TeraWulf CEO Moves to Monetize 3 Million Shares Tied to Land Lease
Key Takeaways
- CEO Paul B. Prager entered a forward sale contract for 3,000,000 TeraWulf shares on September 22, 2026.
- The transaction establishes a future obligation to sell the specified common stock.
- Director Michael C. Bucella recently increased his holdings by 6,085 shares on September 16.
TeraWulf (NASDAQ: WULF) Chief Executive Officer Paul Prager entered a prepaid forward transaction covering up to 3 million shares valued at $52.35 million, drawing on stock received through a property lease between the company and his privately owned landlord business.
The September 22, 2026, Form 144 identifies an unaffiliated bank as the counterparty and BofA Securities as the broker handling any initial hedging. Prager can elect to settle in cash and retain the pledged shares, subject to conditions. The notice therefore does not establish that he has completed an outright sale of the entire holding.
The transaction connects Prager’s personal financing arrangements with TeraWulf’s acquisition of long-term development rights at its Lake Hawkeye site in Lansing, New York. The company secured the property as part of its expansion into infrastructure for AI and high-performance computing.
On August 12, 2025, TeraWulf subsidiary Lake Hawkeye LLC agreed to lease approximately 183 acres from Cayuga Operating Company for 80 years. The agreement covered land, structures, equipment and other facilities, with rent prepaid through $95 million in TeraWulf stock and $3 million in cash. The stock component was priced using a trailing 15-day volume-weighted average.
