Alphadyne Asset Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Alphadyne Asset Management LP reported 196 stock positions worth $1.0 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 63.4% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 7.6%) and Microsoft (MSFT, 6.7%). Compared with Q3 2025, it opened 167 new positions, sold out of 23, added to 21 and reduced 7. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +1116%) and the biggest sale an exit from iShares Russell 2000 ETF (IWM).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001535943
- Portfolio Value
- $1.0B (Q4 2025)
- SEC Filing
- 0001535943-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 196 stocks · $1.0B
| SPY SS SPDR S&P 500 ETF Trust-US | 63.39% | 929,762 | $634.0M | Add +1115.5% |
| QQQ Invesco QQQ Trust Series 1 | 7.62% | 124,128 | $76.3M | Add +246.4% |
| MSFT Microsoft Corp. | 6.72% | 138,973 | $67.2M | Add +8645.9% |
| WFC Wells Fargo & Co. | 5.08% | 544,978 | $50.8M | New |
| GOOGL Alphabet Inc. Class A | 2.29% | 73,306 | $22.9M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 2.15% | 266,833 | $21.5M | New |
| TLT iShares 20+ Year Treasury BD | 0.98% | 113,016 | $9.9M | New |
| GOOG Alphabet Inc. Class C | 0.83% | 26,557 | $8.3M | New |
| AA Alcoa Corp. | 0.66% | 125,000 | $6.6M | Add +66.7% |
| PSX Phillips 66 | 0.60% | 46,598 | $6.0M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.54% | 125,806 | $5.4M | New |
| ITB iShares U.S. Home Constructi | 0.50% | 51,700 | $5.0M | No change |
| XLC SS Comm Select Sector SPDR | 0.34% | 28,524 | $3.4M | New |
| XLF SS Financial Select Sector | 0.33% | 60,915 | $3.3M | New |
| BABA Alibaba Group Holding-SP ADR | 0.32% | 22,000 | $3.2M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.32% | 40,000 | $3.2M | Add +33.3% |
| NOW ServiceNow Inc. | 0.27% | 17,685 | $2.7M | Add +1224.7% |
| GGAL Grupo Financiero Galicia-ADR | 0.27% | 50,048 | $2.7M | Add +66.8% |
| AMZN Amazon.com Inc. | 0.25% | 11,041 | $2.5M | Add +279.0% |
| CLH Clean Harbors Inc. | 0.25% | 10,683 | $2.5M | New |
| UBER Uber Technologies Inc. | 0.23% | 28,669 | $2.3M | New |
| VEEV Veeva Systems Inc. Class A | 0.19% | 8,495 | $1.9M | New |
| META Meta Platforms Inc. Class A | 0.17% | 2,586 | $1.7M | New |
| FTNT Fortinet Inc. | 0.16% | 20,769 | $1.6M | New |
| SPOT Spotify Technology SA | 0.15% | 2,514 | $1.5M | Add +6346.1% |
| PANW Palo Alto Networks Inc. | 0.14% | 7,787 | $1.4M | New |
| LMT Lockheed Martin Corp. | 0.14% | 2,802 | $1.4M | New |
| CAR Avis Budget Group Inc. | 0.13% | 9,845 | $1.3M | New |
| VLO Valero Energy Corp. | 0.13% | 7,712 | $1.3M | New |
| PEP Pepsico Inc. | 0.13% | 8,730 | $1.3M | New |
| PWR Quanta Services Inc. | 0.12% | 2,892 | $1.2M | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 4,061 | $1.2M | New |
| UNH Unitedhealth Group Inc. | 0.12% | 3,610 | $1.2M | New |
| RBLX Roblox Corp. Class A | 0.11% | 14,179 | $1.1M | New |
| SWKS Skyworks Solutions Inc. | 0.11% | 17,737 | $1.1M | New |
| ZS Zscaler Inc. | 0.10% | 4,634 | $1.0M | New |
| PYPL PayPal Holdings Inc. | 0.10% | 17,477 | $1.0M | New |
| AR Antero Resources Corp. | 0.10% | 28,199 | $972K | New |
| NFLX Netflix Inc. | 0.09% | 9,973 | $935K | New |
| BMA Banco Macro SA-ADR | 0.09% | 10,100 | $911K | Add +1.0% |
| ANET Arista Networks Inc. | 0.09% | 6,800 | $891K | New |
| MPC Marathon Petroleum Corp. | 0.08% | 5,170 | $841K | New |
| PRU Prudential Financial Inc. | 0.08% | 7,417 | $837K | New |
| MO Altria Group Inc. | 0.08% | 14,395 | $830K | New |
| PLTR Palantir Technologies Inc. Class A | 0.08% | 4,661 | $828K | New |
| LYFT LYFT Inc. Class A | 0.08% | 42,150 | $816K | New |
| CHTR Charter Communications Inc. Class A | 0.08% | 3,900 | $814K | New |
| DVN Devon Energy Corp. | 0.08% | 21,786 | $798K | New |
| DELL Dell Technologies -C | 0.07% | 5,811 | $731K | New |
| NET Cloudflare Inc. Class A | 0.07% | 3,706 | $731K | Add +6892.4% |
| HUM Humana Inc. | 0.07% | 2,850 | $730K | New |
| VST Vistra Corp. | 0.07% | 4,346 | $701K | Reduce -60.3% |
| NTR Nutrien Ltd. | 0.07% | 11,284 | $696K | New |
| APH Amphenol Corp. Class A | 0.07% | 5,015 | $678K | New |
| COIN Coinbase Global Inc. Class A | 0.07% | 2,880 | $651K | New |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.06% | 7,924 | $613K | New |
