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WULFTerawulf Inc. · Insider ownership research

Terawulf Inc. insiders sold $36.1M in the past 12 months. How much of their stake is that?

52% was sold under disclosed trading plans, 48% with no plan disclosed. The largest seller, Paul Prager (Chief Executive Officer, Director), sold $23.4M.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 16, 2026 from SEC filings · covers Oct 17, 2025 to Oct 16, 2026
1
buyer among officers and directors (13 trades), past 12 months
52%
of sales were under disclosed trading plans, past 12 months
4 of 12
officers and directors sold shares, past 12 months
Is this normal? More than usual: $36.1M sold, after almost none in the past 5 years. 5 insiders sold; the average is 1 a year. Year by year
Latest filing: Filed Oct 2 for a stock award on Sep 30. Walter Carter received an award of 2.1K shares. Filing
SEC ownership filings: 70 filed in the 12 months to Oct 16, 2026; 597 on record since Oct 2, 2003 · See the evidence

Price note. One filing reports a price of $10,835.00, about 1060 times the same filer's other prices that week; it appears to be a decimal error for about $10.84, so we've excluded it from totals. Filing

Price note. One filing reports a price of $9.92; it appears to be an error in the filing, so we've excluded it from totals. Filing

Price note. One filing reports a price of $10.22; it appears to be an error in the filing, so we've excluded it from totals. Filing

What stands out

Three insiders sold $16.2M with no disclosed plan: Patrick Fleury ($9.7M), Paul Prager ($4.5M) and Walter Carter ($2.0M). The filings don't state a reason.Patrick Fleury: largest such sale, Mar 17, 2026 · Paul Prager: largest such sale, Apr 27, 2026 · Walter Carter: largest such sale, Aug 31, 2026
Michael Bucella bought 29K shares for $440K, first on Nov 13, 2025.Purchase, Sep 15, 2026

A share of stake is shown for 0 of the 4 officers and directors who sold. 12 are left out

i
Left out: Paul Prager, Nazar Khan, Kerri Langlais, Patrick Fleury, Kenneth Deane, Steven Pincus, Walter Carter, Lisa Prager, Michael Bucella, Catherine Motz, Amanda Fabiano and William Tanimoto (share of stake is being verified).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Paul Prager
Chief Executive Officer, Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$23.4M81% planned 19% no plan disclosed
Patrick Fleury
Chief Financial Officer
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$9.7MNo plan disclosed
Walter Carter
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$2.0MNo plan disclosed
Catherine Motz
Director
Not confirmed
Share of stake not shown: share of stake is being verified. Why
$998KNo plan disclosed
Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled
OctNovDecJanFebMar 2026: $4.5M under a disclosed planMar 2026: $9.7M no plan disclosed$14.2MMarApr 2026: $4.5M no plan disclosedAprMay 2026: $8.4M under a disclosed planMayJun 2026: $3.7M under a disclosed planJunJulAug 2026: $2.3M under a disclosed planAug 2026: $2.0M no plan disclosedAugSep 2026: $998K no plan disclosedSepOct

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Sep 15, 2026Michael Bucella bought 6.1K shares ($90K).
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Michael Bucella
Director
6,085$14.79n/an/aSep 15, 2026Sep 16, 2026

Common questions

Is the Terawulf Inc. CEO selling stock?

Yes. Paul Prager sold 1.10M shares ($23.4M) in the past 12 months, 81% of it under a trading plan disclosed in the filings.

Why are Terawulf Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 52% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 48% had no disclosed plan. A trading plan schedules sales in advance.

Are any Terawulf Inc. insiders buying?

Yes. 1 officer or director reported 13 purchases in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).

The evidence

Who sold4 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Paul Prager
Chief Executive Officer, Director
$23.4M
1.10M shares
Not confirmed
share of stake is being verified. Why
81% under a disclosed plan 19% no plan disclosed
Patrick Fleury
Chief Financial Officer
$9.7M
600K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Walter Carter
Director
$2.0M
131K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
Catherine Motz
Director
$998K
56K shares
Not confirmed
share of stake is being verified. Why
No plan disclosed
The full ownership picture0 of 12 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 16, 2025SoldHeld Oct 16, 2026Still held
Paul Prager
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Paul Prager are complete.
Chief Executive Officer, Director
n/a−1.10Mn/an/a
Vesting, gifts, unvested awards and holding lines for Paul Prager

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paul Prager are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Nazar Khan
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Nazar Khan are complete.
Chief Technology Officer, Director
n/a−452Kn/an/a
Vesting, gifts, unvested awards and holding lines for Nazar Khan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Nazar Khan are complete; balances and unit counts will be added when the check is finished.

