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 ($747.2k this quarter). Holder counts are more reliable. Shares outstanding: 391.9m as of 2025-08-06, 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 ≈ $4.38. Options: 32 managers hold calls ($213.5m notional), 22 hold puts ($94.9m).
Trends to Q2 2025
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 |
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 2023 | 76 | 21 |
| Q4 2023 | 75 | 34 |
| Q1 2024 | 77 | 43 |
| Q2 2024 | 150 | 41 |
| Q3 2024 | 134 | 93 |
| Q4 2024 | 169 | 92 |
| Q1 2025 | 153 | 135 |
| Q2 2025 | 149 | 110 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $96.1m | $65.3m | 0.68 |
| Q4 2024 | $287.2m | $72.6m | 0.25 |
| Q1 2025 | $138.5m | $43.8m | 0.32 |
| Q2 2025 | $213.5m | $94.9m | 0.44 |
Biggest buyers
| JANE STREET GROUP, LLC | New | +5.1m |
| TWO SIGMA INVESTMENTS, LP | Added | +3.7m |
| ROYAL BANK OF CANADA | Added | +3.6m |
| Driehaus Capital Management LLC | New | +3.4m |
| MORGAN STANLEY | Added | +3.1m |
| SONA ASSET MANAGEMENT (US) LLC | New | +2.7m |
| BANK OF AMERICA CORP /DE/ | Added | +2.6m |
| Two Seas Capital LP | Added | +2.1m |
| COOPER CREEK PARTNERS MANAGEMENT LLC | New | +2.0m |
| Goodlander Investment Management, LLC | New | +2.0m |
Biggest sellers
| DIMENSIONAL FUND ADVISORS LP | Reduced | -5.4m |
| D. E. Shaw & Co., Inc. | Sold out | -5.1m |
| Galaxy Group Investments LLC | Reduced | -2.0m |
| WELLS FARGO & COMPANY/MN | Reduced | -2.0m |
| Vennlight Capital Management, LP | Sold out | -1.5m |
| Quantbot Technologies LP | Sold out | -1.4m |
| ARDSLEY ADVISORY PARTNERS LP | Reduced | -1.3m |
| Walleye Capital LLC | Reduced | -1.3m |
| FIRST TRUST ADVISORS LP | Reduced | -1.3m |
| MARSHALL WACE, LLP | Reduced | -1.2m |
Biggest calls
| SCOGGIN MANAGEMENT LP | Added | $26.8m6.1m shares |
| NOMURA HOLDINGS INC | Added | $26.4m6.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $26.3m6.0m shares |
| CITADEL ADVISORS LLC | Reduced | $23.1m5.3m shares |
| JANE STREET GROUP, LLC | Reduced | $23.0m5.3m shares |
| Caption Management, LLC | Reduced | $11.7m2.7m shares |
| Parallax Volatility Advisers, L.P. | Added | $10.6m2.4m shares |
| SIMPLEX TRADING, LLC | Reduced | $9.8m2.2m shares |
| GOLDMAN SACHS GROUP INC | New | $9.6m2.2m shares |
| GROUP ONE TRADING LLC | Reduced | $9.3m2.1m shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $19.7m4.5m shares |
| WOLVERINE ASSET MANAGEMENT LLC | Added | $18.2m4.2m shares |
| SIMPLEX TRADING, LLC | Added | $11.7m2.7m shares |
| Balyasny Asset Management L.P. | New | $8.2m1.9m shares |
| JANE STREET GROUP, LLC | Added | $5.9m1.3m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.7m1.1m shares |
| IMC-Chicago, LLC | Added | $4.3m978.5k shares |
| Caption Management, LLC | Added | $3.9m900.0k shares |
| GROUP ONE TRADING LLC | Added | $3.9m886.1k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $2.8m630.7k 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 in Q2 2025
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 |
|---|---|---|---|---|---|
| Q3 2023 | 1 | $95.0k | 0 | — | — |
| Q4 2023 | 0 | — | 1 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $227.5k | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 1 | $20.0k | 0 | — | — |
| Q2 2025 | 0 | — | 1 | $83.0k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-18 | Motz Catherine J. Director | Sold | $83.0k21.2k 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 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 24.7m $108.2m | Added +473.7k |
| VANGUARD GROUP INC 0.00% of their portfolio | 23.8m $104.3m | Reduced -74.6k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 14.4m $63.0m | Added +2.6m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 8.3m $36.5m | Reduced -77.4k |
| MORGAN STANLEY 0.00% of their portfolio | 8.2m $36.1m | Added +3.1m |
