TeraWulf (WULF) CEO trims holdings with 275,000-share stock sale

Rhea-AI Filing Summary

TeraWulf Inc.’s Chief Executive Officer and director Paul B. Prager reported open-market sales of a total of 275,000 shares of common stock. The trades occurred on March 24–25, 2026 at weighted average prices of $16.0969, $16.9389, and $17.6170 per share.

The footnotes state these were executed in multiple transactions within price ranges of $15.65–$16.64, $16.53–$17.52, and $17.55–$17.75. Following the sales, Prager directly holds 216,700 shares, and additional shares are held indirectly through entities such as Beowulf E&D Holdings Inc., Heorot Power Holdings LLC, Riesling Power LLC, and Stammtisch Investments LLC, with certain beneficial ownership interests disclaimed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Prager Paul B.

(Last) (First) (Middle)

C/O TERAWULF INC.

9 FEDERAL STREET

(Street)

EASTON MARYLAND 21601

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TERAWULF INC. [ WULF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, $0.001 par value per share	03/24/2026		S		137,500	D	$16.0969(1)	354,200	D
Common stock, $0.001 par value per share	03/25/2026		S		133,700	D	$16.9389(2)	220,500	D
Common stock, $0.001 par value per share	03/25/2026		S		3,800	D	$17.617(3)	216,700	D
Common stock, $0.001 par value per share								4,415,852	I	By Beowulf E&D Holdings Inc.(4)
Common stock, $0.001 par value per share								5,000	I	By Heorot Power Holdings LLC(5)
Common stock, $0.001 par value per share								33,554,688	I	By Riesling Power LLC(6)
Common stock, $0.001 par value per share								1,100,000	I	By Stammtisch Investments LLC(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Price reported in Column 4 is a weighted average price. The shares of common stock, par value $0.001 per share ("Common Stock") were sold in multiple transactions at a price ranging from $15.6500 to $16.6400, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

2. The Price reported in Column 4 is a weighted average price. The shares of Common Stock were sold in multiple transactions at a price ranging from $16.5300 to $17.5200, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

3. The Price reported in Column 4 is a weighted average price. The shares of Common Stockwere sold in multiple transactions at a price ranging from $17.5500 to $17.7500, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

4. By Beowulf E&D Holdings Inc. ("E&D Holdings"). The Reporting Person is the sole manager of E&D Holdings and, as a result, may be deemed to beneficially own the shares of the Common Stock held by E&D Holdings. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose.

5. By Heorot Power Holdings LLC ("Heorot"). The Reporting Person is the sole manager of Heorot and, as a result, may be deemed to beneficially own the shares of the Common Stock held by Heorot. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose.

6. By Riesling Power LLC ("Riesling Power"). The Paul B. Prager Revocable Trust ("Prager Revocable Trust") is the sole member of Riesling Power. The Reporting Person is the sole trustee of the Prager Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Prager Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Exchange Act, Mr. Paul B. Prager may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Prager Revocable Trust.

7. By Stammtisch Investments LLC ("Stammtisch"). The Reporting Person is the sole manager of Stammtisch and, as a result, may be deemed to beneficially own the shares of Common Stock held by Stammtisch. The Reporting Person disclaims beneficial ownership of such shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose.

Remarks:

	/s/ Paul B. Prager	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did TeraWulf (WULF) report for CEO Paul B. Prager?

TeraWulf reported that CEO Paul B. Prager sold common stock in open-market transactions. He disposed of 275,000 shares over March 24–25, 2026, at weighted average prices between $16.0969 and $17.6170 per share, as disclosed in a Form 4 insider filing.

How many TeraWulf (WULF) shares did the CEO sell and at what prices?

Paul B. Prager sold 275,000 TeraWulf common shares. The reported weighted average prices were $16.0969, $16.9389, and $17.6170 per share, with underlying trade price ranges spanning $15.65–$17.75, according to detailed footnotes in the Form 4 filing.

What are Paul B. Prager’s direct TeraWulf (WULF) holdings after these sales?

After the reported open-market sales, Paul B. Prager directly holds 216,700 shares of TeraWulf common stock. This direct holding figure comes from the post-transaction balance reported in the Form 4 for his non-derivative ownership position.

Does the TeraWulf (WULF) CEO have additional indirect share holdings?

Yes. The filing lists indirect holdings through entities such as Beowulf E&D Holdings Inc., Heorot Power Holdings LLC, Riesling Power LLC, and Stammtisch Investments LLC. Footnotes note he may be deemed a beneficial owner but generally disclaim beneficial ownership beyond his pecuniary interest.

Were the TeraWulf (WULF) CEO’s stock sales open-market transactions?

The Form 4 describes each reported sale as an open-market transaction. Transaction code “S” and the description “Sale in open market or private transaction” are used, and the footnotes specify that sales occurred in multiple trades within stated price ranges on the open market.

What price ranges are disclosed for the TeraWulf (WULF) CEO’s share sales?

The filing’s footnotes disclose that shares were sold in multiple transactions within three price ranges: $15.6500–$16.6400, $16.5300–$17.5200, and $17.5500–$17.7500. Weighted average prices for each transaction line were then reported in the main body of the Form 4.