TeraWulf (WULF) Stock Today, November 26, 2025: Preferred Share Conversion Rally, Hedge-Fund Buying and New York ESG Scrutiny

TeraWulf Inc. (NASDAQ: WULF) is extending its recent rally on Wednesday, November 26, 2025, as Wall Street digests a major capital‑structure move, fresh institutional ownership disclosures and new scrutiny of the company’s massive New York data‑center plans.

As of late‑morning U.S. trading, TeraWulf stock is changing hands around $14.08, up roughly 1% on the day and adding to Tuesday’s double‑digit surge. Intraday, shares have traded between $13.80 and $14.53 after opening at $14.48, with volume already above 11.8 million shares.

That follows a 10.37% jump on Tuesday to a $13.94 close, driven by a company announcement that it will force‑convert its Series A convertible preferred stock into common shares. ^[1] Even after some cooling, WULF remains one of 2025’s standout performers, with the stock more than doubling year‑to‑date. ^[2]

Below is a breakdown of the key WULF stock news for November 26, 2025, and what it means for investors following the fast‑evolving Bitcoin‑miner‑turned‑AI‑data‑center story.

1. Stock Snapshot: TeraWulf’s Trading Action Today

Last price: ~$14.08
Day move: ~+1% vs. Tuesday’s close of $13.94 ^[3]
Intraday range: $13.80 – $14.53
Open: $14.48
Volume so far: ~11.8M shares vs. an average daily volume around 42–43M. ^[4]
52‑week range: approximately $2.06 – $17.05. ^[5]

TeraWulf’s beta above 3.5 underscores just how volatile the stock has been: it tends to move several times more than the broader market on any given day. ^[6] Options markets are pricing in that turbulence, with implied volatility above 100%, according to recent derivatives data. ^[7]

Meanwhile, Bitcoin itself is trading near $87,000 today, slightly higher on the session—an important backdrop given that a large share of TeraWulf’s revenue still comes from Bitcoin mining. ^[8]

2. Main Catalyst: Mandatory Conversion of Series A Preferred Stock

What TeraWulf just did

On November 25, 2025, TeraWulf announced that it is forcing the conversion of all outstanding Series A Convertible Preferred Stock into common shares, with the conversion set to take effect on December 9, 2025 and settle on December 11. ^[9]

Key details from the company’s press release and SEC filings:

Trigger condition: The company was allowed to force the conversion once WULF’s common stock traded above 130% of the $10 conversion price (i.e., over $13) on at least five trading days between November 4 and November 24, 2025. ^[10]
Conversion ratio: Each preferred share will convert into 141.9483 common shares. ^[11]
End of dividends: Once converted, the preferred shares will cease accruing dividends, removing an ongoing cash obligation from the capital structure. ^[12]
Optional early conversion: Holders can still exercise their optional conversion rights up to December 8, 2025, but after that, the conversion becomes automatic. ^[13]

TeraWulf’s CFO Patrick Fleury described the move as a “key milestone” that simplifies the capital structure and “reinforces [the company’s] financial discipline,” reiterating that the company wants investors focused on its growth rather than the complexity of multiple equity layers. ^[14]

How the market is reading it

An Insider Monkey and Yahoo Finance article, syndicated this morning, highlighted that WULF rallied 10.37% on Tuesday to $13.94, explicitly linking the move to investor enthusiasm around the mandatory conversion and the company’s strengthening balance sheet. ^[15]

TS2 Tech, in a detailed stock‑today breakdown, emphasized three investor‑friendly aspects of the conversion: TechStock²+1

Minimal dilution: The company’s share count rises only modestly—on the order of a few tenths of a percent—compared with prior equity raises.
No more preferred layer: Common shareholders will no longer sit below a preferred class that has priority in dividends and, in some scenarios, liquidation.
Confidence signal: Management could only trigger this step because the share price held above $13 for multiple days, reinforcing how far the stock has run in 2025.

TipRanks’ auto‑generated news item echoes that interpretation, noting that the conversion is designed to simplify the capital structure and support further growth, while also flagging that high leverage and profitability challenges keep many analysts cautious. ^[16]

3. New Institutional Ownership Headlines: Worth Venture & XTX Topco

Two MarketBeat alerts published today have added fuel to the conversation around institutional support for WULF: ^[17]

Worth Venture Partners LLC disclosed a new Q2 position of 45,000 shares, worth about $197,000, in TeraWulf. ^[18]
XTX Topco Ltd acquired 697,031 shares, roughly 0.18% of the company, in a separate filing valued at about $3.05 million. ^[19]

The same reports note that:

Institutional investors now own about 62.5% of WULF’s float. ^[20]
TeraWulf’s trailing‑twelve‑month figures still show a negative net margin around 90% and return on equity near ‑55%, underscoring that the business is far from GAAP profitability even as revenue surges. ^[21]

In other words, hedge funds and asset managers are clearly active in the name—but they are buying into a high‑growth, high‑loss profile, not a mature cash cow.

