CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 13F: New $2M Stake in WULF

Cushing Asset Management, LP dba NXG Investment Management took a new position in TeraWulf Inc. (WULF) by acquiring 135,000 shares valued at $1,998,000 in a filing on October 26, 2026. This marks the first time the fund has held shares in TeraWulf, which operates digital infrastructure and bitcoin mining facilities in the United States.

WULF TeraWulf Inc.

$11.98 ▼ -5.97% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where TeraWulf Fits in Cushing Asset Management's Portfolio

This new position accounts for 0.14% of Cushing's total reported portfolio, which is valued at approximately $1.42 billion. TeraWulf ranks 44th among the 73 positions in the fund's portfolio, highlighting its relatively modest size in comparison to the overall holdings.

Other Institutional Activity in TeraWulf

Several other institutional investors have been active in TeraWulf. Driehaus Capital Management increased its holdings by 198,805 shares, bringing its total to about 6.06 million shares worth approximately $153.6 million. Lone Pine Capital also holds a significant position with about 19.9 million shares valued at around $504.6 million. Meanwhile, Value Aligned Research Advisors, LLC grew its stake by 4.4 million shares, totaling approximately $146.9 million.

TeraWulf Inc. Stock Up 5.8%

As of October 26, 2026, TeraWulf's shares closed at $11.98. Recently, the stock has traded around $11.97, which is about equal to its closing price. However, it is trading significantly below its 50-day moving average of $14.97 and its 200-day average of $18.11, indicating it has struggled in recent months.

Recent Earnings

TeraWulf reported trailing twelve-month revenues of approximately $165.2 million, along with a negative earnings per share of $4.43. The company is set to announce its next earnings report on November 6, 2026, which could provide further insights into its financial performance.

Insider Buying and Selling at TeraWulf Inc.

Recent insider activity at TeraWulf includes several notable transactions. CEO Paul B. Prager sold 137,500 shares at an average price of $17.06 on August 27, 2026, valued at about $2.35 million. Director Walter E. Carter sold 130,626 shares at $15.14 on August 31, totaling approximately $1.98 million. Additionally, Director Michael C Bucella bought 6,085 shares at $14.78 on September 15, valued at about $89,967.

Analysts Set New Price Targets

Analysts have recently initiated coverage on TeraWulf. On September 21, 2026, Rothschild & Co initiated a Neutral rating with a $15.00 price target. UBS followed on September 23 with a Buy rating and a target of $24.00. Morgan Stanley maintained an Overweight rating on October 12 with a target of $65.00, while TD Cowen also initiated a Buy rating with a target of $21.00.

About TeraWulf

TeraWulf Inc. specializes in developing and operating digital infrastructure, particularly focusing on bitcoin mining facilities. Founded in 2021 and based in Easton, Maryland, the company aims to leverage clean and cost-effective energy for its operations, which is increasingly relevant in today's energy-conscious market.

Bottom Line

Cushing Asset Management's new position in TeraWulf will be worth watching, especially as the company prepares for its upcoming earnings announcement on November 6, 2026. The stock's performance relative to its moving averages and analyst ratings will also be key indicators of its market position moving forward.