TeraWulf Inc. (NASDAQ:WULF) shares are trading higher Wednesday as the market reacts to the company’s aggressive strategic shift.

The digital infrastructure firm is successfully pivoting from pure Bitcoin (CRYPTO: BTC) mining toward AI-focused high-performance computing (HPC).

The Nasdaq is up 1.03% while the S&P 500 has gained 0.86%.

Massive Capital Infusion Drives Growth

The rally follows a major financial milestone. On April 16, TeraWulf said it closed its previously announced public offering of 54.51 million shares of common stock priced at $19 per share, including the full exercise of the underwriters’ option to purchase an additional 7.11 million shares.

The offering generated gross proceeds of about $1.04 billion before underwriting discounts and other expenses. Management intends to use proceeds for its planned data center campus in Hawesville, Kentucky.

Short Interest Report

Short interest in WULF climbed from 98.36 million to 102.09 million shares. Currently, 24.73% of the float is held short. It would take nearly three days for short sellers to exit positions.

Earnings Countdown Begins

All eyes now turn to the first quarter of 2026 earnings report. TeraWulf will release results on Friday, before the market opens. Analysts expect a loss of 19 cents per share on revenue of $33.98 million.

Critical Levels To Watch For WULF Stock

From a trend perspective, WULF is extended but still technically constructive: it’s trading 17.8% above its 20-day SMA ($20.41) and 81.1% above its 200-day SMA ($13.28).

The 20-day SMA is above the 50-day SMA, and the 50-day SMA remains above the 200-day SMA—an uptrend structure reinforced by the golden cross that formed in August 2025.

The stock is also pushing beyond its prior 52-week high $23.70. The main risk with a move this steep (up 667.63% over 12 months) is that pullbacks can be sharp.

WULF Price Action: TeraWulf shares were up 4.77% at $24.61 at the time of publication Wednesday, according to Benzinga Pro.

Photo by Piotr Swat via Shutterstock