TeraWulf CEO Paul Prager sold 137,500 shares worth $2.3 million as the company executes a strategic pivot into AI infrastructure.

TeraWulf, the Bitcoin miner turned AI infrastructure provider, saw its chief executive offload another tranche of stock under a pre-arranged trading plan, even as analysts set a $31 price target. Chief Executive Paul Prager sold 137,500 shares on August 27 through Beowulf E&D Holdings, the entity he manages, generating approximately $2.35 million at a weighted average price of roughly $17.06 per share. The transaction was executed under a Rule 10b5-1 trading plan established on December 23, 2025, specifically designed to insulate executives from accusations of trading on material nonpublic information.

This marks Prager’s second major stock sale of the year. On June 29, he divested the identical 137,500 shares at a significantly higher price of $26.60 each, netting approximately $3.66 million. Even after both transactions, Prager retains substantial ownership: roughly 3.8 million shares indirectly through Beowulf E&D and an additional 1.76 million held directly.

WULF shares have traded between $15 and $17 throughout late August 2026, a notable decline from the $26-plus levels recorded earlier in the summer. Despite the pullback, market sentiment remains positive. The day following Prager’s latest sale, William Blair initiated coverage of TeraWulf with an Outperform rating and a $31 price target, implying roughly 80% upside from recent trading levels.

The strategic shift driving TeraWulf’s valuation is anchored by a roughly $19 billion high-performance computing (HPC) lease agreement with Anthropic, the AI safety firm behind the Claude family of models. Under the deal, TeraWulf will provide services at its Justified Data Campus, with revenue recognized over a 20-year period rather than as a lump sum. This transition is already reflected in the company’s financials: TeraWulf’s second-quarter 2026 report showed total revenue of $44.8 million, with 71% derived from HPC leases instead of Bitcoin mining. The company, however, continues to report a GAAP net loss.