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 ($3.1m this quarter). Holder counts are more reliable. Shares outstanding: 495.5m as of 2026-05-05, 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 ≈ $14.43. Options: 46 managers hold calls ($1.6bn notional), 40 hold puts ($859.1m).
Trends to Q1 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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 150 | 41 |
| 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 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $213.5m | $94.9m | 0.44 |
| Q3 2025 | $1.2bn | $548.2m | 0.46 |
| Q4 2025 | $1.4bn | $666.3m | 0.48 |
| Q1 2026 | $1.6bn | $859.1m | 0.54 |
Biggest buyers
| LONE PINE CAPITAL LLC | New | +19.9m |
| Value Aligned Research Advisors, LLC | New | +7.8m |
| MARSHALL WACE, LLP | Added | +6.2m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +4.8m |
| TWO SIGMA INVESTMENTS, LP | Added | +3.9m |
| JENNISON ASSOCIATES LLC | New | +3.7m |
| GOLDMAN SACHS GROUP INC | Added | +2.8m |
| Engle Capital Management, L.P. | Added | +2.5m |
| Troluce Capital Advisors LLC | New | +2.3m |
| Forest Avenue Capital Management LP | New | +2.0m |
Biggest sellers
| D. E. Shaw & Co., Inc. | Reduced | -11.3m |
| JANE STREET GROUP, LLC | Reduced | -6.2m |
| CITADEL ADVISORS LLC | Reduced | -4.8m |
| MORGAN STANLEY | Reduced | -3.7m |
| Point72 Asset Management, L.P. | Reduced | -3.2m |
| Covalis Capital LLP | Sold out | -2.4m |
| TWO SIGMA ADVISERS, LP | Sold out | -2.1m |
| Merewether Investment Management, LP | Reduced | -2.1m |
| HRT FINANCIAL LP | Reduced | -1.7m |
| Caption Management, LLC | Sold out | -1.7m |
Biggest calls
| JANE STREET GROUP, LLC | Added | $288.6m20.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $236.2m16.4m shares |
| CITADEL ADVISORS LLC | Reduced | $187.8m13.0m shares |
| NOMURA HOLDINGS INC | Reduced | $131.7m9.1m shares |
| SCOGGIN MANAGEMENT LP | Added | $125.4m8.7m shares |
| IMC-Chicago, LLC | Added | $71.0m4.9m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $67.7m3.4m shares |
| GROUP ONE TRADING LLC | Reduced | $60.2m4.2m shares |
| Caption Management, LLC | Reduced | $58.5m4.1m shares |
| D. E. Shaw & Co., Inc. | Reduced | $50.8m3.5m shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $163.1m11.3m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $142.6m9.9m shares |
| CITADEL ADVISORS LLC | Reduced | $76.7m5.3m shares |
| SCOGGIN MANAGEMENT LP | Reduced | $54.1m3.8m shares |
| WOLVERINE ASSET MANAGEMENT LLC | Reduced | $42.0m2.9m shares |
| SIMPLEX TRADING, LLC | New | $39.2m2.7m shares |
| GROUP ONE TRADING LLC | New | $39.2m2.7m shares |
| IMC-Chicago, LLC | New | $35.7m2.5m shares |
| D. E. Shaw & Co., Inc. | Added | $25.8m1.8m shares |
| Centiva Capital, LP | Added | $23.8m1.6m 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 Q1 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q3 2025 | 0 | — | 2 | $624.2k | — |
| Q4 2025 | 1 | $50.2k | 0 | — | — |
| Q1 2026 | 1 | $200.4k | 2 | $14.2m | $4.5m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-03-25 | Prager Paul B. Chief Executive Officer, director | Sold plan | $2.3m137.5k shares |
| 2026-03-24 | Prager Paul B. Chief Executive Officer, director | Sold plan | $2.2m137.5k shares |
| 2026-03-20 | Bucella Michael C. Director | Bought | $25.0k1.7k shares |
| 2026-03-19 | Bucella Michael C. Director | Bought | $25.0k1.7k shares |
| 2026-03-18 | Bucella Michael C. Director | Bought | $25.0k1.6k shares |
| 2026-03-17 | Fleury Patrick Chief Financial Officer | Sold | $9.3m573.6k shares |
| 2026-03-17 | Fleury Patrick Chief Financial Officer | Sold | $426.3k26.4k shares |
| 2026-03-17 | Bucella Michael C. Director | Bought | $25.3k1.6k shares |
| 2026-03-11 | Bucella Michael C. Director | Bought | $19.9k1.3k shares |
| 2026-03-09 | Bucella Michael C. Director | Bought | $10.0k752 shares |
| 2026-03-06 | Bucella Michael C. Director | Bought | $10.0k679 shares |
| 2026-03-05 | Bucella Michael C. Director | Bought | $10.0k654 shares |
| 2026-03-04 | Bucella Michael C. Director | Bought | $50.0k3.2k 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, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 28.1m $406.1m | Added +244.2k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 22.5m $324.1m | First filing |