4. Analyst and Quant Views: From “Strong Buy” to “Sell”

While no major new rating changes hit the tape today, several freshly referenced analyst and data‑provider summaries frame how professionals are looking at WULF as of late November:

Quiver Quantitative aggregates Wall Street targets at a median of about $21 per share, with a cluster of recent “Buy” or “Outperform” ratings from banks including B. Riley, Needham, Rosenblatt, Oppenheimer and JMP. ^[22]
TipRanks shows an average target near $22.13 and categorizes the 12‑month outlook as strong upside versus recent prices, based on a double‑digit set of covering analysts. ^[23]
StockAnalysis lists a somewhat lower average target around $16.7, still above where shares trade today, with a consensus skewed toward “Strong Buy.” ^[24]
Zacks, by contrast, maintains a “Sell” (Rank #4) rating, citing high costs, margin compression and a widening expected loss of about $1.51 per share for 2025, even after strong top‑line growth. ^[25]

The takeaway: fundamental analysts are divided. Many see TeraWulf as a differentiated, low‑carbon compute provider with huge AI and Bitcoin optionality; others see a richly valued, heavily levered story where execution risk and power costs could quickly derail the bull case.

5. Fundamentals After Q3 2025: Rapid Growth, Massive Loss

Today’s trading sits against the backdrop of blockbuster but complex Q3 2025 results.

According to TeraWulf’s November 10 earnings release: ^[26]

Total Q3 revenue:$50.6 million, up sharply from about $27.1 million a year earlier.
- Digital asset (Bitcoin) revenue: ~$43.4M.
- New HPC lease revenue: ~$7.2M, reflecting the early impact of AI/data‑center contracts.
Adjusted EBITDA: roughly $18.1 million, marking a positive non‑GAAP contribution from operations.
GAAP net loss: about $455 million for the quarter, or ‑$1.13 per share, driven largely by a $424.6 million non‑cash charge related to the revaluation of warrants and derivative liabilities, plus higher interest expenses.
Cash position: about $712.8 million in cash, cash equivalents and restricted cash at quarter‑end.
Debt: around $1.5 billion in total debt, before layering in additional 2030 senior notes and 2032 convertible notes completed after quarter‑end. TechStock²+1

On top of that, TeraWulf has:

Priced $3.2 billion of 7.75% senior secured notes due 2030 through subsidiary WULF Compute to fund data‑center build‑outs. ^[27]
Launched and upsized a $900 million convertible notes offering to support its Abernathy, Texas AI campus and related infrastructure. ^[28]

This combination—fast‑rising revenue, positive Adjusted EBITDA, huge GAAP losses and very large debt financing—is why WULF is often described as a “high‑beta infrastructure growth” play rather than a conventional Bitcoin miner.

6. Strategic Pivot: From Bitcoin Miner to AI/HPC Data‑Center Operator

Much of the market enthusiasm—reflected in Tuesday’s and today’s share‑price strength—stems from TeraWulf’s rapid shift from pure Bitcoin mining into high‑performance computing (HPC) and AI data centers.

Fluidstack & Google‑backed JV

In late October, TeraWulf announced a major expansion of its partnership with Fluidstack, a Google‑backed AI infrastructure partner, at its Abernathy, Texas campus: TechStock²+1

A 168 MW AI compute joint venture, framed as a 25‑year project.
Management says the deal represents roughly $9.5 billion in contracted revenue over the lease term.
Google is reported to be backstopping around $1.3–3.2 billion in credit enhancement and guarantees related to Fluidstack’s obligations, significantly de‑risking the cash‑flow profile of the JV. ^[29]

Separately, the Q3 earnings release highlighted three new ten‑year HPC leases with Fluidstack at the Lake Mariner site in New York, totaling about $6.7 billion in contracted lease payments, again supported by a substantial Google credit enhancement. ^[30]

These contracts, layered on top of the company’s existing Bitcoin‑mining output, are central to the narrative that TeraWulf is transforming into a long‑duration, AI‑focused compute landlord rather than a pure commodity‑exposed miner.

