WULF Stock: Insider Activity, Filings & Research

TeraWulf Inc. (WULF) — Drillr’s hub for WULF insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, WULF insiders filed 8 open-market buys and 13 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$27.0M

Insiders buying

Insider trades by month Buys Sells

Aug

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Mar

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May

Context3-month price +70.2%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	56,801	$26.57
May 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	109,849	$25.58
May 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	166,650	$24.43
May 20, 2026	Fleury Patrickofficer: Chief Financial Officer	Option	327,054	—
May 20, 2026	Langlais Kerri M.director, officer: Chief Strategy Officer	Option	327,054	—
May 20, 2026	Prager Paul B.director, officer: Chief Executive Officer	Option	981,161	—
May 20, 2026	Khan Nazar M.director, officer: Chief Technology Officer	Option	817,634	—
May 8, 2026	Langlais Kerri M.director, officer: Chief Strategy Officer	Option	327,054	—
May 8, 2026	Fleury Patrickofficer: Chief Financial Officer	Option	327,054	—
May 8, 2026	Khan Nazar M.director, officer: Chief Technology Officer	Option	817,635	—
May 8, 2026	Prager Paul B.director, officer: Chief Executive Officer	Option	981,162	—
Apr 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	100	$21.29
Apr 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	80,591	$20.51
Apr 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	56,909	$21.20
Apr 28, 2026	Prager Paul B.director, officer: Chief Executive Officer	Sell	79,100	$20.62

Source: WULF SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.

Overview

TeraWulf Inc. (NASDAQ:WULF) is a digital asset technology company founded through a series of mergers and acquisitions, with its current corporate structure emerging around 2021. The company initially focused exclusively on Bitcoin mining operations but has recently pivoted toward becoming a diversified digital infrastructure provider. Based in Easton, Maryland, TeraWulf operates Bitcoin mining facilities in New York and Pennsylvania, with a strategic emphasis on utilizing zero-carbon energy sources including hydroelectric and nuclear power. The company has undergone significant transformation over the past two years, expanding from pure Bitcoin mining into high-performance computing (HPC) and artificial intelligence data center hosting services.

Business

TeraWulf operates in the digital infrastructure industry with two primary business segments: Bitcoin mining and high-performance computing data center services. Bitcoin Mining Operations represent the company's original core business, accounting for approximately 100% of current revenues but expected to decline as a percentage as HPC services scale up. Bitcoin mining involves using specialized computer hardware called ASIC miners to solve complex mathematical problems that validate transactions on the Bitcoin blockchain network. Miners compete to solve these cryptographic puzzles, and the first to succeed receives newly minted Bitcoin as a reward, currently 3.125 Bitcoin per block following the 2024 halving event. TeraWulf operates two primary mining facilities: Lake Mariner in New York with 245 megawatts of operational capacity, and previously held a stake in Nautilus Cryptomine in Pennsylvania (since divested). The company's mining operations are distinguished by their use of zero-carbon energy sources, with Lake Mariner powered by 91% clean energy from hydroelectric sources. High-Performance Computing and AI Data Center Services represents TeraWulf's strategic pivot toward higher-margin infrastructure hosting. This emerging segment involves providing colocation services for companies requiring massive computational power for artificial intelligence training, machine learning inference, and other compute-intensive applications. The company leverages its existing power infrastructure and energy expertise to host customer equipment in purpose-built data centers. TeraWulf has secured its first major HPC contract with Core42, a 10-year agreement for 72.5 megawatts of capacity potentially worth over $1 billion. The company is constructing dedicated HPC facilities including WULF Den (operational), CB-1 (20 MW, expected Q3 2025), and CB-2 (50 MW, expected Q4 2025).

Revenue model

TeraWulf generates revenue through two distinct business models. The Bitcoin mining segment operates on a commodity production model, where the company earns revenue by mining and selling Bitcoin. Revenue fluctuates based on Bitcoin's market price, the number of coins mined (which depends on network difficulty and the company's hash rate), and operational efficiency. The company's cost structure includes electricity (the largest expense), equipment depreciation, facility maintenance, and personnel costs. With power costs around $0.037-$0.080 per kilowatt hour and marginal production costs of approximately $41,000-$79,000 per Bitcoin, profitability depends heavily on Bitcoin's market price exceeding these costs. The emerging HPC segment operates on a infrastructure-as-a-service model with long-term colocation contracts. Customers pay monthly fees for dedicated power allocation, cooling, security, and facility management services. The Core42 contract exemplifies this model with a 10-year term providing predictable recurring revenue streams. HPC services command significantly higher margins, with management targeting approximately 70% gross margins and $1.5 million in annual revenue per megawatt of capacity. Several factors influence TeraWulf's profitability margins. Positive margin drivers include Bitcoin price appreciation, network difficulty decreases, energy cost reductions, operational efficiency improvements, and the scaling of higher-margin HPC services. Negative margin pressures come from Bitcoin price declines, network difficulty increases (reducing mining rewards), rising energy costs, equipment obsolescence requiring capital expenditures, and increased competition in both Bitcoin mining and data center markets. The company's strategic shift toward HPC aims to reduce exposure to Bitcoin price volatility while capturing the growing demand for AI and machine learning infrastructure.

