TeraWulf

WULF • NASDAQ

TeraWulf is a financial - capital markets company in the financial services sector on NASDAQ, led by Paul Prager, with a market cap of $6.0B. As of Q3 2025, 65% of shares are held by 320 institutional investors, with BlackRock, Inc. as the largest holder at 6.34%.

Co-Founder, Chairman of the Board of Directors and Chief Executive OfficerPaul Prager

Market Cap$6.0B

Financial - Capital Markets

Financial Services

Employees10.0

Websiteterawulf.com

Country

United States of America

Overview

Overview of institutional ownership in WULF as of Q3 2025 with a market cap of $4.7B

All Institutions

Institutions: 320
Value Held: $3.1B
Shares Held: 267.7M
Avg Position: $9.6M
Median Position: $685.1K

Hedge Funds

Hedge Funds: 52
Value Held: $869.7M
Shares Held: 76.2M
Avg Position: $16.7M
Median Position: $5.8M

Ownership Breakdown

Institutional (non-HF)

46.72%

$2.2B

Hedge Funds

18.57%

$869.7M

Retail & Other

34.71%

$1.6B

Based on market cap of $4.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in WULF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$297.0M 0.01% of portfolio	6.34% 26.0M shares	Q4 2021 Held for 3y 11m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$279.6M 0.00% of portfolio	5.97% 24.5M shares	Q4 2021 Held for 3y 11m	$6.69T
D D. E. Shaw & Co., Inc. Institution	-	$150.5M 0.13% of portfolio	3.21% 13.2M shares	Q4 2024 Held for 11 months	$115.81B
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	Stephen Thomas Weber CEO	$102.9M 0.74% of portfolio	2.20% 9.0M shares	Q2 2024 Held for 1y 5m	$13.9B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$101.8M 0.01% of portfolio	2.17% 8.9M shares	Q4 2021 Held for 3y 11m	$1.65T
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$99.2M 0.16% of portfolio	2.12% 8.7M shares	Q1 2023 Held for 2y 8m	$62.0B
J JANE STREET GROUP, LLC Institution	-	$95.3M 0.11% of portfolio	2.03% 8.3M shares	Q2 2023 Held for 2y 5m	$84.1B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$92.0M 0.01% of portfolio	1.96% 8.1M shares	Q4 2021 Held for 3y 11m	$1.57T
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$90.3M 0.18% of portfolio	1.93% 7.9M shares	Q1 2025 Held for 8 months	$50.0B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$80.5M 0.00% of portfolio	1.72% 7.1M shares	Q1 2022 Held for 3y 8m	$2.88T

Net Capital Flow

Institutional buying and selling activity for WULF in Q3 2025

Traded: +$784.3M
Buyers: 207
Sellers: 116
Total Bought: +$1.2B
Total Sold: −$374.3M
Avg Position: $8.6M

Biggest Buyers

Institution	Net Bought	Current Position
D D. E. Shaw & Co., Inc. Institution	+$150.5M +13.2M shares	$150.5M 13.2M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$83.1M +7.3M shares	$90.3M 7.9M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	+$69.0M +6.0M shares	$69.0M 6.0M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$64.6M +5.7M shares	$102.9M 9.0M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$44.4M +3.9M shares	$44.6M 3.9M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$43.4M +3.8M shares	$46.3M 4.1M shares
CITIGROUP INC Institution	+$41.9M +3.7M shares	$43.3M 3.8M shares
JPMORGAN CHASE & CO Institution	+$40.5M +3.5M shares	$51.1M 4.5M shares
P SCHOENFELD ASSET MANAGEMENT LP Hedge Fund•Event Driven	+$40.1M +3.5M shares	$40.1M 3.5M shares
J JANE STREET GROUP, LLC Institution	+$36.5M +3.2M shares	$95.3M 8.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF AMERICA CORP /DE/ Institution	−$95.1M −8.3M shares	$69.3M 6.1M shares
VAN ECK ASSOCIATES CORP ETF Provider	−$66.3M −5.8M shares	$22.4M 2.0M shares
N NOMURA HOLDINGS INC Institution	−$24.7M −2.2M shares	$28.2M 2.5M shares
UBS Group AG Institution	−$20.3M −1.8M shares	$30.9M 2.7M shares
Vident Advisory, LLC ETF Provider	−$12.9M −1.1M shares	$15.6M 1.4M shares
SONA ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$11.8M −2.7M shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$10.7M −937.5K shares	$6.2M 538.8K shares
C COOPER CREEK PARTNERS MANAGEMENT LLC Hedge Fund•Long/Short	−$8.9M −2.0M shares	Sold Off 0 shares
Goodlander Investment Management, LLC Hedge Fund•Long/Short	−$8.8M −2.0M shares	Sold Off 0 shares
G GROUP ONE TRADING, L.P. Institution	−$7.7M −676.3K shares	$14.7M 1.3M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited WULF in Q3 2025

New Positions: 50
New Value: $120.7M
Exited Positions: 37
Exited Value: $55.9M

New Positions

Institution	Position Value
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$22.1M 1.9M shares
Trexquant Investment LP Hedge Fund•Quant	$13.3M 1.2M shares
V Value Aligned Research Advisors, LLC Hedge Fund•Long/Short	$13.0M 1.1M shares
Azora Capital LP Hedge Fund•Long/Short	$11.9M 1.0M shares
LORD, ABBETT & CO. LLC Long Only Manager	$9.9M 862.9K shares
Y Yaupon Capital Management LP Hedge Fund•Multi-Strategy	$8.8M 772.7K shares
NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager	$8.8M 772.2K shares
Park West Asset Management LLC Hedge Fund•Multi-Strategy	$6.6M 580.0K shares
AlTi Global, Inc. Institution	$4.6M 402.8K shares
G Gillson Capital LP Hedge Fund•Long/Short	$3.3M 289.7K shares

