |
| BARCLAYS PLC 0.02% of their portfolio | 2.2m $53.1m | Added +1.1m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.1m $51.9m | Reduced -619.4k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 2.0m $49.5m | Added +1.4k |
| VAN ECK ASSOCIATES CORP 0.03% of their portfolio | 2.0m $49.5m | Reduced -321.3k |
| CITIGROUP INC 0.02% of their portfolio | 2.0m $49.1m | Reduced -277.8k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.07% of their portfolio | 2.0m $43.0m | Added +67.1k |
| Hood River Capital Management LLC 0.31% of their portfolio | 1.7m $42.2m | New |
| Public Sector Pension Investment Board 0.11% of their portfolio | 1.7m $42.0m | Added +706.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 1.6m $39.5m | Reduced -999.0k |
| Beartown Capital Management, LLC 16.44% of their portfolio | 1.5m $37.0m | Reduced -75.0k |
| MARSHALL WACE, LLP 0.03% of their portfolio | 1.4m $35.1m | Reduced -8.0m |
| Centiva Capital, LP 1.15% of their portfolio | 1.4m $34.2m | Added +327.6k |
| Wasserstein Management, L.P. 14.09% of their portfolio | 1.4m $33.8m | Added +310.0k |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.11% of their portfolio | 1.3m $33.0m | New |
| Assenagon Asset Management S.A. 0.02% of their portfolio | 1.3m $33.0m | New |
| ExodusPoint Capital Management, LP 0.29% of their portfolio | 1.3m $31.7m | Added +964.7k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio | 1.3m $31.2m | Reduced -160.8k |
| Cartenna Capital, LP 1.14% of their portfolio | 1.2m $30.9m | New |
| Trexquant Investment LP 0.18% of their portfolio | 1.2m $29.8m | Added +1.1m |
| Nearwater Capital Markets, Ltd 0.51% of their portfolio | 1.2m $29.6m | New |
| CLEARFIELD CAPITAL MANAGEMENT LP 20.17% of their portfolio | 1.2m $28.8m | Added +664.0k |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 1.1m $27.5m | Added +1.1m |
| THAMES CAPITAL MANAGEMENT LLC 2.21% of their portfolio | 1.1m $26.9m | Added +304.3k |
| Walleye Capital LLC 0.12% of their portfolio | 1.0m $25.1m | Added +480.4k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 1.0m $24.8m | Added +35.7k |
| AXXCESS WEALTH MANAGEMENT, LLC 0.39% of their portfolio | 1.0m $24.7m | Added +46 |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 0.64% of their portfolio | 990.6k $24.5m | New |
| Newbrook Capital Advisors LP 3.28% of their portfolio | 984.7k $24.3m | New |
| Balyasny Asset Management L.P. 0.04% of their portfolio | 976.8k $24.1m | New |
| ARDSLEY ADVISORY PARTNERS LP 2.57% of their portfolio | 966.0k $23.7m | Reduced -84.0k |
| Empyrean Capital Partners, LP 0.77% of their portfolio | 882.0k $21.8m | New |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 875.2k $21.6m | Reduced -646.2k |
| Allspring Global Investments Holdings, LLC 0.03% of their portfolio | 839.9k $19.8m | New |
| Ranger Investment Management, L.P. 1.31% of their portfolio | 838.6k $20.7m | Added +440.2k |
| ALGERT GLOBAL LLC 0.24% of their portfolio | 808.6k $20.0m | Added +518.9k |
| EXCHANGE TRADED CONCEPTS, LLC 0.10% of their portfolio | 799.7k $19.8m | Reduced -339.9k |
| Bitwise Funds Trust 4.64% of their portfolio | 799.7k $19.8m | First filing |
| Jump Financial, LLC 0.17% of their portfolio | 789.3k $19.5m | Added +720.4k |
| Zimmer Partners, LP 0.46% of their portfolio | 789.0k $19.5m | Added +658.0k |
| MAPLELANE CAPITAL, LLC 0.81% of their portfolio | 780.0k $19.3m | New |
| Northern Right Capital Management, L.P. 5.67% of their portfolio | 773.6k $19.1m | New |
| SOROS CAPITAL MANAGEMENT LLC 3.36% of their portfolio | 761.9k $18.8m | Added +49.4k |
| Swiss National Bank 0.01% of their portfolio | 761.7k $18.8m | Added +139.6k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio | 754.4k $18.6m | Added +23.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 753.7k $18.6m | Added +266.6k |
| SEVEN GRAND MANAGERS, LLC 0.75% of their portfolio | 750.0k $18.5m | New |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 740.1k $18.3m | Added +396.4k |
| LMR Partners LLP 0.13% of their portfolio | 734.0k $18.1m | Reduced -41.0k |
| Hel Ved Capital Management Ltd 2.53% of their portfolio | 727.7k $18.0m | Added +386.7k |
| IMC-Chicago, LLC 0.16% of their portfolio | 726.8k $18.0m | Added +429.0k |
| RR Advisors, LLC 5.10% of their portfolio | 713.8k $17.6m | Reduced -196.2k |
| Vident Advisory, LLC 0.13% of their portfolio | 687.0k $17.0m | Reduced -740.5k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 675.6k $16.7m | Reduced -145.9k |