Bank of Nova Scotia discloses 6.2% Terawulf (WULF) shareholding

Rhea-AI Filing Summary

Bank of Nova Scotia has disclosed a significant ownership position in Terawulf Inc. As of December 31, 2025, the bank beneficially owned 27,383,209 shares of Terawulf common stock, representing 6.2% of the outstanding class. The filing states that Bank of Nova Scotia has sole voting power and sole dispositive power over all of these shares, with no shared voting or dispositive authority. The position is reported on a Schedule 13G, which generally indicates a passive ownership stake rather than an activist or control intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TERAWULF INC.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

88080TAB0

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 88080TAB0

1

Names of Reporting Persons

BANK OF NOVA SCOTIA

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 27,383,209.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 27,383,209.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,383,209.00

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)

6.20 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TERAWULF INC.
(b)	Address of issuer's principal executive offices: 9 FEDERAL STREET, EASTON, MARYLAND 21601
Item 2.
(a)	Name of person filing: BANK OF NOVA SCOTIA
(b)	Address or principal business office or, if none, residence: 40 TEMPERANCE STREET TORONTO, Ontario, Canada M5H 0B4
(c)	Citizenship: BANK OF NOVA SCOTIA - ONTARIO, CANADA
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 88080TAB0
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).
	A parent holding company, in accordance with 13d-1(b)(i)(ii)(g)
Item 4.	Ownership
(a)	Amount beneficially owned: 27,383,209
(b)	Percent of class: 6.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BANK OF NOVA SCOTIA - 27,383,209
	(ii) Shared power to vote or to direct the vote: BANK OF NOVA SCOTIA - 0
	(iii) Sole power to dispose or to direct the disposition of: BANK OF NOVA SCOTIA - 27,383,209
	(iv) Shared power to dispose or to direct the disposition of: BANK OF NOVA SCOTIA - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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 foreign regulatory scheme applicable to The Bank of Nova Scotia is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

BANK OF NOVA SCOTIA

Signature:	Raj Sachdeva
Name/Title:	Vice President, Head of GBM&T, Compliance Canada
Date:	01/27/2026

FAQ

What percentage of Terawulf Inc. (WULF) does Bank of Nova Scotia own?

As of December 31, 2025, Bank of Nova Scotia beneficially owned 6.2% of Terawulf Inc.'s common stock, according to the Schedule 13G filing.

How many Terawulf (WULF) shares does Bank of Nova Scotia report owning?

Bank of Nova Scotia reports beneficial ownership of 27,383,209 shares of Terawulf Inc. common stock, with sole voting and dispositive power over all of them.

Is Bank of Nova Scotia’s Terawulf (WULF) stake reported as a passive investment?

The ownership is reported on a Schedule 13G, which is typically used for passive investors that exceed the 5% beneficial ownership threshold.

Does Bank of Nova Scotia share voting control over its Terawulf (WULF) shares?

No. The Schedule 13G states that Bank of Nova Scotia has sole voting power over 27,383,209 shares and shared voting power of 0.

Who signed the Schedule 13G reporting Bank of Nova Scotia’s Terawulf (WULF) holdings?

The filing was signed by Raj Sachdeva, identified as Vice President, Head of &T, Compliance Canada, on January 27, 2026.

What class of Terawulf (WULF) securities is held by Bank of Nova Scotia?

The reported position is in Terawulf Inc. Common Stock, with a par value of $0.001 per share, identified by CUSIP 88080TAB0.