SCHEDULE: Bank of Nova Scotia Updates Stake in Terawulf Inc.

Bank of Nova Scotia has filed an amendment to its Schedule 13G, reporting its beneficial ownership of Terawulf Inc. common stock.

Summary

• Bank of Nova Scotia has filed an amendment (Amendment No. 2) to its Schedule 13G filing.
• The filing pertains to its beneficial ownership of common stock in Terawulf Inc.
• The event triggering this filing was on September 30, 2026.
• Bank of Nova Scotia holds 25,621,429 shares, representing 4.92% of the class of securities.
• The filing indicates sole voting power and sole dispositive power over these shares.
• The reporting entity is identified as a bank, organized at the federal level in Canada.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily an update on beneficial ownership without significant new financial or strategic information.

Positives

• Bank of Nova Scotia maintains a significant, though below 5%, ownership stake in Terawulf Inc.
• The filing confirms clear sole voting and dispositive power, indicating straightforward control over its holdings.

Negatives

• The filing does not provide any new financial performance data or strategic insights for Terawulf Inc.
• The ownership percentage remains just below the threshold that would trigger more detailed disclosure requirements (Schedule 13D).

Risks

• As a significant shareholder, Bank of Nova Scotia's investment decisions could influence Terawulf Inc.'s stock price.
• Changes in Bank of Nova Scotia's holdings could signal shifts in institutional investor sentiment towards Terawulf Inc.

Future Outlook

This filing is an update on beneficial ownership and does not contain forward-looking statements or guidance regarding Terawulf Inc.'s future performance.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to 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."
• "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."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors crossing certain ownership thresholds. This filing indicates Bank of Nova Scotia's continued, albeit passive, interest in Terawulf Inc. within the broader energy or technology sectors where Terawulf operates.

Stakeholder Impact

• Shareholders: The filing provides transparency on a significant institutional holder's stake, which can influence market perception.
• Creditors: Stability in institutional ownership can be viewed positively by creditors.
• Management: The filing confirms a passive ownership level, suggesting no immediate activist intent from Bank of Nova Scotia.

Next Steps

• Bank of Nova Scotia will continue to monitor its beneficial ownership of Terawulf Inc. shares.
• Should ownership levels change significantly, further filings (potentially a Schedule 13D) may be required.

Key Dates

Keywords

Terawulf Inc., Bank of Nova Scotia, Schedule 13G, Beneficial Ownership, Common Stock, Investment Update, SEC Filing, Canada