TeraWulf CEO Sets Plan to Sell 1.65M Shares Amid $3.2B AI Pivot
TeraWulf CEO Paul Prager has adopted a new Rule 10b5-1 trading plan that could allow him to sell up to 1.65 million shares later this year as the bitcoin miner deepens its pivot into AI infrastructure.
According to Terawulf’s annual report filed on Friday, the plan was entered into on Dec. 23, 2025, and covers potential sales between March 24, 2026, and Aug. 31, 2026, provided certain minimum price thresholds are met. Rule 10b5-1 plans are pre-arranged trading instructions that can allow insiders to sell shares on a scheduled basis.
The disclosure appeared alongside a 2025 annual filing that showed TeraWulf accelerating its pivot toward high-performance computing hosting while its core bitcoin mining business faced a weaker fourth quarter.
In its fourth-quarter earnings release, TeraWulf reported total revenue of roughly $35.8 million, including $26.1 million of digital asset revenue and $9.7 million of HPC lease revenue. Mining revenue fell from $43.4 million in the third quarter, which the company attributed to lower bitcoin production and a decline in bitcoin prices during the period. TeraWulf mined 262 bitcoin during the fourth quarter, bringing full-year 2025 production to 1,496 bitcoin.
HPC lease revenue rose from $7.2 million in the prior quarter as recurring revenue grew from 22.5 megawatts of energized HPC capacity at its Lake Mariner Data Campus.
Operationally, the Lake Mariner campus reached 245 megawatts of energized capacity for bitcoin mining by year-end and had 18 critical IT megawatts of HPC capacity online.
TeraWulf said it sold or otherwise disposed of 17,228 bitcoin miners in 2025, generating $11.6 million in proceeds and recording a $4.9 million net loss on disposal of property, plant and equipment. During the third quarter, it sold 8,910 miners, including transfers tied to a September 2025 sales agreement covering 11,000 miners, of which 6,300 were transferred to the buyer by quarter-end. It further disposed of an additional 5,400 miners during the last quarter.
The company said these dispositions were part of a broader strategy that includes shortening the useful lives of certain mining infrastructure as it shuts down operations to support incoming HPC deployments.
As of Dec. 31, TeraWulf owned about 54,100 bitcoin miners, including roughly 49,400 operating at Lake Mariner, with the remainder in maintenance, standby, or awaiting disposal. The fleet is comprised entirely of Bitmain equipment: 26,700 S21 Pros, 13,400 S19j XP units, 8,200 S21s, 4,300 S19 XP machines and 1,500 S19k Pro units. The company said this fleet represents about 9.3 EH/s of self-mining capacity at an average efficiency of 17.2 J/TH.
In addition to its New York buildout, TeraWulf said it formed a joint venture with Fluidstack in October to develop a 168-megawatt HPC campus in Abernathy, Texas, underscoring the strategic shift it has framed as a move toward long-term contracted compute hosting.
