Google's passive warrant-based stake signals strategic interest in TeraWulf's crypto mining infrastructure but does not imply an activist intent. Monitor for any conversion of warrants into common shares and for potential commercial partnerships between the two companies.
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Executive Summary
Google LLC has filed a Schedule 13G disclosing beneficial ownership of 41,011,803 shares of TeraWulf Inc. (WULF), representing 7.6% of the outstanding common stock as of September 11, 2026. The stake consists entirely of shares issuable upon exercise of warrants held directly by Google LLC, with Alphabet Inc. and XXVI Holdings Inc. also named as reporting persons. This is a new passive stake filing with no intent to influence control.
Key Financial Metrics
Key Facts
- Google LLC filed a Schedule 13G disclosing a 7.6% passive stake in TeraWulf Inc.
- The stake consists of 41,011,803 shares issuable upon exercise of warrants that are currently exercisable or exercisable within 60 days.
- The filing is based on 539,980,480 shares of common stock outstanding as of September 11, 2026.
- Alphabet Inc. and XXVI Holdings Inc. are also named as reporting persons.
- The filing certifies the securities were not acquired with the purpose of changing or influencing control of the issuer.
Financial Impact
Google LLC holds warrants exercisable for 41,011,803 shares, representing 7.6% of TeraWulf's outstanding common stock. The dollar value of the stake is not disclosed in the filing.
Risk Factors
- Warrant exercise could lead to dilution for existing common shareholders.
- Google could convert to a Schedule 13D if it later seeks to influence management, though no such intent is indicated currently.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G Filing (Primary) | 0001193125-26-402852 |
| Document: 0001193125-26-402852-index.html | 0001193125-26-402852 |
| Document: 0001193125-26-402852.txt | 0001193125-26-402852 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $11.98 $12.66 | ▲ +5.68% | ▲ +5.12% | $12.66 (+5.68%) |
Oct 19, 2026 8d ago | SC 13G/A | $12.06 $12.01 | ▼ −0.41% | ▼ −0.75% | $12.66 (+4.98%) |
Oct 5, 2026 22d ago | Press Release | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.66 (−14.40%) |
Oct 5, 2026 22d ago | 8-K | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.66 (−14.40%) |
Oct 5, 2026 22d ago | Press Release | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.66 (−14.40%) |
Sep 25, 2026 4w ago | SC 13G | $15.12 $15.09 | ▼ −0.20% | ▼ −0.01% | $12.66 (−16.27%) |
Sep 16, 2026 5w ago | Insider Cluster | $16.47 $17.01 | ▲ +3.28% | ▲ +3.40% | $12.66 (−23.13%) |
Sep 1, 2026 8w ago | Insider Cluster | $14.82 $16.23 | ▲ +9.51% | ▲ +8.47% | $12.66 (−14.57%) |
Aug 5, 2026 11w ago | 8-K | $18.07 $17.62 | ▼ −2.52% | ▼ −2.36% | $12.66 (−29.94%) |
May 26, 2026 22w ago | 8-K | $25.18 $26.74 | ▲ +6.20% | ▲ +6.18% | $12.66 (−49.72%) |
US Market Status
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