Terawulf

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-09-22 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: TERAWULF INC. (WULF) CIK: 0001083301 --- Reporting Owner --- Name: Prager Paul B. CIK: 0001877255 Role: Director, Officer (Chief Executive Officer) --- Derivative Transactions --- [Transaction #1] Security: Forward sale contract (obligation to sell) Date: 2026-09-22 | Code: J (Other acquisition/disposition) Shares: +3,000,000 Shares Owned After: 3,000,000 | Ownership: I (Indirect) | Nature: By Riesling Power LLC Footnotes: [F1] On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge. [F1] On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge. [F1] On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge. [F1] On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge. [F1] On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge. [F2] The Paul B. Prager Revocable Trust ("Prager Revocable Trust") is the sole member of Riesling Power. Paul B. Prager (the "Reporting Person") is the sole trustee of the Prager Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Prager Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Prager Revocable Trust. --- Footnotes (Complete Index) --- F1: On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge. F2: The Paul B. Prager Revocable Trust ("Prager Revocable Trust") is the sole member of Riesling Power. Paul B. Prager (the "Reporting Person") is the sole trustee of the Prager Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Prager Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Prager Revocable Trust. --- Signature --- /s/ /s/ Paul B. Prager (2026-09-23)