₿$70,645.00▼ 3.31%
TeraWulf Inc.
WULF🇺🇸Reserve
TeraWulf is a digital infrastructure company that builds and operates sustainable data centers in the United States for bitcoin mining and AI/high-performance computing. The company mines BTC using nuclear, hydro, and solar energy, retaining mined bitcoin on its balance sheet as part of routine treasury management.
BTC Holdings
3 BTC
Insufficient history
Stock Price
$18.87
180d
Total financing
7.03B USD
180d
mNAV
54391.02x
180d
BTC Credit
>9,999 bps0.0x
Sats/Share
0
180d
Mkt capFD
11.53B USD
SharesFD
610.88M
Fiat reserve
3.27B USD
Total reserve
3.27B USD
Leverage
1773473.5%
Dilution
45.4%
Coverage
0.0 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$6.6B▲732.8%
Total Liabilities$6.4B▲1081.8%
Stockholders' Equity$140.4M▼42.5%
Cash & Equivalents$3.3B▲1091.8%
Total Debt$3.1B
Digital Assets—
Income Statement
Revenue$168.5M▲20.3%
Operating Income$-186.2M▼144.3%
Net Income$-661.4M▼813.3%
Interest Expense$80.2M▲1053.5%
Cash Flow
Operating Cash Flow$-123.2M▼404.4%
Instruments
WULF-Feb30
Oct '24 – Feb '30
Coupon
2.75%
Principal
500.00M USD
Outstanding
500.00M USD
Conv. price
8.48 USD
BTC Rating
0.0x
WULF-Sep31
Aug '25 – Sep '31
Coupon
1%
Principal
1.00B USD
Outstanding
1.00B USD
Conv. price
12.43 USD
BTC Rating
0.0x
WULF-May32
Oct '25 – May '32
Coupon
0%
Principal
1.02B USD
Outstanding
1.02B USD
Conv. price
19.94 USD
BTC Rating
0.0x
Total
2.52B USD
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| WULF-Feb30 | Oct '24 – Feb '30 | 2.75% | 500.00M USD | 500.00M USD | 8.48 USD | 0.0x |
| WULF-Sep31 | Aug '25 – Sep '31 | 1% | 1.00B USD | 1.00B USD | 12.43 USD | 0.0x |
| WULF-May32 | Oct '25 – May '32 | 0% | 1.02B USD | 1.02B USD | 19.94 USD | 0.0x |
| Total | 2.52B USD | |||||
Recent Changes
Fri, Mar 13, 2026
Debt OutstandingIssuanceWULF-RB27
500.0M
Form 8-K (Raylan bridge credit facility)
Debt OutstandingDrawWULF-RB27
500.0M→0-500.0M(-100.0%)
Corrective: delayed-draw facility established with $0 drawn; $500M is the facility ceiling (principal_amount), not outstanding
Form 8-K (Raylan bridge credit facility)Wed, Dec 31, 2025
BTC Holdings
15→3-12 BTC(-80.0%)
Derived from 270K digital currency at fair value
Form 10-K (2025)Shares Outstanding
439.2M→420.1M-19.1M(-4.4%)
Form 10-K (2025)
Fiat Reserve
711.3M→3.27B+2.56B(+359.2%)USD
Form 10-K (2025)
Mon, Dec 29, 2025
Debt OutstandingIssuanceWULF-FC30
1.30B
Form 8-K (Flash Compute 7.250% Senior Secured Notes)
Fri, Oct 31, 2025
Debt OutstandingIssuanceWULF-May32
1.02B
Form 8-K (0.00% convertible notes closing)
Thu, Oct 23, 2025
Debt OutstandingIssuanceWULF-Sr30
3.20B
Form 8-K (WULF Compute senior secured notes closing)