SCHEDULE: Morgan Stanley Updates Stake in Terawulf Inc.

Morgan Stanley has filed an amendment to its Schedule 13G, reporting its beneficial ownership of Terawulf Inc. common stock as of September 30, 2026.

Summary

• Morgan Stanley has filed an amendment (Amendment No. 1) to its Schedule 13G filing concerning Terawulf Inc. (Ticker: WULF).
• The filing reports beneficial ownership of Terawulf Inc. common stock as of September 30, 2026.
• Morgan Stanley, organized in Delaware, is identified as the reporting person.
• The filing indicates that Morgan Stanley has shared voting power over 32,186,667 shares and shared dispositive power over 39,229,874 shares.
• The aggregate amount beneficially owned by Morgan Stanley is 39,229,874 shares, representing 7.9% of the class of securities.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily an update on beneficial ownership by a financial institution, with no significant new operational or financial performance data.

Positives

• Morgan Stanley's continued investment indicates ongoing confidence in Terawulf Inc. as a business.
• The filing provides transparency regarding significant institutional ownership.

Negatives

• The filing does not provide any new financial performance data or operational updates for Terawulf Inc.

Risks

• As a Schedule 13G filing, it primarily concerns ownership and does not detail specific business risks of Terawulf Inc.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Terawulf Inc.'s future performance.

Management Comments

• "In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS")."
• "This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release."
• "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."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors like Morgan Stanley when their ownership stake crosses a certain threshold. This filing indicates Morgan Stanley's significant, but passive, investment in the digital asset mining sector, represented by Terawulf Inc.

Stakeholder Impact

• Shareholders: Provides clarity on a significant institutional holder's stake, potentially influencing market perception.
• Management: Reinforces that the investment is considered passive and not aimed at control changes.

Next Steps

• Morgan Stanley will continue to report any changes in its beneficial ownership of Terawulf Inc. common stock as required by SEC regulations.

Key Dates

Keywords

Terawulf Inc., Morgan Stanley, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor