Alphadyne Asset Management LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Alphadyne Asset Management LP reported 32 stock positions worth $32.9 million. Its top holding was Invesco QQQ Trust Series 1 (QQQ) at 37.7% of the portfolio, followed by SPDR Gold Shares (GLD, 22.4%) and iShares China Large-Cap ETF (FXI, 12.6%). Compared with Q1 2025, it opened 30 new positions, sold out of 1 and reduced 2. The biggest buy was a new position in Invesco QQQ Trust Series 1 (QQQ) and the biggest sale iShares China Large-Cap ETF (FXI, shares −98%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001535943
Portfolio Value
$32.9M (Q2 2025)
SEC Filing
0001535943-25-000011 ↗ filed Aug 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $49.5M Q1 2024 Q2 2024: $223.6M Q2 2024 Q3 2024: $167.2M Q3 2024 Q4 2024: $241.2M Q4 2024 Q1 2025: $353.9M Q1 2025 Q2 2025: $32.9M $32.9M Q2 2025 Q3 2025: $148.1M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $764.6M Q1 2026 Q2 2026: $2.2B Q2 2026

Holdings 32 stocks · $32.9M
QQQ Invesco QQQ Trust Series 1 37.74% 22,536 $12.4M New
GLD SPDR Gold Shares 22.42% 24,224 $7.4M New
FXI iShares China Large-Cap ETF 12.63% 113,144 $4.2M Reduce -97.9%
BABA Alibaba Group Holding-SP ADR 7.55% 21,927 $2.5M Reduce -98.2%
IWM iShares Russell 2000 ETF 3.15% 4,806 $1.0M New
ITB iShares U.S. Home Constructi 2.86% 10,100 $941K New
PYPL PayPal Holdings Inc. 1.39% 6,148 $457K New
LLY Eli Lilly & Co. 1.21% 511 $398K New
DECK Deckers Outdoor Corp. 0.91% 2,897 $299K New
NET Cloudflare Inc. Class A 0.76% 1,286 $252K New
LOW Lowe's Cos Inc. 0.76% 1,123 $249K New
MRVL Marvell Technology Inc. 0.75% 3,210 $248K New
PEP Pepsico Inc. 0.75% 1,862 $246K New
CEG Constellation Energy 0.74% 756 $244K New
FDX FedEx Corp. 0.71% 1,035 $235K New
CRM Salesforce Inc. 0.68% 825 $225K New
CELH Celsius Holdings Inc. 0.64% 4,579 $212K New
TEM Tempus AI Inc. Class A 0.52% 2,687 $171K New
TXN Texas Instruments Inc. 0.47% 741 $154K New
PFE Pfizer Inc. 0.41% 5,608 $136K New
AMGN Amgen Inc. 0.40% 476 $133K New
SBUX Starbucks Corp. 0.40% 1,431 $131K New
AMAT Applied Materials Inc. 0.31% 561 $103K New
CAT Caterpillar Inc. 0.30% 256 $99K New
NEM Newmont Corp. 0.29% 1,652 $96K New
AMD Advanced Micro Devices 0.25% 581 $82K New
GOOGL Alphabet Inc. Class A 0.25% 460 $81K New
MCD McDonald's Corp. 0.23% 264 $77K New
VST Vistra Corp. 0.22% 379 $73K New
MMM 3M Co. 0.18% 380 $58K New
PLTR Palantir Technologies Inc. Class A 0.06% 152 $21K New
MU Micron Technology Inc. 0.06% 168 $21K New

Options reported separately and not counted above: GLD puts ($314.8M), FXI puts ($36.4M), GLD calls ($23.0M), GDX calls ($22.9M), C calls ($7.7M), XLU puts ($6.1M), BABA puts ($4.4M), HOOD calls ($3.7M), URNM calls ($3.4M), NOW calls ($2.6M), META calls ($2.5M), META puts ($2.4M), and 122 more.

Portfolio Sells Q1 2025 → Q2 2025
FXI iShares China Large-Cap ETF Reduce -97.9% 12.63% −40.84
BABA Alibaba Group Holding-SP ADR Reduce -98.2% 7.55% −38.77
RSP Invesco S&P 500 Equal Weight Sold out 0.00% −0.22

Portfolio Buys Q1 2025 → Q2 2025
QQQ Invesco QQQ Trust Series 1 New 37.74% +37.74
GLD SPDR Gold Shares New 22.42% +22.42
IWM iShares Russell 2000 ETF New 3.15% +3.15
ITB iShares U.S. Home Constructi New 2.86% +2.86
PYPL PayPal Holdings Inc. New 1.39% +1.39
LLY Eli Lilly & Co. New 1.21% +1.21
DECK Deckers Outdoor Corp. New 0.91% +0.91
NET Cloudflare Inc. Class A New 0.76% +0.76
LOW Lowe's Cos Inc. New 0.76% +0.76
MRVL Marvell Technology Inc. New 0.75% +0.75
PEP Pepsico Inc. New 0.75% +0.75
CEG Constellation Energy New 0.74% +0.74
FDX FedEx Corp. New 0.71% +0.71
CRM Salesforce Inc. New 0.68% +0.68
CELH Celsius Holdings Inc. New 0.64% +0.64
TEM Tempus AI Inc. Class A New 0.52% +0.52
TXN Texas Instruments Inc. New 0.47% +0.47
PFE Pfizer Inc. New 0.41% +0.41
AMGN Amgen Inc. New 0.40% +0.40
SBUX Starbucks Corp. New 0.40% +0.40
AMAT Applied Materials Inc. New 0.31% +0.31
CAT Caterpillar Inc. New 0.30% +0.30
NEM Newmont Corp. New 0.29% +0.29
AMD Advanced Micro Devices New 0.25% +0.25
GOOGL Alphabet Inc. Class A New 0.25% +0.25
MCD McDonald's Corp. New 0.23% +0.23
VST Vistra Corp. New 0.22% +0.22
MMM 3M Co. New 0.18% +0.18
MU Micron Technology Inc. New 0.06% +0.06
PLTR Palantir Technologies Inc. Class A New 0.06% +0.06

