In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Akuna Securities LLC reported 11 stock positions worth $258.8 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 95.2% of the portfolio, followed by Nvidia (NVDA, 3.0% ) and iShares Bitcoin Trust ETF (IBIT, 0.7% ). Compared with Q3 2025, it opened 9 new positions, sold out of 1 and reduced 2. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).
Location CHICAGO, IL
CIK 0001529090
Portfolio Value $258.8M (Q4 2025) Holdings 11 stocks · $258.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 SPY SS SPDR S&P 500 ETF Trust-US 361,344 $246.4M Reduce -62.3% NVDA Nvidia Corp. 42,125 $7.9M New IBIT iShares Bitcoin Trust ETF 38,926 $1.9M Reduce -57.2% TQQQ Proshares Ultrapro QQQ 16,850 $888K New IVV iShares Core S&P 500 ETF 1,074 $736K New UPRO Proshares Ultrapro S&P 500 4,809 $557K New VOO Vanguard S&P 500 ETF 429 $269K New AMD Advanced Micro Devices 410 $88K New MSFT Microsoft Corp. 132 $64K New AAPL Apple Inc. 3 $816 New GOOGL Alphabet Inc. Class A 1 $313 New
Options reported separately and not counted above: INVESCO QQQ TR puts ($7.7B), STATE STR SPDR S&P 500 ETF T puts ($6.3B), STATE STR SPDR S&P 500 ETF T calls ($5.7B), INVESCO QQQ TR calls ($4.4B), ISHARES TR puts ($717.1M), ISHARES TR calls ($473.6M), NVIDIA CORPORATION puts ($216.2M), NVIDIA CORPORATION calls ($177.8M), TESLA INC calls ($132.7M), TESLA INC puts ($95.7M), ISHARES BITCOIN TRUST ETF calls ($80.5M), ISHARES BITCOIN TRUST ETF puts ($39.2M), and 2 more.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −7.55 IBIT iShares Bitcoin Trust ETF Reduce -57.2% 0.75% −0.10 SPY SS SPDR S&P 500 ETF Trust-US Reduce -62.3% 95.21% +3.61
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ NVDA Nvidia Corp. New 3.04% +3.04 TQQQ Proshares Ultrapro QQQ New 0.34% +0.34 IVV iShares Core S&P 500 ETF New 0.28% +0.28 UPRO Proshares Ultrapro S&P 500 New 0.22% +0.22 VOO Vanguard S&P 500 ETF New 0.10% +0.10 AMD Advanced Micro Devices New 0.03% +0.03 MSFT Microsoft Corp. New 0.02% +0.02 AAPL Apple Inc. New 0.00% +0.00 GOOGL Alphabet Inc. Class A New 0.00% +0.00
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ INVESCO QQQ TR put Add +79.2% 12,581,600 $7.7B STATE STR SPDR S&P 500 ETF T put Reduce -39.0% 9,176,300 $6.3B STATE STR SPDR S&P 500 ETF T call Reduce -15.2% 8,330,500 $5.7B INVESCO QQQ TR call Add +47.6% 7,111,900 $4.4B ISHARES TR put Add +1752.1% 2,913,300 $717.1M ISHARES TR call Add +1405.5% 1,924,000 $473.6M NVIDIA CORPORATION put Add +2.0% 1,159,100 $216.2M NVIDIA CORPORATION call Add +7.4% 953,500 $177.8M TESLA INC call New 295,000 $132.7M TESLA INC put New 212,900 $95.7M ISHARES BITCOIN TRUST ETF call Reduce -13.7% 1,621,100 $80.5M ISHARES BITCOIN TRUST ETF put Reduce -28.2% 788,800 $39.2M ADVANCED MICRO DEVICES INC call New 27,400 $5.9M ADVANCED MICRO DEVICES INC put New 25,400 $5.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 12 $91.6M NVDA, IWM, SPCX, NFLX, IBIT Q1 2026 12 $199.2M SPY, QQQ, NVDA, TSLA, GLD Q4 2025 11 $258.8M SPY, NVDA, IBIT, TQQQ, IVV Q3 2025 3 $696.1M SPY, QQQ, IBIT Q2 2025 3 $461.9M SPY, QQQ, IBIT Q1 2025 2 $371.5M SPY, NVDA Q4 2024 4 $573.1M SPY, QQQ, IBIT, NVDA Q3 2024 3 $15.3M QQQ, GLD, NVDA Q2 2024 1 $411.5M SPY Q1 2024 2 $129.5M SPY, QQQ