Exited Positions

Institution	Previous Position
SONA ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$11.8M 2.7M shares
C COOPER CREEK PARTNERS MANAGEMENT LLC Hedge Fund•Long/Short	$8.9M 2.0M shares
Goodlander Investment Management, LLC Hedge Fund•Long/Short	$8.8M 2.0M shares
M MYDA Advisors LLC Hedge Fund•Long/Short	$6.4M 1.5M shares
M MOORE CAPITAL MANAGEMENT, LP Hedge Fund•Global Macro	$5.6M 1.3M shares
Caption Management, LLC Hedge Fund•Long/Short	$4.5M 1.0M shares
Science & Technology Partners, L.P. Hedge Fund•Long/Short	$4.3M 974.1K shares
IMC-Chicago, LLC RIA/Wealth	$1.3M 294.5K shares
C CANTOR FITZGERALD, L. P. Institution	$1.1M 241.6K shares
Main Management ETF Advisors, LLC Institution	$882.7K 201.5K shares

Options Activity

Institutions with the largest Call and Put options positions in WULF as of Q3 2025

Call Positions: 43
Call Value: $965.6M
Put Positions: 34
Put Value: $439.6M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$233.8M 204.8K contracts
N NOMURA HOLDINGS INC Institution	$134.2M 117.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$127.7M 111.9K contracts
J JANE STREET GROUP, LLC Institution	$121.2M 106.1K contracts
P PEAK6 LLC Institution	$69.5M 60.8K contracts
Caption Management, LLC Hedge Fund•Long/Short	$67.2M 58.8K contracts
S SCOGGIN LLC Hedge Fund•Event Driven	$48.5M 42.5K contracts
D D. E. Shaw & Co., Inc. Institution	$31.0M 27.2K contracts
GOLDMAN SACHS GROUP INC Institution	$27.5M 24.1K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$20.2M 17.7K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$81.3M 71.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$61.8M 54.1K contracts
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$48.7M 42.7K contracts
J JANE STREET GROUP, LLC Institution	$33.7M 29.5K contracts
P SCHOENFELD ASSET MANAGEMENT LP Hedge Fund•Event Driven	$31.4M 27.5K contracts
S SCOGGIN LLC Hedge Fund•Event Driven	$30.0M 26.3K contracts
UBS Group AG Institution	$19.9M 17.4K contracts
Caption Management, LLC Hedge Fund•Long/Short	$19.7M 17.3K contracts
N NOMURA HOLDINGS INC Institution	$19.6M 17.2K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$13.5M 11.9K contracts

Most Committed Institutions

Institutions with WULF as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S SCOGGIN LLC Hedge Fund•Event Driven	Todd Matthew Jablonsky CFO	31.26% $78.2M	1.67% 6.9M shares	Q1 2024 Held for 1y 8m	$250.2M
P SCHOENFELD ASSET MANAGEMENT LP Hedge Fund•Event Driven	Peter Michael Schoenfeld CEO	11.39% $40.1M	0.86% 3.5M shares	Q2 2024 Held for 1y 5m	$351.9M
Aurelius Capital Management, LP Hedge Fund•Distressed	Mark David Brodsky Chairman	9.31% $5.1M	0.11% 450.0K shares	Q1 2025 Held for 8 months	$55.2M
Hodges Capital Management Inc. Long Only Manager	Craig Donaldson Hodges CEO	3.73% $43.2M	0.92% 3.8M shares	Q3 2024 Held for 1y 2m	$1.2B
R RR Advisors, LLC Hedge Fund•Sector	Robert Joseph Raymond CEO	3.03% $12.9M	0.27% 1.1M shares	Q1 2025 Held for 8 months	$424.7M
T Two Seas Capital LP Hedge Fund•Event Driven	Sina Nmn Toussi CIO	2.64% $44.0M	0.94% 3.9M shares	Q2 2024 Held for 1y 5m	$1.7B
V Vennlight Capital Management, LP Hedge Fund•Long/Short	Igor (Nmn) Gitelman Founder	2.60% $2.0M	0.04% 175.1K shares	Q4 2024 Held for 11 months	$76.9M
THAMES CAPITAL MANAGEMENT LLC Hedge Fund•Long/Short	Jay Scott Genzer Managing Partner	2.38% $16.5M	0.35% 1.4M shares	Q2 2025 Held for 5 months	$696.8M
ARDSLEY ADVISORY PARTNERS Hedge Fund•Long/Short	Steven Nicholas Napoli CFO	2.14% $13.7M	0.29% 1.2M shares	Q2 2024 Held for 1y 5m	$641.4M
Worth Venture Partners, LLC Fund of Funds	David Alexander Wertentheil CEO	1.95% $394.8K	0.01% 34.6K shares	Q1 2024 Held for 1y 8m	$20.3M

Hedge Fund Spotlight

Discover hedge funds investing in WULF

CastleKnight Management LP

Hedge Fund • Event Driven

Portfolio ManagerAaron Michael Weitman

Portfolio Value: $1.9B
Positions: 365
Last Reported: Q3 2025

Sector Allocation

Position in TeraWulf

Market Value: $7.4M
Shares Held: 652.3K
Portfolio Weight: 0.40%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 Marvell Technology, Inc. MRVL	Semiconductors Technology	$57.3M	3.08%
2 Micron Technology MU	Semiconductors Technology	$48.0M	2.58%
3 Modine Manufacturing MOD	Auto - Parts Consumer Cyclical	$46.3M	2.49%