Michael C. Bucella - 13 Nov 2025 Form 4 Insider Report for TERAWULF INC. (WULF)

Role: Director
Signature: /s/ Stefanie C. Fleischmann, as attorney-in-fact for Michael C. Bucella
Issuer symbol: WULF
Transactions as of: 13 Nov 2025
Transactions value $: -$199,822
Form type: 4
Filing time: 11 Dec 2025, 18:38:34 UTC
Previous filing: 24 Jun 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bucella Michael C.	Director	C/O TERAWULF INC., 9 FEDERAL STREET, EASTON	/s/ Stefanie C. Fleischmann, as attorney-in-fact for Michael C. Bucella	11 Dec 2025	0001915351

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WULF	Common stock, $0.001 par value per share	Options Exercise		+35.5K	+15.61%		263K	09 Dec 2025	Direct	F1
transaction	WULF	Common stock, $0.001 par value per share	Purchase	$50.2K	+4.18K	+1.59%	$12.01	267K	13 Nov 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WULF	Series A Convertible Preferred Stock	Options Exercise	-$250K	-250	-100%	$1,000.00	0	09 Dec 2025	Common stock, $0.001 par value per share	35.5K		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	As of the date of the event requiring the filing of this report, the 250 shares of Series A Convertible Preferred Stock (the "Preferred Stock") were converted into 35,487 shares of common stock, par value $0.001 per share, via a mandatory conversion by the Issuer of all of the shares of its Preferred Stock pursuant to Sec. 10(c) of the Certificate of Designations of the Preferred Stock, at a conversion price of $10.00 per share of Preferred Stock, as previously disclosed on the Issuer's current report on Form 8-K filed on November 25, 2025.
F2	The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $11.80 - $12.03, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of the Issuer, or to the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

Content

As of the date of the event requiring the filing of this report, the 250 shares of Series A Convertible Preferred Stock (the "Preferred Stock") were converted into 35,487 shares of common stock, par value $0.001 per share, via a mandatory conversion by the Issuer of all of the shares of its Preferred Stock pursuant to Sec. 10(c) of the Certificate of Designations of the Preferred Stock, at a conversion price of $10.00 per share of Preferred Stock, as previously disclosed on the Issuer's current report on Form 8-K filed on November 25, 2025.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $11.80 - $12.03, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of the Issuer, or to the Issuer, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.