NEW YORK, June 28, 2026, 12:04 PM EDT
- TeraWulf closed at $25.83 on Friday, losing 10.9% over the week. The stock touched a 52-week high at $29.84 on Monday before sliding back.
- Friday’s volume came in at 66.3 million shares, more than twice its 65-day average. Short interest was close to 108.65 million shares.
- The stock fell harder than the Nasdaq’s 4.6% weekly slide, although company releases kept mentioning the HPC lease pivot.
- Traders begin the week with moves after the Russell rebalance. Nasdaq will keep usual weekday hours before closing for Independence Day on July 3.
TeraWulf Inc. NASDAQ:WULF is stuck with more than just a sharp drop after last week. Shares of the bitcoin miner-turned-AI data center firm slid 10.87% to close out at $25.83 for the week. Volume jumped on Friday, with 66.3 million shares trading hands. That compares to a 65-day average volume of about 30.2 million, WSJ data shows. The stock started the week with a run to a 52-week high of $29.84, but finished Friday down 13.4% from that peak.
Crowded trade in TeraWulf. Short interest barely moved in the last period, ticking down to 108.65 million shares from 108.78 million. That’s about 25.8% of the float still sold short, according to Benzinga data. At current trading, covering would take 4.12 days.
Friday’s volume didn’t clear out the short base. Shares traded at about 61% of the reported short interest. That keeps WULF open to a squeeze if buying picks up or more forced selling if the AI-power trade keeps dropping.
WULF short sale flow stayed heavy on the pullback. Fintel’s read from FINRA off-exchange data had 4.68 million WULF shares sold short on Friday, putting short volume at 45.77% of tracked off-exchange trades. That ratio stuck in the 44% to 48% range every day last week.
The stock fell harder than the rest of the market. The Nasdaq Composite slipped 0.24% Friday, off 4.6% for the week. Chip stocks dropped 5.3% during the session and were tracking a 7.7% loss for the week, according to Reuters. Mark Hackett, chief market strategist at Nationwide, said the wider tech pullback is “a needed and healthy period of consolidation” after a big run. Reuters
TeraWulf traded Friday as the Russell index reconstitution hit, bringing a sharp jump in volumes. Reuters put total trading for the day around $150 billion. Stephens analyst Melissa Roberts said Friday was a “key liquidity day.” Jefferies’ Steven DeSanctis described the expected volume as “really massive.” Reuters
Monday’s start looks clearer for WULF after FTSE Russell’s changes took hold at Friday’s close, Reuters reported. The new structure is now in effect. Trading on Monday begins under the updated setup. If TeraWulf keeps dropping and volume stays high, some investors may read the move as more than just noise from the rebalance.
TeraWulf’s filings and releases are sticking to the same story. The company reported first-quarter revenue of $34.0 million, with $21.0 million from HPC lease revenue, and said it finished the quarter holding about $3.1 billion in cash and restricted cash. “The first quarter of 2026 was defined by execution,” CEO Paul Prager said. CFO Patrick Fleury said recurring, contracted revenue should drive more of the business. TeraWulf Inc.
Investors are still sorting out how much the shift is worth. Bitcoin traded close to $60,000 over the weekend, well below where it started 2026. That is tough for miners with lots of crypto still on the books. But WULF trades on stories tied to power and AI, not as just another mining name.
TeraWulf’s May 26 Kentucky announcement is driving the move. The company picked up the Muskie Data Campus in eastern Kentucky, saying the site could handle more than 1 GW of data-center load over time. It plans for 500 MW to come online in the back half of 2028, with a second 500 MW phase marked for the latter part of 2030. “TeraWulf is fundamentally a power infrastructure company that builds digital infrastructure, not the other way around,” Prager said. TeraWulf Inc.
Timing is the question here. Investors are putting up money now for power capacity—both signed and possible—that won’t come online for years. The Q1 update showed Core42 had 60 MW of operational critical IT HPC capacity at Lake Mariner as of March 31. Other buildings and campuses, though, still need construction, buyers, financing, and power hookups.
Nasdaq trades from 9:30 a.m. to 4 p.m. Eastern, Monday to Friday. The 2026 holiday list puts the next U.S. market closure on July 3 for Independence Day observed. That means WULF has four full sessions next week before the long weekend.
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