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Terawulf (WULF): which funds own it

Information Technology →Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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14 concentrated managers hold it (+4 vs last quarter); combined they have held more shares for 3 quarters in a row (4 added, 3 trimmed). Its median weight in those portfolios is 2.0%. 1 officer or director bought in 6 months.

Who owns Terawulf?

Holders reporting more than 5% of the shares to the SEC (Schedules 13D/13G): Paul B. Prager, 10.7% (13D/A filed Aug 18, 2025), Google, 7.6% (13G filed Sep 25, 2026), Paul B. Prager, 7.0% (13D/A filed Dec 31, 2024), Morgan Stanley, 6.1% (13G filed Aug 13, 2026) and Citadel Securities GP, 5.9% (13G filed May 27, 2026). As of Jun 30, 2026, the largest holders reported on Form 13F were Lone Pine Capital (4.9% of the shares), BlackRock (4.7%) and Vanguard Portfolio Management (4.5%).

Which institutions hold the most Terawulf shares?

Per Form 13F filings as of Jun 30, 2026, as a share of all shares outstanding:

  1. 1. Lone Pine Capital: 4.9%
  2. 2. BlackRock: 4.7%
  3. 3. Vanguard Portfolio Management: 4.5%
  4. 4. Vanguard Capital Management: 3.6%
  5. 5. FMR: 2.9%
  6. 6. Value Aligned Research Advisors: 2.5%
  7. 7. Morgan Stanley: 2.4%
  8. 8. Two Sigma Investments: 2.3%
  9. 9. Geode Capital Management: 1.6%
  10. 10. Scoggin Management: 1.6%

How much of Terawulf do institutions own?

The 502 institutions that file 13F reported 80.0% of the shares as of Jun 30, 2026 (not counting 1 position with implausible figures).

Sources:13D/A by Paul B. Prager (Aug 18, 2025) ↗13G by Google (Sep 25, 2026) ↗13D/A by Paul B. Prager (Dec 31, 2024) ↗13G by Morgan Stanley (Aug 13, 2026) ↗13G by Citadel Securities GP (May 27, 2026) ↗All of the company's proxy statements on EDGAR ↗

13F percentages divide the shares each institution reports by the shares outstanding on the cover of the company's latest report before the quarter end (May 5, 2026). Entities of the same group file separately and are not added up. We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.

Terawulf revenue

Terawulf reported annual revenue of $168.5 million for fiscal year 2025 (year ended December 31, 2025), according to its Form 10-K filed with the SEC (XBRL data).

Well-known investors holding it

Stephen Mandel 13F (Q2 2026)

Concentrated managers
14
All 13F: 502
Consensus
77/100
across 14 concentrated managersRanks by accumulation, portfolio weight and number of managers; it does not say more are buying than selling.
Price at Jun 30, 2026 (per 13F)
$24.7
+71.2% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (10 → 14): 5 opened · 1 exited = +4

Net flow in the quarter: +$239M (+9.7 M shares) · bought $276M and sold $37.3MShares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.

Accumulation: combined they have held more shares for 3 quarters in a row (4 added, 3 trimmed). It is the combined share count of those still holding it: one large buyer can outweigh many who trimmed.

The set of concentrated managers changed between quarters: with the set as it was then, 11 held it last quarter (the chart point); with today's set, 10 (the base for the change).

Concentrated managers holding it

Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.

Other relevant holders

Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.

Largest holders of WULF (all 13F filers)

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Held by institutions (13F)

Institutions (13F): 80.0% of the shares · top 10: 31.0% · in index firms: 22.2% of the institutional total

Share of the stock held by 13F filers

Q2 2026: 80.0%

142.7%6.5%
Q4 2021Q2 2026

Shares reported by the 502 13F filers as of Jun 30, 2026 (not counting 1 position with implausible figures), divided by the shares outstanding on the cover of the company's latest report (May 5, 2026). It is not all institutional ownership: only managers above $100M file a 13F, and it excludes short positions. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. We only publish it where the figure is credible: not for ADRs, companies with more than one share class or stale shares-outstanding data.

Fundamentals

12-month figures to Jun 30, 2026.

Profitability
Operating margin
—
Net margin
—
ROE
—
Growth
Revenue (TTM)
$165M
Revenue growth
—
Net income (TTM)
$-1.9 bn
Balance sheet
Quality vs sector
—

Bank, insurer or other financial company: we do not show net debt / EBITDA or free cash flow. Its cash flow moves with loans and the investment portfolio, and its debt is part of the business: those figures do not read as they do for an industrial company.

Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated

Shares outstanding: buybacks and dilution

Diluted shares by fiscal year (split-adjusted)

2025: 397.6 M

397.6 M0
20152025

There is a jump that may be an undetected split: we do not show the changes.

Buybacks (FY 2025)
$33.3M
Share issuance
$0
Stock-based compensation
$50.9M30.2% of revenue
Dividends paid
no data

From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.

Earnings quality and debt

Operating cash flow ÷ net income (12 months)
no datanot calculated with negative net income

Bank or insurer: debt ratios do not apply.

From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.

Insiders (Form 4)

Officers and directors who bought (6 m)
1
Amount (6 m)
$190K
CEO/CFO bought (12 m)
No

10% owners who bought (6 m): 0

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.

This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

All material events (8-K)

Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.

Other Information Technology stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Information Technology →

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