| VAN ECK ASSOCIATES CORP 0.04% of their portfolio | 7.8m $34.0m | Added +1.0m |
| STATE STREET CORP 0.00% of their portfolio | 7.3m $32.2m | Reduced -68.0k |
| TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio | 5.6m $24.3m | Added +3.7m |
| SCOGGIN MANAGEMENT LP 10.62% of their portfolio | 5.2m $23.0m | Added +1.0m |
| JANE STREET GROUP, LLC 0.04% of their portfolio | 5.1m $22.5m | New |
| NOMURA HOLDINGS INC 0.16% of their portfolio | 4.6m $20.3m | Reduced -136.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 4.6m $20.2m | Added +272.4k |
| UBS Group AG 0.00% of their portfolio | 4.5m $19.6m | Added +860.4k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 4.4m $19.5m | Added +2.0m |
| Hodges Capital Management Inc. 1.73% of their portfolio | 4.1m $17.8m | Added +493.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 3.6m $16.0m | Added +3.6m |
| Driehaus Capital Management LLC 0.12% of their portfolio | 3.4m $14.7m | New |
| SONA ASSET MANAGEMENT (US) LLC 0.40% of their portfolio | 2.7m $11.8m | New |
| Tidal Investments LLC 0.08% of their portfolio | 2.7m $11.7m | Added +150.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio | 2.6m $11.6m | Added +1.0m |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 2.6m $11.2m | Added +959.3k |
| Vident Advisory, LLC 0.12% of their portfolio | 2.5m $11.0m | Added +134.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 2.4m $10.7m | Added +36.3k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 2.4m $10.7m | Reduced -79.4k |
| Two Seas Capital LP 0.98% of their portfolio | 2.3m $10.0m | Added +2.1m |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 2.2m $9.9m | Reduced -136.4k |
| COOPER CREEK PARTNERS MANAGEMENT LLC 0.30% of their portfolio | 2.0m $8.9m | New |
| Goodlander Investment Management, LLC 3.60% of their portfolio | 2.0m $8.8m | New |
| GROUP ONE TRADING LLC 0.28% of their portfolio | 2.0m $8.6m | Added +1.3m |
| Zweig-DiMenna Associates LLC 0.83% of their portfolio | 1.9m $8.1m | New |
| TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio | 1.8m $8.0m | New |
| ARDSLEY ADVISORY PARTNERS LP 1.18% of their portfolio | 1.6m $7.2m | Reduced -1.3m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 1.5m $6.5m | Added +1.1m |
| MYDA Advisors LLC 1.80% of their portfolio | 1.5m $6.4m | Added +1.2m |
| Clearbridge Investments, LLC 0.01% of their portfolio | 1.4m $6.2m | Reduced -288.9k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 1.3m $5.6m | Reduced -5.4m |
| MOORE CAPITAL MANAGEMENT, LP 0.11% of their portfolio | 1.3m $5.6m | Added +610.9k |
| EXCHANGE TRADED CONCEPTS, LLC 0.07% of their portfolio | 1.2m $5.2m | Reduced -480.7k |
| THAMES CAPITAL MANAGEMENT LLC 1.13% of their portfolio | 1.1m $5.0m | New |
| RR Advisors, LLC 1.19% of their portfolio | 1.1m $4.9m | Added +567.0k |
| Caption Management, LLC 0.41% of their portfolio | 1.0m $4.5m | Added +633.2k |
| AXXCESS WEALTH MANAGEMENT, LLC 0.11% of their portfolio | 1.0m $4.4m | Unchanged |
| Science & Technology Partners, L.P. 1.12% of their portfolio | 974.1k $4.3m | Reduced -428.3k |
| BIT Capital GmbH 0.27% of their portfolio | 950.2k $4.2m | Reduced -731.7k |
| CastleKnight Management LP 0.27% of their portfolio | 945.5k $4.1m | Added +69.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 933.4k $4.1m | Added +352.3k |
| Uniplan Investment Counsel, Inc. 0.38% of their portfolio | 864.4k $3.8m | Added +190.7k |
| SIMPLEX TRADING, LLC 0.10% of their portfolio | 863.1k $3.8m | Added +560.9k |
| Cresset Asset Management, LLC 0.02% of their portfolio | 845.3k $3.7m | Reduced -35.4k |
| Shay Capital LLC 0.82% of their portfolio | 820.9k $3.6m | Added +240.9k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 807.4k $3.5m | Added +83.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 792.2k $3.5m | Added +242.6k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio | 729.7k $3.8m | Added +48.6k |