−180Kgifted (net of own trusts)
Kerri Langlais
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Kerri Langlais are complete.
Chief Strategy Officer, Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Kerri Langlais

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kerri Langlais are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Patrick Fleury
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Patrick Fleury are complete.
Chief Financial Officer
n/a−600Kn/an/a
Vesting, gifts, unvested awards and holding lines for Patrick Fleury

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Patrick Fleury are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Kenneth Deane
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Kenneth Deane are complete.
Chief Acct Officer + Treasurer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Kenneth Deane

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kenneth Deane are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Steven Pincus
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Steven Pincus are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Steven Pincus

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steven Pincus are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Walter Carter
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Walter Carter are complete.
Director
n/a−131Kn/an/a
Vesting, gifts, unvested awards and holding lines for Walter Carter

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Walter Carter are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Lisa Prager
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Lisa Prager are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Lisa Prager

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Lisa Prager are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Michael Bucella
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Michael Bucella are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Michael Bucella

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Bucella are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Catherine Motz
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Catherine Motz are complete.
Director
n/a−56Kn/an/a
Vesting, gifts, unvested awards and holding lines for Catherine Motz

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Catherine Motz are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
Amanda Fabiano
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Amanda Fabiano are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Amanda Fabiano

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Amanda Fabiano are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)
William Tanimoto
!
Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for William Tanimoto are complete.
Chief Accounting Officer
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for William Tanimoto

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for William Tanimoto are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for Terawulf Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$36.1M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $36.1M across 2,338,801 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

The lighter segment is sales with no plan disclosed in the filing ($17.2M), including tax-related sales outside a plan.

No plan disclosed · $17.2M

Sales with no 10b5-1 plan and no tax reference in the filing. $9.7M of it is Patrick Fleury. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Patrick Fleury, Mar 17, 2026

Purchases · 1 buyer (13 trades)

1 officer or director bought shares in this period, in 13 trades(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 27 purchase trades.

Charitable gifts · 180K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Paul Prager
Chief Executive Officer, Director
1.10M$23.4M81%65%Mar 24, 2026 to Aug 27, 2026
Patrick Fleury
Chief Financial Officer
600K$9.7M0%27%Mar 17, 2026 to Mar 17, 2026
Walter Carter
Director
131K$2.0M0%5%Aug 31, 2026 to Aug 31, 2026
Catherine Motz
Director
56K$998K0%3%Sep 8, 2026 to Sep 8, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$0$0$0$0
Dec 2025$0$0$0$0
Jan 2026$0$0$0$0
Feb 2026$0$0$0$0
Mar 2026$14.2M$4.5M$0$9.7M
Apr 2026$4.5M$0$0$4.5M
May 2026$8.4M$8.4M$0$0
Jun 2026$3.7M$3.7M$0$0
Jul 2026$0$0$0$0
Aug 2026$4.3M$2.3M$0$2.0M
Sep 2026$998K$0$0$998K
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

More than usual: $36.1M sold, after almost none in the past 5 years. 5 insiders sold; the average is 1 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 16, 2026
Latest 12 months
2.34M5$36.1M
Oct 16, 2025
1 year earlier
79K2$707K
Oct 16, 2024
2 years earlier
583K2$227K
Oct 17, 2023
3 years earlier
00$0
Oct 17, 2022
4 years earlier
00$0
Oct 17, 2021
5 years earlier
10K1$104K

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty12 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Terawulf Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology597 filings on record, 70 filed in the 12-month period, and how we read them

All 597 Forms 3, 4 and 5 on record for Terawulf Inc. (SEC CIK 1083301), filed from Oct 2, 2003 to Oct 2, 2026; 70 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages.

Probable 3-for-2 stock split on or before Feb 23, 2005 (first filing that shows post-split balances). Splits aren't reported as transactions; 5 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (25)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Christopher JarvisJan 3, 202514,180 shares, last reported balance as of Dec 31, 2024
Jason NewOct 24, 20231,586,654 shares, last reported balance as of Oct 19, 2023
Revolve Capital LLCMar 2, 202317,860,622 shares, last reported balance as of Feb 28, 2023
Bryan PascualMar 2, 202335,805,780 shares, last reported balance as of Feb 28, 2023
Jon GerlachDec 13, 2021No balance on record
Claude PiguetDec 13, 2021No balance on record
Lockwood CarlsonDec 13, 2021No balance on record
Darrell LeeDec 13, 2021No balance on record
Kenneth HegmanDec 13, 2021No balance on record
Marianne BohrenDec 13, 2021No balance on record
Jeffrey EngbrechtDec 13, 2021No balance on record
Gregory JacksonDec 13, 2021No balance on record
Glenn SandgrenDec 13, 2021No balance on record
Ernest Harper Jr.May 3, 2021No balance on record
William UllandMar 25, 2021231,047 shares, last reported balance as of Mar 18, 2021
Joseph NergesMar 12, 2021318,779 shares, last reported balance as of Mar 12, 2021
David HarrisNov 8, 201686,612 shares, last reported balance as of Nov 7, 2016
Gerald SimonsonSep 2, 2016118,995 shares, last reported balance as of Aug 31, 2016
Karl ShawJan 31, 2014No balance on record
Rondi EricksonNov 15, 201316,398 shares, last reported balance as of Nov 15, 2013
Leigh SeveranceDec 17, 2012180,079 shares, last reported balance as of Dec 14, 2012
Parnell ThillApr 17, 20081,998 shares, last reported balance as of Apr 17, 2008
Charles AndresenMar 19, 200826,289 shares, last reported balance as of Mar 13, 2008
Yoshifumi KomatsuNov 8, 20072,742 shares, last reported balance as of Nov 7, 2007
Robert Banks Jr.Jul 30, 20077,950 shares, last reported balance as of Jul 26, 2007

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