SCHEDULE: Vanguard Discloses 5.36% Stake in Terawulf Inc.

Vanguard Portfolio Management has reported beneficial ownership of 5.36% of Terawulf Inc.'s common stock as of March 31, 2026.

Summary

• Vanguard Portfolio Management, along with its affiliates Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC, has disclosed a beneficial ownership stake of 22,741,937 shares in Terawulf Inc.
• This holding represents 5.36% of the total class of common stock.
• The filing indicates that Vanguard Portfolio Management has sole dispositive power over these shares.
• The reporting date for this ownership is March 31, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It's a routine disclosure of institutional ownership and does not provide new operational or financial information about Terawulf Inc. itself.

Positives

• Significant institutional ownership by a major asset manager like Vanguard can be seen as a positive signal of confidence in the company's long-term prospects.
• Vanguard's reporting of sole dispositive power suggests a clear and direct control over the investment decisions related to these shares.

Negatives

• The filing does not contain any negative financial or operational information about Terawulf Inc. itself, as it is a disclosure of ownership by an external entity.

Risks

• While not explicitly stated as a risk in this filing, significant institutional ownership can sometimes lead to increased pressure on management to meet performance expectations.
• The potential for Vanguard to adjust its holdings could impact Terawulf's stock price, though this is a general market dynamic rather than a specific risk detailed in the document.

Future Outlook

This filing is a disclosure of ownership and does not contain forward-looking statements or guidance from Terawulf Inc.

Management Comments

• "In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC."
• "This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power."
• "This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such 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 a Schedule 13G filing by a major institutional investor like Vanguard indicates a passive investment approach, typically for index funds or diversified portfolios, rather than an activist stake. This level of ownership suggests Vanguard views Terawulf Inc. as a component within broader investment strategies.

Stakeholder Impact

• Shareholders: The presence of a large, stable institutional investor like Vanguard can provide a degree of stability to the stock price and may be viewed positively by other investors.
• Management: Terawulf Inc.'s management will be aware of Vanguard's significant stake, which typically implies a focus on long-term value creation rather than short-term gains.

Next Steps

• Vanguard will continue to hold or manage its stake in Terawulf Inc. according to its investment strategies.
• Terawulf Inc. will continue its operations as a digital asset technology company.

Key Dates

Keywords

Terawulf Inc, Vanguard Portfolio Management, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Vanguard Fiduciary Trust Company, Vanguard Global Advisers