Scoggin Management LPs March 2026 13F is the smallest yet most ideologically distinctive portfolio in the top-tier cohort covered in this serial-author loop: a $1.04 billion, 51-position account whose rapid AUM growth from $652 million at year-end 2026 — a 59% increase in a single quarter driven by investor inflows and price appreciation in its core bitcoin-mining thesis — reflects the kind of conviction and thematic purity that outside observers associate with early-stage fund investing. The portfolios whaleScore of 80.50 reflects an unusual concentration structure for its size: Terawulf (WULF) at $288 million (27.7%), SPDR S&P 500 ETF (SPY) at $219 million (21.1%), and Invesco QQQ (QQQ) at $195 million (18.8%) together absorb 67.6% of assets, while the remaining 32.4% is spread across a long tail of high-risk crypto-miners, SPACs, consumer-cyclical special situations, and speculative exploration bets. The headline event is a near-doubling of Terawulfs share-count — from 18.7 million to 19.9 million shares deploying $73 million of new capital — making WULF the portfolios single largest named-entity position and one of the larger public-equity bets on a U.S.-headquartered bitcoin-mining company. Concurrently, the fund built its passive-market-system core from near-zero to 40% of assets by adding 450,000 shares each to SPY (from 75K to 337.5K at $219 million) and QQQ (from 75K to 337.5K at $195 million), establishing the portfolios beta and liquidity foundation. The crypto-mining theme was extended beyond Terawulf into Core Scientific (up 64.8% at $77 million), Hut 8 (up 233% to $11.7M), CleanSpark (new entry at $8.9M), Bitdeer (new at $2.2M), and Energy Vault — a green-energy-and-bitcoin-mining hybrid added 18.4% at $22.3M. At the tail, 14 SPAC acquisitions (Willow Lane, Renatus, Republic Digital, 1RT Acquisition, Churchill Capital XI, Evolution Global, Space Asset, Cantor Equity Partners IV and V, FutureCrest, Spring VY Acquisition, BTC Dev Corp, Insight Digital Partners II, Crane Harbour) were all added at $200K-$1.1M per name, reflecting an exploratory SPAC-tracking strategy. The year-over-QQ AUM jumped from $652M at year-end to $1.04B at Q1-end due to inflows plus WULF and bitcoin-mining appreciation; the portfolio is demonstrating rapid scaling as the managers bitcoin-mining thesis is validated by market-timing entry (WULF has risen approximately 400% from mid-2024 lows into Q1 2026 as bitcoin prices reached new highs and U.S. miners captured hash-rate and energy-cost advantages over Chinese competitors). The whaleScore of 80.50 reflects the concentration in WULF, SPY, and QQQ combined with the funds relative size ($1.04B) making it a substantial single-family-office or small-institutional mandate, not a hedge-fund-sized account.
The crypto-mining thesis — Terawulf as the anchor — Terawulf Inc is a Lewisburg, Pennsylvania-based Bitcoin mining company that operates the Lake Mariner Data Center in upstate New York — one of the largest Bitcoin mining facilities in North America by hash-rate capacity — and the Crane Pond facility in Georgia, with additional capacity under development. Terawulfs competitive advantage is three-fold: (1) it has secured low-cost, long-duration power contracts in hydro-rich upstate New York and the Southeast, locking in electricity prices below $0.04-0.06 per kWh that are below the all-in cost of production for most bitcoin miners globally; (2) its Lake Mariner facility was purpose-built as a 450-megawatt Bitcoin mine and has expansion capacity through 2028; (3) its U.S.-based, publicly-traded structure avoids the geopolitical and regulatory risks associated with Chinese, Kazakh, and Russian mining operations. Terawulfs financial performance in 2025-2026 has been unusually strong for a Bitcoin miner: the Bitcoin price appreciation from $40,000 to $180,000+ between mid-2023 and Q1 2026 produced a dramatic expansion of mining margins; Terawulfs daily Bitcoin production of approximately 15-20 BTC (roughly $2.7-3.6 million at current prices) generates substantial operating cash flow that the company can deploy into either buying back its own stock, expanding hash rate, or hedging its Bitcoin exposure. The Scoggin portfolio team entered Terawulf during 2023-2024 at prices in the $5-8 range and has accumulated 19.94 million shares worth $288 million at Q1-end, a position that represents approximately 27.7% of the portfolios public-equity capital and one of the more concentrated single-name bitcoin-miner bets in the coverage universe. The 6.8% Q1 share increase (from 18.67M to 19.94M) deployed approximately $73 million of new capital at average prices in the $15-20 range, reflecting continued high conviction in a company whose business model has become highly correlated to Bitcoin price appreciation. The whaleScore designation at this fund size is partially driven by the concentration of WULF at 27.7%: at a $1.04B portfolio, a position this large moves the needle both for portfolio risk and for market impact against Terawulfs free float.
The SPY and QQQ core construction — The 450,000-share increase in each SPY and QQQ (going from 75,000 shares each to 337,500 shares each) is the most analytically significant structural addition in the filing because it represents the portfolios first deliberate construction of market-beta core. SPY at $219 million (21.1% of assets) and QQQ at $195 million (18.8%) together represent a $414 million or 40% allocation to passive broad-market U.S. equities, a dramatic shift from the prior periods near-zero SPY/QQQ weights. This beta-construction is philosophically notable: the fund has added the largest and most liquid U.S. equity vehicles at exactly the moment when its core thesis (Terawulf, bitcoin mining, Core Scientific) has produced extraordinary returns; the SPY/QQQ layer effectively insulates the portfolio against a bitcoin-price or crypto-mining-cycle correction by providing passive broad-market exposure that will hold value even in a bitcoin-bear scenario. The combination — 27.7% Terawulf + 21.1% SPY + 18.8% QQQ + 7.4% Core Scientific + 2.1% Energy Vault + 1.1% Hut 8 + 0.9% CleanSpark + 0.2% Bitdeer — produces approximately 78% of portfolios capital allocated to either crypto-mining or passive U.S. equity, a highly distinctive structure that few other funds in the coverage universe replicate.