---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-004594"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2023-03-24T23:59:59+00:00"
generated_at: "2026-06-17T16:10:51.476394+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# TeraWulf restructures Nautilus JV; own 25%, Cumulus/Talen control 75%

## Summary
- TeraWulf Member holds 25% equity in Nautilus; Cumulus Member holds 75%, subject to capital contribution adjustments.
- Bitcoin distributions every two weeks based on hash rate contributions after deducting power and operational costs.
- Board of managers: 1 TeraWulf appointee, 4 Cumulus appointees; majority vote requires TeraWulf manager presence; Special Consent Matters require unanimous vote (no vote if stake <20%).
- Nautilus facility initially 200 MW; Cumulus may elect to expand by 100 MW funded solely by it before May 13, 2024.

## SEC filing metadata
- accession: 0001558370-23-004594
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2023-03-24T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000155837023004594/0001558370-23-004594-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000155837023004594/wulf-20230323x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-004594
- JSON: https://secwatch.observer/filing/0001558370-23-004594.json
- Plain text: https://secwatch.observer/filing/0001558370-23-004594.txt

## Key facts
- Material Agreements
  TERAWULF INC. amended Second A&R Talen Joint Venture Agreement with Cumulus Coin LLC (effective 2023-02-01).
  - Action: amendment
  - Agreement: collaboration
  - Counterparty: Cumulus Coin LLC
  - Effective: 2023-02-01
  source text: On March 23, 2023, TeraWulf (Thales) LLC (“ TeraWulf Member ”) entered into a second amended and restated limited liability company agreement (the “ Second A&R Talen Joint Venture Agreement ”) with Cumulus Coin LLC (“ Cumulus Member ” and, together with TeraWulf Member, each a “ Member ” and collectively the “ Members ”), an affiliate of Talen Energy Corporation, pursuant to which the parties agreed to modify their existing arrangement regarding the operation of Nautilus Cryptomine LLC (“ Nautilus ”) and the Nautilus Cryptomine facility effective February 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1083301/000155837023004594/0001558370-23-004594-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.