What smart money is saying about TeraWulf
WULF
No fund has written a full thesis on TeraWulf in our archive, but 2 fund letters report a position in it — most recently Polen US Opportunistic High Yield in December 2025.
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2
Reported positions
1
Bought
0
Sold
2
Letters
Position history
Between Q3 2025 and Q4 2025, 2 fund letters reported a position in TeraWulf — 1 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2025 | 1 | 1 | 0 | 0 |
| Q3 2025 | 1 | 0 | 0 | 0 |
Fund activity · 2 positions · 1 move
- New positionPolen US Opportunistic High YieldDecember 2025
“Portfolio Positioning & Activity We did not make any significant changes to portfolio positioning during the quarter. However, we increased positions in certain existing holdings and initiated several new positions, one of which is described below. Lastly, we executed a few sales, one of which is also described below. In Q4 2025, we initiated a position in the Portfolio in TeraWulf’s 7.75% First Lien Secured Notes due 2030.”
TeraWulf - September 2025
“Terawulf, a vertically integrated bitcoin mining and energy infrastructure company, was a top contributor as cryptocurrency prices rebounded and it was revealed that Google was taking a significant stake in the company.”
TeraWulf
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