Terawulf stake: Vanguard reports 4.52% ownership

Vanguard Portfolio Management LLC, together with certain affiliates, reports beneficial ownership of Terawulf Inc common stock on a passive ownership basis.

Rhea-AI Filing Summary

Vanguard Portfolio Management LLC, together with certain affiliates, reports beneficial ownership of Terawulf Inc common stock on a passive ownership basis. The group reports 22,404,941 shares beneficially owned, representing 4.52% of the class.

Vanguard Portfolio Management has sole voting power over 109,274 shares and sole dispositive power over 22,404,941 shares, with no shared voting or dispositive power reported. The holdings include securities held by Vanguard funds and other managed accounts over which the reporting entities exercise voting and/or dispositive power. No other single person’s interest in these securities exceeds 5%.

Key Figures

Beneficially owned shares: 22,404,941 shares Percent of class: 4.52% Sole voting power: 109,274 shares +3 more

6 metrics

Beneficially owned shares 22,404,941 shares Terawulf Inc common stock beneficially owned by Vanguard Portfolio Management and affiliates

Percent of class 4.52% Percentage of Terawulf Inc common stock class reported as beneficially owned

Sole voting power 109,274 shares Shares of Terawulf Inc over which Vanguard Portfolio Management has sole voting power

Shared voting power 0 shares Shares of Terawulf Inc over which Vanguard Portfolio Management has shared voting power

Sole dispositive power 22,404,941 shares Shares of Terawulf Inc over which Vanguard Portfolio Management has sole dispositive power

Shared dispositive power 0 shares Shares of Terawulf Inc over which Vanguard Portfolio Management has shared dispositive power

Key Terms

beneficially owned, dispositive power, sole voting power, percent of class, +1 more

5 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

dispositive power financial

"This includes securities held by Vanguard funds ... over which Vanguard Portfolio Management LLC exercises dispositive power"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

sole voting power financial

"Number of shares as to which the person has (i) Sole power to vote or to direct the vote"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

percent of class financial

"Percent of class: 4.52 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

Investment Company Act of 1940 regulatory

"investment companies registered under the Investment Company Act of 1940 and other managed accounts"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Terawulf Inc (WULF) shares does Vanguard Portfolio Management report owning?

Vanguard Portfolio Management reports beneficial ownership of 4.52% of Terawulf Inc’s common stock. This percentage is based on 22,404,941 shares deemed beneficially owned across Vanguard funds and managed accounts.

How many Terawulf Inc (WULF) shares are beneficially owned by Vanguard Portfolio Management?

Vanguard Portfolio Management reports beneficial ownership of 22,404,941 shares of Terawulf Inc common stock. These holdings span Vanguard funds and other clients for which the reporting entities have dispositive and/or voting power.

What voting power does Vanguard Portfolio Management have in Terawulf Inc (WULF)?

Vanguard Portfolio Management reports sole voting power over 109,274 shares of Terawulf Inc and no shared voting power. It separately reports sole dispositive power over 22,404,941 shares with no shared dispositive power.

Does Vanguard Portfolio Management hold more than 5% of Terawulf Inc (WULF)?

No. Vanguard Portfolio Management reports beneficial ownership of 4.52% of Terawulf Inc’s common stock, which is identified as ownership of 5 percent or less of the class under the filing’s Item 5 disclosure.

Who ultimately benefits from Vanguard Portfolio Management’s Terawulf Inc (WULF) holdings?

The reported Terawulf Inc shares are held for Vanguard investment companies and other managed accounts. Vanguard entities have rights to dividends or sale proceeds, and no other single person’s interest exceeds 5% of the class.

Which Vanguard entities are included in this Terawulf Inc (WULF) ownership report?

The report covers securities beneficially owned or deemed owned by Vanguard Portfolio Management LLC, Vanguard Fiduciary Trust Company, and Vanguard Global Advisers, LLC, including certain Vanguard funds and client accounts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/31/2026 - 11:39 AM Accepted by SEC EDGAR 07/31/2026 - 11:39 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Terawulf Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

88080T104

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 88080T104

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 109,274.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,404,941.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,404,941.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.52 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Terawulf Inc
(b)	Address of issuer's principal executive offices: 9 Federal St, Easton, MD, 21601
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 88080T104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 22404941
(b)	Percent of class: 4.52 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 109274
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 22404941
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	07/31/2026