Options Activity Q1 2025 → Q2 2025
QQQ Invesco QQQ Trust Series 1 call Sold out 1,162,100 $544.9Mbefore exit
GLD SPDR Gold Shares put Add +110.4% 1,032,700 $314.8M
FXI iShares China Large-Cap ETF put Reduce -29.1% 989,800 $36.4M
GLD SPDR Gold Shares call Reduce -46.3% 75,300 $23.0M
GDX Vaneck Gold Miners ETF call Add +10.0% 440,000 $22.9M
FEZ State Street SPDR Euro Stoxx put Sold out 200,000 $10.9Mbefore exit
FCX Freeport-McMoran Inc. call Sold out 270,000 $10.2Mbefore exit
C Citigroup Inc. call Add +4.6% 91,000 $7.7M
FXI iShares China Large-Cap ETF call Sold out 165,000 $5.9Mbefore exit
BABA Alibaba Group Holding-SP ADR put Reduce -78.1% 38,900 $4.4M
HOOD Robinhood Markets Inc. Class A call New 40,000 $3.7M
URNM Sprott Uranium Miners ETF call New 70,000 $3.4M
NOW ServiceNow Inc. call New 2,500 $2.6M
META Meta Platforms Inc. Class A call New 3,400 $2.5M
META Meta Platforms Inc. Class A put New 3,200 $2.4M
MS Morgan Stanley call New 15,600 $2.2M
NOW ServiceNow Inc. put New 2,000 $2.1M
AVGO Broadcom Inc. call New 7,100 $2.0M
ADBE Adobe Inc. call New 4,700 $1.8M
IBM Intl Business Machines Corp. call New 6,000 $1.8M
JPM JPMorgan Chase & Co. call New 6,000 $1.7M
TGT Target Corp. call New 16,800 $1.7M
MSFT Microsoft Corp. call New 3,000 $1.5M
MRK Merck & Co. Inc. call New 18,800 $1.5M
NVDA Nvidia Corp. call New 9,400 $1.5M
WFC Wells Fargo & Co. put New 18,500 $1.5M
WFC Wells Fargo & Co. call New 18,300 $1.5M
UPS United Parcel Service Class B call New 13,700 $1.4M
AMZN Amazon.com Inc. call New 6,200 $1.4M
LLY Eli Lilly & Co. put New 1,700 $1.3M
MS Morgan Stanley put New 9,200 $1.3M
NVDA Nvidia Corp. put New 8,200 $1.3M
NKE Nike Inc. Class B put New 17,900 $1.3M
PYPL PayPal Holdings Inc. put New 17,000 $1.3M
EEM iShares MSCI Emerging Market call New 25,600 $1.2M
MRK Merck & Co. Inc. put New 15,500 $1.2M
SBUX Starbucks Corp. call New 13,100 $1.2M
ORCL Oracle Corp. call New 5,400 $1.2M
SBUX Starbucks Corp. put New 12,600 $1.2M
ISRG Intuitive Surgical Inc. put New 2,100 $1.1M
ADBE Adobe Inc. put New 2,800 $1.1M
NFLX Netflix Inc. call New 800 $1.1M
ORCL Oracle Corp. put New 4,800 $1.0M
AVGO Broadcom Inc. put New 3,500 $965K
NFLX Netflix Inc. put New 700 $937K
AAPL Apple Inc. call New 4,400 $903K
MU Micron Technology Inc. call New 7,300 $900K
PEP Pepsico Inc. put New 6,800 $898K
AMD Advanced Micro Devices put New 6,100 $866K
BAC Bank of America Corp. call New 18,200 $861K

Showing the first 50 of 138.

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 204$2.2BSPY, QQQ, IWM, MU, MSFT
Q1 2026 251$764.6MMSFT, CF, ADBE, TSM, GOOGL
Q4 2025 196$1.0BSPY, QQQ, MSFT, WFC, GOOGL
Q3 2025 52$148.1MSPY, IWM, QQQ, ITB, URA
Q2 2025 32$32.9MQQQ, GLD, FXI, BABA, IWM
Q1 2025 3$353.9MFXI, BABA, RSP
Q4 2024 10$241.2MMSFT, NVDA, IWM, SPY, AAPL
Q3 2024 7$167.2MMSFT, NVDA, IWM, FXI, SMH
Q2 2024 7$223.6MSPY, MSFT, KRE, RSP, XLI
Q1 2024 1$49.5MGOOG