| HRT FINANCIAL LP 0.02% of their portfolio | 707.3k $3.1m | Added +647.4k |
| XTX Topco Ltd 0.13% of their portfolio | 697.0k $3.1m | New |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 670.1k $2.9m | Added +178.5k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 666.0k $2.9m | Unchanged |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 632.6k $2.8m | Added +381.5k |
| Nuveen, LLC 0.00% of their portfolio | 570.0k $2.5m | Reduced -78.4k |
| Swiss National Bank 0.00% of their portfolio | 549.7k $2.4m | Reduced -14.6k |
| BARCLAYS PLC 0.00% of their portfolio | 526.7k $2.3m | Added +52.8k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio | 508.3k $2.2m | Added +58.6k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 485.2k $2.1m | Added +6.0k |
| Alight Capital Management LP 0.52% of their portfolio | 469.1k $2.1m | Added +319.1k |
| SRN Advisors, LLC 1.73% of their portfolio | 433.3k $1.9m | Added +221.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 426.0k $1.9m | Reduced -256.4k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 384.1k $1.7m | Added +17.8k |
| Invesco Ltd. 0.00% of their portfolio | 311.3k $1.4m | Reduced -2.2k |
| Legal & General Group Plc 0.00% of their portfolio | 300.8k $1.3m | Added +63.7k |
| IMC-Chicago, LLC 0.03% of their portfolio | 294.5k $1.3m | Added +11.5k |
| Squarepoint Ops LLC 0.00% of their portfolio | 276.1k $1.2m | Added +16.6k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 274.6k $1.2m | Reduced -208.5k |
| LPL Financial LLC 0.00% of their portfolio | 257.0k $1.1m | Added +58.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 251.5k $1.1m | Added +15.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 247.4k $1.1m | Reduced -19.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 244.1k $1.1m | Reduced -292 |
| CANTOR FITZGERALD, L. P. 0.03% of their portfolio | 241.6k $1.1m | Reduced -574.3k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 235.1k $1.0m | Reduced -1.3m |
| GM Advisory Group, LLC 0.05% of their portfolio | 234.8k $1.0m | Unchanged |
| Parallax Volatility Advisers, L.P. 0.04% of their portfolio | 201.6k $882.9k | Added +40.6k |
| Main Management ETF Advisors, LLC 0.04% of their portfolio | 201.5k $883.0k | Added +3.3k |
| LANARK FINANCIAL, INC. 0.07% of their portfolio | 198.4k $868.0k | Added +86.5k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 189.5k $829.9k | Reduced -2.0m |
| NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio | 184.1k $806.4k | New |
| Harvest Portfolios Group Inc. 0.02% of their portfolio | 171.5k $751.0k | Added +68.2k |
| SBI Securities Co., Ltd. 0.02% of their portfolio | 163.7k $716.8k | Reduced -1.6k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 160.0k $700.9k | Added +22.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 148.2k $649.1k | Reduced -6.1k |
| Covestor Ltd 0.36% of their portfolio | 140.1k $613.0k | Added +42.3k |
| THOROUGHBRED FINANCIAL SERVICES, LLC 0.04% of their portfolio | 139.2k $609.0k | Added +12.2k |
| Tortoise Investment Management, LLC 0.06% of their portfolio | 138.3k $605.6k | Reduced -21.2k |
| First Dallas Securities Inc. 0.23% of their portfolio | 132.5k $580.4k | Added +74.0k |
| INTECH INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 128.0k $560.7k | Reduced -127.2k |
| Lionsbridge Wealth Management LLC 0.55% of their portfolio | 127.0k $556.4k | Added +91.8k |
| CITIGROUP INC 0.00% of their portfolio | 120.2k $526.4k | Reduced -104.8k |
| WINTON GROUP Ltd 0.03% of their portfolio | 118.2k $517.6k | Added +103.2k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 115.5k $505.3k | Unchanged |
| GoalVest Advisory LLC 0.12% of their portfolio | 115.0k $503.7k | Unchanged |
| FNY Investment Advisers, LLC 0.21% of their portfolio | 112.3k $492.0k | New |
| Harbour Capital Advisors, LLC 0.11% of their portfolio | 107.4k $541.4k | New |