TeraWulf Stock has Surged Over 200%, and One Fund Just Sold Off $12 Million in Shares
TeraWulf operates large-scale bitcoin mining facilities in New York and Pennsylvania, using proprietary infrastructure and energy resources.
On February 11, Hodges Capital Management Inc. disclosed a sale of 919,169 shares of TeraWulf (WULF +2.04%), an estimated $12.32 million transaction based on quarterly average pricing.What happenedAccording to a recent SEC filing dated February 11, Hodges Capital Management Inc. decreased its stake in TeraWulf by 919,169 shares during the fourth quarter of 2025. The estimated value of the shares sold was $12.32 million, based on the mean closing price for the quarter. The quarter-end value of the TeraWulf position dropped by $10.30 million, a figure that incorporates both trading and share pri
ce movements.What else to knowTop holdings after the filing:NASDAQ:NVDA: $39.60 million (3.4% of AUM)NYSE:SN: $34.20 million (3.0% of AUM)NASDAQ:WULF: $32.94 million (2.9% of AUM)NYSE:CLF: $30.55 million (2.7% of AUM)NYSE:TPL: $29.95 million (2.6% of AUM)As of February 10, WULF shares were priced at $16.63, up a staggering 224.2% over the past year and vastly outperforming the S&P 500 by 209.74 percentage points.Company overviewMetricValueRevenue (TTM)$167.60 millionNet income (TTM)($586.64 million)Market capitalization$6.67 billionPrice (as of market close February 10, 2026)$16.63Company snap
shotTeraWulf operates bitcoin mining facilities in New York and Pennsylvania, generating revenue from digital asset production and related services.Its business model centers on developing, owning, and operating infrastructure for large-scale bitcoin mining, leveraging proprietary technology and energy resources.The company serves digital asset markets and entities seeking exposure to bitcoin mining operations.TeraWulf is a digital asset technology company focused on large-scale bitcoin mining operations in the United States. The company leverages proprietary infrastructure and energy solutions to drive efficiency and scale in digital asset production.
Its strategic positioning in the bitcoin mining sector provides exposure to cryptocurrency markets and potential for growth as digital asset adoption expands.What this transaction means for investorsFew stocks have been swinging as much as bitcoin miners, and that volatility alone explains why trimming exposure after a 224% run can be rational portfolio management rather than a verdict on fundamentals.TeraWulf’s third quarter was very noteworthy. Revenue jumped 87% year over year to $50.6 million, including $7.2 million of initial high-performance computing lease revenue. The company also signed more than $17 billion in long-term HPC contracts and completed over $5 billion in financings to scale its platform.
Meanwhile, cash and restricted cash ended September at $712.8 million, though total debt sat around $1.5 billion.That combination of explosive growth, heavy capital needs, and crypto price exposure makes the stock inherently higher beta than most holdings in this portfolio, which also includes steadier names like Nvidia and Texas Pacific Land.For long-term investors, the key question is durability. If HPC leases convert into stable, infrastructure-style cash flows, TeraWulf could evolve beyond a pure bitcoin proxy. But the capital intensity and balance sheet leverage mean position sizing matters.
And in a diversified fund, trimming after a triple-digit rally might likely just reflect risk discipline rather than lost conviction.