Global investment firm Citadel disclosed a 5.4% passive stake in TeraWulf (NASDAQ: WULF) as of December 1, 2025, according to an SEC filing.
Citadel reported an aggregate beneficial ownership of 22.7 million shares in the bitcoin mining and AI infrastructure company.
The firm disclosed that it holds the bulk of its allocation via its capital markets arm, Citadel Securities, and its affiliates which uses the firm’s own capital to manage market-making inventory.
By contrast, the firm’s hedge fund arm, Citadel Advisors and Citadel GP, only owns 112,900 WULF shares.
Market makers profit from the bid-ask spread while ensuring smooth trading and preventing large price swings. These firms act as intermediaries by holding inventory and managing risk through dynamic pricing, and they are not often seen as long term holders of stock positions.
Citadel Securities operates as a market maker and liquidity provider to buy and sell specific securities. The company holds positions in other bitcoin miners such as IREN and HIVE, per recent filings. At the time of writing, Citadel’s IREN stake is valued at $560.8 million and its HIVE position at $13.1 million.
