Oppenheimer Makes Big Bet On WULF With 45% Stake Increase — Retail Traders Lookout For A Short Squeeze

• Oppenheimer & Co. raised its ownership stake in Bitcoin miner TeraWulf by about 45% in the fourth quarter, bringing its total holdings to 140,101 shares, worth around $1.61 million.
• Analysts anticipate revenue of about $34.25 million and a $0.16 per share quarterly loss.
• Morgan Stanley has set a price target of $37, while broader analyst estimates range from $20 to $41.50.

Oppenheimer & Co (OPY) significantly increased its exposure to Bitcoin miner TeraWulf (WULF) in the first quarter of 2026, boosting its stake by over 45% as institutional interest in crypto-linked infrastructure continues to build.

According to the SEC filing, the firm added 63,571 shares during the quarter, bringing total holdings to 203,672 shares, valued at approximately $2.94 million at the end of the period. Before the recent purchase, Oppenheimer & Co. held 140,101 shares of TeraWulf at the end of the fourth quarter. 

WULF’s stock was up over 6% during midday trading hours. On Stocktwits, the retail sentiment around WULF moved to the ‘extremely bullish’ from ‘bullish’ zone, while chatter around it shifted to ‘normal’ from ‘high’ over the past day.

Analysts Remain Bullish On WULF

Analysts remain generally bullish about TeraWulf, with Morgan Stanley commencing coverage last month with an "Overweight" rating and a $37 price target, highlighting the company's potential in AI infrastructure.

Wall Street's average price target for the company is now between $26 and $27, with some optimistic predictions pointing to a potential upside of $41.50, according to KoyfinAI. Analysts predict robust revenue growth for the Bitcoin miner and data center operator, with consensus forecasts of $326.8 million in FY2026 and roughly $975 million in FY2027, and $1.29 billion in FY2028.

Institutional Backing Strengthens Narrative

Institutional support for TeraWulf has extended beyond Oppenheimer’s increased position. TeraWulf entered into an Underwriting Agreement with Morgan Stanley as representative of the underwriters for a public offering of common stock last month. The company sold 54,510,000 shares, including the overallotment, at $19.00 per share, generating approximately $1,004.3 million (roughly $1 billion) in net proceeds.

Short Squeeze Talk Builds As Positioning Tightens

At the same time, market participants have increasingly pointed to positioning dynamics that could drive volatility. Some Stocktwits users noted that both TeraWulf and Applied Digital (APLD) have been rallying in tandem. 

With both stocks moving higher simultaneously, the trader said the setup could increase pressure on overlapping short positions.

Read also: Bitcoin Bears Crowd In: Analysts Warn A Violent $93K Squeeze Could Be Next

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