Competitive moat

TeraWulf's competitive moat is moderately strong but narrowing in Bitcoin mining while potentially strengthening in the HPC segment. The company's primary advantages stem from its access to low-cost, zero-carbon energy sources and its expertise in energy infrastructure development. The Lake Mariner facility's access to hydroelectric power at approximately $0.037 per kilowatt hour provides a significant cost advantage over competitors using grid electricity, which often costs 2-3 times more. This energy cost advantage, combined with the company's focus on operational efficiency (18 joules per terahash fleet efficiency), creates a sustainable competitive position in Bitcoin mining. However, the Bitcoin mining moat faces several challenges. The industry has low barriers to entry for well-capitalized competitors, mining equipment is commoditized and available to all participants, and network difficulty adjustments ensure that increased competition reduces profitability over time. Additionally, the 2024 Bitcoin halving reduced mining rewards by 50%, intensifying competition and margin pressure across the industry. TeraWulf's emerging moat in HPC services appears more defensible. The company's energy infrastructure expertise allows it to evaluate and develop challenging sites that competitors might avoid, creating a sourcing advantage for prime locations with abundant, low-cost power. The combination of power availability, cooling infrastructure, and proximity to energy sources creates natural barriers to replication. However, the HPC market faces intense competition from established data center operators like Digital Realty Trust, Equinix, and hyperscale providers building their own facilities. The company's differentiation relies on its ability to provide specialized high-power density solutions and its relationships with energy providers, but this advantage could erode as larger competitors expand their capabilities.

Risks & safety

TeraWulf presents a moderate to high-risk investment with mixed margin of safety indicators: Liquidity and Solvency: - Strong cash position: $218 million in cash and short-term investments as of Q1 2025 - Current ratio of 1.90, indicating adequate short-term liquidity - High debt-to-equity ratio of 2.89, primarily due to convertible debt from recent financing - Negative free cash flow of $56.5 million in Q1 2025, though operational cash flow was positive - Cash burn rate manageable given current cash reserves Valuation Metrics: - Negative EBITDA of -$36.7 million in Q1 2025 makes traditional valuation difficult - Price-to-book ratio of 6.14 suggests premium valuation relative to tangible assets - Enterprise value reflects significant premium for growth prospects in HPC segment Other Considerations: - High operational leverage to Bitcoin price movements creates earnings volatility - Capital-intensive business model requiring ongoing equipment investments - Execution risk on HPC strategy transition and customer acquisition - Regulatory uncertainty in both cryptocurrency and data center industries

Recent development

Over the past two years, TeraWulf has executed a significant strategic transformation from a pure-play Bitcoin miner to a diversified digital infrastructure company. The most significant development has been the company's pivot into high-performance computing and AI data center services, culminating in securing Core42 as their first major HPC customer with a 10-year, 72.5 megawatt contract potentially worth over $1 billion. The company has substantially strengthened its financial position through several key transactions. In 2024, TeraWulf raised $500 million through a convertible bond offering, eliminated all legacy debt, and executed a $150 million stock buyback program. The company also monetized its Nautilus Cryptomine joint venture stake for $92 million, generating a 3.4x return on investment. These moves provided the capital necessary to fund the transition to HPC services while maintaining Bitcoin mining operations. Infrastructure expansion has been a major focus, with TeraWulf significantly expanding its Lake Mariner facility capacity and securing additional land rights. The company increased its ground lease at Lake Mariner by 50% and received regulatory approval for an additional 250 megawatts of capacity, bringing total potential capacity to 500 megawatts with plans to reach 750 megawatts. The company is also exploring the integration of the Cayuga site, which would add another 150 megawatts of capacity expected to come online in 2026. On the operational front, TeraWulf has been upgrading its Bitcoin mining fleet with more efficient S21 Pro miners while simultaneously constructing dedicated HPC facilities. The WULF Den proof-of-concept facility is operational, with CB-1 and CB-2 data centers scheduled for completion in Q3 and Q4 2025, respectively. The company is also exploring additional site acquisitions in Montana, Maryland, and Virginia, leveraging its energy infrastructure expertise to identify opportunities that competitors might overlook.

WULF company profile · for informational purposes only — not investment advice.

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