Form 4: Terawulf CEO Prager Transfers 1M Shares to Trust

Terawulf CEO Paul B. Prager reported the transfer of 1,000,000 shares of common stock to the Somerset Goods and Services Trust for no consideration.

Summary

• Paul B. Prager, Chief Executive Officer and Director of Terawulf Inc. (WULF), reported a change in beneficial ownership.
• On September 22, 2025, 1,000,000 shares of Terawulf common stock (par value $0.001 per share) were contributed to the Somerset Goods and Services Trust.
• This contribution was made for no consideration.
• Following this transaction, Mr. Prager directly beneficially owns 938,700 shares of common stock.
• Mr. Prager also indirectly beneficially owns 3,795,580 shares through Beowulf E&D Holdings Inc., 36,100,000 shares through Riesling Power LLC, and 5,000 shares through Heorot Power Holdings LLC.
• Mr. Prager disclaims beneficial ownership of shares held indirectly except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The transaction represents a personal estate planning move by the CEO and does not directly reflect on the company's operational performance or financial health.

Future Outlook

No forward-looking statements or guidance are provided.

Management Comments

• Paul B. Prager, the Chief Executive Officer and Director, initiated a transaction involving the transfer of company stock to a trust.

Industry Context

A routine disclosure of an insider transaction, specifically a transfer of shares by the CEO to a trust. No information related to broader industry trends or competitive landscape is provided.

Stakeholder Impact

• Minimal direct impact on shareholders as the transaction is a personal estate planning move by the CEO and does not involve a sale on the open market.
• No direct impact on employees, customers, suppliers, or creditors is indicated.

Key Dates

Recommendation

The transaction detailed is a personal estate planning move by the CEO, involving a transfer of shares to a trust for no consideration. This type of transaction does not provide new information regarding the company's operational performance, financial outlook, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as the event is neutral in its implications for the company's valuation.

Keywords

Terawulf, WULF, Paul B. Prager, Form 4, insider transaction, common stock, beneficial ownership, trust