| LONE PINE CAPITAL LLC 2.29% of their portfolio | 19.9m $287.5m | New |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 15.6m $225.5m | First filing |
| MARSHALL WACE, LLP 0.14% of their portfolio | 9.4m $135.3m | Added +6.2m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 8.5m $123.0m | Added +146.4k |
| Value Aligned Research Advisors, LLC 1.34% of their portfolio | 7.8m $113.2m | New |
| TWO SIGMA INVESTMENTS, LP 0.09% of their portfolio | 7.8m $113.1m | Added +3.9m |
| STATE STREET CORP 0.00% of their portfolio | 7.6m $109.9m | Added +264.2k |
| SCOGGIN MANAGEMENT LP 42.60% of their portfolio | 7.5m $108.2m | Added +1.2m |
| Driehaus Capital Management LLC 0.64% of their portfolio | 6.1m $87.5m | Added +198.8k |
| MORGAN STANLEY 0.01% of their portfolio | 5.9m $85.6m | Reduced -3.7m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.34% of their portfolio | 5.9m $84.6m | Reduced -346.9k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 5.8m $83.4m | Added +488.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 5.0m $72.8m | Added +4.8m |
| FMR LLC 0.00% of their portfolio | 4.8m $69.1m | Reduced -1.6m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 4.6m $66.8m | Added +2.8m |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 4.3m $61.4m | Reduced -289.3k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 4.2m $60.8m | Reduced -11.3m |
| Invesco Ltd. 0.01% of their portfolio | 4.0m $58.1m | Added +448.8k |
| Two Seas Capital LP 2.68% of their portfolio | 4.0m $58.1m | Reduced -478.8k |
| JENNISON ASSOCIATES LLC 0.04% of their portfolio | 3.7m $53.4m | New |
| Squarepoint Ops LLC 0.11% of their portfolio | 3.5m $50.9m | Added +722.1k |
| Connor, Clark & Lunn Investment Management Ltd. 0.11% of their portfolio | 3.3m $47.5m | Added +637.0k |
| Point72 Asset Management, L.P. 0.08% of their portfolio | 3.1m $45.2m | Reduced -3.2m |
| NOMURA HOLDINGS INC 0.37% of their portfolio | 3.1m $45.0m | Added +118.2k |
| Engle Capital Management, L.P. 14.50% of their portfolio | 3.0m $42.6m | Added +2.5m |
| Tidal Investments LLC 0.13% of their portfolio | 2.9m $42.0m | Added +147.4k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 2.8m $40.8m | Reduced -4.8m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.7m $39.3m | Added +111.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.7m $38.5m | Reduced -27.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 2.6m $37.5m | Unchanged |
| Hodges Capital Management Inc. 2.99% of their portfolio | 2.5m $36.1m | Reduced -365.0k |
| BIT Capital GmbH 1.98% of their portfolio | 2.5m $35.4m | Added +1.3m |
| UBS Group AG 0.01% of their portfolio | 2.4m $35.0m | Reduced -1.0m |
| VAN ECK ASSOCIATES CORP 0.03% of their portfolio | 2.3m $33.6m | Added +108.3k |
| Troluce Capital Advisors LLC 3.51% of their portfolio | 2.3m $33.2m | New |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 2.3m $33.2m | First filing |
| CITIGROUP INC 0.02% of their portfolio | 2.3m $32.7m | Reduced -35.2k |
| LORD, ABBETT & CO. LLC 0.10% of their portfolio | 2.2m $31.6m | Added +1.1m |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 2.0m $28.9m | Reduced -6.2m |
| Forest Avenue Capital Management LP 1.80% of their portfolio | 2.0m $28.4m | New |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio | 1.9m $28.2m | Added +1.2m |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.7m $23.9m | Reduced -165.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 1.6m $23.1m | Reduced -1.2m |
| Beartown Capital Management, LLC 17.93% of their portfolio | 1.6m $22.7m | Reduced -425.0k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 1.5m $22.0m | Reduced -439.6k |
| Vident Advisory, LLC 0.18% of their portfolio | 1.4m $20.6m | Added +150.7k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.02% of their portfolio | 1.4m $20.6m | Added +883.8k |
| Marex Group Ltd 0.19% of their portfolio | 1.3m $18.5m | Reduced -496.8k |
| Park West Asset Management LLC 1.59% of their portfolio | 1.2m $18.0m | Reduced -174.3k |
| EXCHANGE TRADED CONCEPTS, LLC 0.13% of their portfolio | 1.1m $16.4m | Reduced -108.4k |
| Centiva Capital, LP 0.71% of their portfolio | 1.1m $15.3m | Added +4.3k |
| Wasserstein Management, L.P. 8.08% of their portfolio | 1.1m $15.2m | New |
| ARDSLEY ADVISORY PARTNERS LP 2.30% of their portfolio | 1.1m $15.1m | Reduced -115.0k |
| BARCLAYS PLC 0.01% of their portfolio | 1.0m $15.0m | Added +202.7k |
| Nuveen, LLC 0.00% of their portfolio | 1.0m $15.0m | Reduced -233.7k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.34% of their portfolio | 1.0m $14.7m | Added +806.7k |
| AXXCESS WEALTH MANAGEMENT, LLC 0.46% of their portfolio | 1.0m $14.4m | Added +13 |
| Public Sector Pension Investment Board 0.04% of their portfolio | 994.4k $14.3m | Added +20.1k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 967.8k $14.0m | Reduced -34.5k |
| Clearline Capital LP 1.08% of their portfolio | 962.8k $13.9m | Added +950.0k |
| RR Advisors, LLC 3.64% of their portfolio | 910.0k $13.1m | Reduced -9.0k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 821.5k $11.9m | Reduced -78.5k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.02% of their portfolio | 809.4k $11.7m | Reduced -76.4k |
| J. Goldman & Co LP 0.54% of their portfolio | 803.9k $11.6m | Added +244.4k |
| THAMES CAPITAL MANAGEMENT LLC 2.03% of their portfolio | 785.9k $11.3m | Added +15.7k |
| Brevan Howard Capital Management LP 0.11% of their portfolio | 775.4k $11.2m | Added +627.8k |
| LMR Partners LLP 0.10% of their portfolio | 775.0k $11.2m | New |
| Engineers Gate Manager LP 0.14% of their portfolio | 773.3k $11.2m | Added +291.8k |
| Man Group plc 0.02% of their portfolio | 770.3k $11.1m | Reduced -15.7k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio | 730.8k $10.5m | Added +72.8k |
| SOROS CAPITAL MANAGEMENT LLC 4.47% of their portfolio | 712.5k $10.3m | Reduced -14.0k |
| GROUP ONE TRADING LLC 0.34% of their portfolio | 710.4k $10.3m | Added +484.6k |
| NEXT CENTURY GROWTH INVESTORS LLC 0.73% of their portfolio | 694.5k $10.0m | Reduced -486.1k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 688.2k $9.4m | Reduced -38.2k |
| Marnell Management LLC 6.59% of their portfolio | 686.8k $9.9m | Added +120.8k |
| Spear Advisors LLC 7.24% of their portfolio | 674.2k $9.7m | Added +97.6k |
| Zweig-DiMenna Associates LLC 1.35% of their portfolio | 667.8k $9.6m | Reduced -1.2m |
| Clearbridge Investments, LLC 0.01% of their portfolio | 649.8k $9.4m | Reduced -189.9k |
| MYDA Advisors LLC 2.13% of their portfolio | 625.0k $9.0m | Added +245.0k |
| Swiss National Bank 0.01% of their portfolio | 622.1k $9.0m | Added +15.6k |
| P SCHOENFELD ASSET MANAGEMENT LP 7.06% of their portfolio | 616.0k $8.9m | Reduced -131.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 570.3k $8.2m | Added +34.4k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 562.9k $8.1m | Reduced -126.3k |
| Cresset Asset Management, LLC 0.03% of their portfolio | 541.1k $7.8m | Added +7.3k |
| Walleye Capital LLC 0.05% of their portfolio | 536.2k $7.7m | Reduced -493.5k |
| SONA ASSET MANAGEMENT (US) LLC 0.29% of their portfolio | 531.0k $7.7m | Added +406.0k |
| Steamboat Capital Partners, LLC 1.87% of their portfolio | 521.8k $7.5m | New |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 510.2k $7.4m | Added +447.2k |
| Uniplan Investment Counsel, Inc. 0.75% of their portfolio | 503.5k $7.3m | Reduced -117.1k |
| CLEARFIELD CAPITAL MANAGEMENT LP 3.96% of their portfolio | 500.0k $7.2m | Added +388.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 487.1k $7.0m | Reduced -730.2k |
| WOLVERINE ASSET MANAGEMENT LLC 0.11% of their portfolio | 480.4k $6.9m | Reduced -272.3k |
| GeoSphere Capital Management, LLC 3.64% of their portfolio | 418.6k $6.0m | Added +168.6k |
| Ranger Investment Management, L.P. 0.42% of their portfolio | 398.3k $5.7m | Added +216.3k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 382.1k $5.5m | Added +21.5k |
| CANTOR FITZGERALD, L. P. 0.19% of their portfolio | 364.9k $5.3m | New |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 358.3k $5.2m | Added +69.9k |
| Tiptree Advisors, LLC 3.00% of their portfolio | 357.8k $5.2m | New |