Citadel Entities Report 5.4% Stake in TeraWulf After Bitcoin Miner’s AI, HPC Pivot

A group of Citadel investment entities has disclosed a 5.4% passive stake in TeraWulf, marking a sizable trading exposure following the bitcoin miner’s push into high-performance computing.

The filing on Monday shows that almost all the positions are held through Citadel Securities LLC and its principal-strategies affiliates — entities that trade using the firm’s own capital and manage market-making inventory. Citadel Advisors, the hedge-fund arm, reported holding only 112,900 shares, a negligible portion of the overall stake.

Citadel filed a Schedule 13G, indicating the firm is reporting the position as passive. The reporting entities also disclaimed beneficial ownership beyond the securities directly held by each vehicle, a standard approach when multiple affiliated trading and investment entities fall under common control.

Because the position sits largely within Citadel Securities’ trading books, it differs from the type of benchmark-driven holdings commonly associated with ETF sponsors such as BlackRock or Vanguard. Instead, the exposure reflects proprietary trading, liquidity-provision activities, and related strategies that collectively crossed the SEC’s 5% reporting threshold.

TeraWulf and a list of bitcoin mining companies expanding beyond bitcoin into energy-dense compute infrastructure have attracted increasing institutional attention. As reported previously, Jane Street acquired stakes in IREN, Bitfarms, Cipher and Hut 8 earlier this year. Their move into colocation and HPC development comes as miners face record-low bitcoin hashprice levels and seek to diversify revenue toward AI-oriented workloads and higher-margin power services.