7. New York ESG & Regulatory Spotlight: The Lansing Megaproject

Another important piece of November 26 news comes not from financial media, but from The American Prospect, which published a feature titled “Big Tech’s Big New York Gas Pipeline.” ^[31]

The article explores New York Governor Kathy Hochul’s approval of a $1 billion natural‑gas pipeline, arguing that the real beneficiaries are AI and data‑center operators—including TeraWulf—that are putting enormous strain on the state’s power grid. In that context, it notes that:

TeraWulf plans to build a 400 MW data center in Lansing, New York (near Cayuga Lake).
The project could consume roughly 16% of the total output of the Robert Moses Niagara Hydroelectric Power Station, the state’s largest power producer.
TeraWulf has signed an 80‑year lease for the site, as first disclosed in the company’s Q3 results and related IR materials. ^[32]

Environmental groups cited in the piece warn that the combination of new gas infrastructure and energy‑hungry AI/crypto facilities risks higher bills, more pollution and a growing equity gap in energy costs for low‑income households.

For WULF shareholders, this adds a new layer of ESG and policy risk:

On the one hand, the Lansing site underscores the sheer scale of TeraWulf’s long‑term compute ambitions.
On the other, it may invite regulatory, political and public‑opinion headwinds that could affect permitting timelines, power‑pricing arrangements and future capital‑allocation decisions in New York.

8. How Today’s News Fits Together for WULF Stock

Putting the November 26 headlines side by side, a clearer picture emerges:

Bullish forces

Capital‑structure cleanup
- The mandatory conversion of Series A preferred stock removes a senior equity layer and recurring dividend payments, modestly improving cash flow and simplifying the story for common shareholders. ^[33]
Institutional engagement
- New holdings announced by Worth Venture Partners and XTX Topco join a long list of hedge funds and asset managers trading the name, signaling that WULF has firmly entered the institutional arena. ^[34]
Exploding AI/HPC opportunity
- Multi‑year leases with Fluidstack and a Google‑enhanced credit profile underpin billions in contracted revenue, giving TeraWulf visibility that many miners lack. ^[35]
Balance‑sheet firepower
- Over $700 million in cash plus large bond and convertible‑note financings give TeraWulf a funding runway to build out its Lake Mariner, Abernathy and future Lansing campuses—assuming execution is on track. ^[36]
Supportive macro backdrop (for now)
- Elevated Bitcoin prices and surging demand for AI compute both play directly into TeraWulf’s dual business model. ^[37]

Bearish and cautionary forces

Heavy leverage and big GAAP losses
- Billions in debt, a huge non‑cash warrant revaluation charge, and continued negative net margins leave little room for prolonged operational missteps. ^[38]
Cost pressures & valuation concerns
- Zacks and other skeptics point to rising power and depreciation costs, margin compression and a rich price‑to‑book multiple as reasons for their cautious or outright bearish views. ^[39]
Regulatory & ESG risk in New York
- The Lansing project, tied into broader debates about gas pipelines and data‑center power usage, could become a flashpoint for local opposition and policy pushback. ^[40]
Extreme volatility & high short interest
- Short sellers remain heavily involved in WULF, and options and volatility metrics suggest that sharp price swings—both up and down—are likely to continue. TechStock²+2OptionCharts+2

9. What to Watch Next

For readers tracking TeraWulf stock beyond today’s move, several checkpoints stand out:

Completion of the preferred‑stock conversion in December and any commentary on its impact on liquidity and trading. ^[41]
Updates on the Abernathy (Texas) and Lake Mariner (New York) AI campuses, including construction milestones, additional tenants and power‑sourcing arrangements. ^[42]
Regulatory and community developments around the Lansing megaproject and New York’s broader energy policy. ^[43]
Bitcoin price trends and network difficulty, which still heavily influence TeraWulf’s digital‑asset revenue. ^[44]
Any new analyst rating changes or target revisions, especially if they respond to the capital‑structure changes or evolving AI deal pipeline. ^[45]

10. Bottom Line

On November 26, 2025, WULF stock is edging higher after a dramatic two‑day run, as investors celebrate a cleaner equity structure and digest evidence of growing institutional interest and multi‑billion‑dollar AI data‑center contracts.

At the same time, the American Prospect’s pipeline feature and ongoing debate about TeraWulf’s leverage, cost profile and valuation undercut any notion that this is a straightforward growth story. WULF remains a high‑risk, high‑reward name sitting at the intersection of Bitcoin mining, AI infrastructure and energy policy—a combination that virtually guarantees continued volatility.

As always, this article is for informational purposes only and does not constitute investment, tax or legal advice. Anyone considering WULF stock should carefully evaluate their own financial situation, risk tolerance and time horizon, and consider consulting a qualified financial adviser before making trading or investment decisions.