Driehaus Capital Management 13F: Adds $5M to WULF Stake

Driehaus Capital Expands Holding in TeraWulf Inc.

Driehaus Capital Management increased its investment in TeraWulf Inc. WULF, according to a Form 13F filing submitted to the U.S. Securities and Exchange Commission for the period ended May 15, 2026. The institutional fund added 198,805 shares of the digital infrastructure provider during the reporting window, marking a 3.39% increase from its previous holding.

Inside the Portfolio Shift

The fund's latest adjustment brought its total count to 6,063,000 shares. That block of stock carried a reported value of about $153.58 million at the close of the period. Because these 13F filings look backward at holdings from the end of the quarter, the snapshot may not represent the investor's current position today.

TeraWulf Shares Trade Near Recent Levels

The company's shares change hands around a spot price of $25.33, positioned well above their 52-week low of $10.35 and moving toward the upper end of the 52-week high of $29.84. The stock also trades above its 50-day moving average of $15.68 and its 200-day moving average of $18.13. Investors often review these moving averages alongside institutional transactions to gauge momentum.

Recent Insider Activity

Inside transactions at the firm showed activity earlier in the summer. On June 23, 2026, Amanda Fabiano acquired 56,023 shares of TeraWulf Inc. Insider purchases do not automatically signal a specific market direction, but they provide visibility into how people close to operations manage their personal holdings.

Wall Street Analyst Coverage

Major financial firms maintain active coverage on the stock with various price targets and ratings. On October 16, 2026, Cantor Fitzgerald maintained its Overweight rating while adjusting its price target to $30.00 from $37.00. Earlier on October 12, 2026, Morgan Stanley maintained an Overweight rating and raised its target to $65.00 from $62.50. On the same day, TD Cowen initiated coverage with a Buy rating and a $21.00 price target. UBS initiated coverage on September 23, 2026, with a Buy rating and a $24.00 target, while Rothschild & Co issued a Neutral rating with a $15.00 target on September 21, 2026. Wells Fargo started coverage with an Overweight rating and a $30.00 target on September 17, 2026, Freedom Capital Markets launched coverage with a Buy rating and a $19.00 target on September 8, 2026, and William Blair initiated an Outperform rating on August 28, 2026.

Digital Infrastructure and Clean Energy Operations

TeraWulf Inc. owns, develops, and operates digital infrastructure facilities in the United States, focusing on bitcoin mining and high-performance computing workloads powered by clean energy. Headquartered in Easton, Maryland, the company leverages cost-effective energy sources to run its operations. This operational footprint remains central to how institutional funds evaluate the capital requirements and growth prospects of the business.

Next Steps for Observers

Market participants tracking Driehaus Capital Management and TeraWulf Inc. can monitor upcoming institutional disclosures for subsequent portfolio adjustments. The company's next scheduled earnings release is set for November 6, 2026, which will provide fresh operational updates.