| HIMS Hims & Hers Health Inc. | 0.06% | 18,460 | $599K | New |
| LMND Lemonade Inc. | 0.06% | 8,014 | $570K | New |
| BG Bunge Global SA | 0.06% | 6,381 | $568K | New |
| GNRC Generac Holdings Inc. | 0.05% | 3,757 | $512K | New |
| LEN Lennar Corp. Class A | 0.05% | 4,972 | $511K | New |
| CPRI Capri Holdings Ltd. | 0.05% | 20,749 | $506K | New |
| LW Lamb Weston Holdings Inc. | 0.05% | 11,917 | $499K | New |
| EQT Eqt Corp. | 0.05% | 9,045 | $485K | New |
| BA The Boeing Co. | 0.05% | 2,229 | $484K | New |
| CEG Constellation Energy | 0.05% | 1,289 | $455K | New |
| MSTR Strategy Inc. | 0.05% | 2,978 | $453K | Reduce -0.7% |
| GPN Global Payments Inc. | 0.04% | 5,813 | $450K | New |
| CPNG Coupang Inc. | 0.04% | 18,768 | $443K | New |
| RCL Royal Caribbean Cruises Ltd. | 0.04% | 1,571 | $438K | New |
| KO The Coca-Cola Co. | 0.04% | 6,220 | $435K | New |
| MTCH Match Group Inc. | 0.04% | 13,298 | $429K | New |
| NTAP Netapp Inc. | 0.04% | 4,002 | $429K | New |
| NKE Nike Inc. Class B | 0.04% | 6,717 | $428K | Add +198.8% |
| CAT Caterpillar Inc. | 0.04% | 702 | $402K | New |
| COR Cencora Inc. | 0.04% | 1,175 | $397K | New |
| AMAT Applied Materials Inc. | 0.04% | 1,540 | $396K | New |
| TT Trane Technologies PLC | 0.04% | 963 | $375K | New |
| STLD Steel Dynamics Inc. | 0.04% | 2,102 | $356K | New |
| LNG Cheniere Energy Inc. | 0.04% | 1,805 | $351K | New |
| M Macy's Inc. | 0.03% | 15,112 | $333K | New |
| TXN Texas Instruments Inc. | 0.03% | 1,920 | $333K | Add +9042.9% |
| IBKR Interactive Brokers Gro Class A | 0.03% | 5,044 | $324K | New |
| WDAY Workday Inc. Class A | 0.03% | 1,336 | $287K | New |
| AXON Axon Enterprise Inc. | 0.03% | 498 | $283K | Add +344.6% |
| MCD McDonald's Corp. | 0.03% | 918 | $281K | New |
| CMG Chipotle Mexican Grill Inc. | 0.03% | 7,569 | $280K | Add +6.8% |
| KEY Keycorp | 0.03% | 13,502 | $279K | New |
| HPQ HP Inc. | 0.03% | 12,221 | $272K | New |
| FANG Diamondback Energy Inc. | 0.03% | 1,780 | $268K | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.03% | 6,981 | $265K | New |
| CYBR Cyberark Software Ltd./Israel | 0.02% | 555 | $248K | New |
| MMM 3M Co. | 0.02% | 1,517 | $243K | Add +95.2% |
| QCOM Qualcomm Inc. | 0.02% | 1,419 | $243K | New |
| HOOD Robinhood Markets Inc. Class A | 0.02% | 2,119 | $240K | New |
| TOL Toll Brothers Inc. | 0.02% | 1,696 | $229K | New |
| ETSY Etsy Inc. | 0.02% | 4,083 | $226K | New |
| HUT Hut 8 Corp. | 0.02% | 4,815 | $221K | New |
| PG The Procter & Gamble Co. | 0.02% | 1,524 | $218K | New |
| CAVA Cava Group Inc. | 0.02% | 3,717 | $218K | Add +718.7% |
Options reported separately and not counted above: QQQ puts ($304.2M), QQQ calls ($138.9M), BABA puts ($96.2M), MSFT puts ($62.4M), MSFT calls ($60.2M), AAPL puts ($58.2M), TLT puts ($54.2M), GOOG puts ($50.8M), META calls ($49.7M), AMZN calls ($49.7M), AAPL calls ($49.7M), AMZN puts ($48.0M), and 655 more.
Portfolio Sells Q3 2025 → Q4 2025
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −26.51 |
| URA Global X Uranium ETF | Sold out | 0.00% | −3.22 |
| ADBE Adobe Inc. | Reduce -93.9% | 0.02% | −1.93 |
| VST Vistra Corp. | Reduce -60.3% | 0.07% | −1.38 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.99 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −0.90 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.83 |
| TGT Target Corp. | Sold out | 0.00% | −0.74 |
| AMD Advanced Micro Devices | Reduce -93.9% | 0.01% | −0.68 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.67 |
| MSTR Strategy Inc. | Reduce -0.7% | 0.05% | −0.61 |
| SBUX Starbucks Corp. | Reduce -84.6% | 0.01% | −0.41 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.30 |
| U Unity Software Inc. | Sold out | 0.00% | −0.29 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.28 |
| RH RH | Sold out | 0.00% | −0.28 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.19 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.19 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.17 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.17 |
| SHOP Shopify Inc. Class A | Reduce -69.2% | 0.01% | −0.15 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.12 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.09 |
| MARA Mara Holdings Inc. | Sold out | 0.00% | −0.08 |
| ENPH Enphase Energy Inc. | Reduce -50.2% | 0.01% | −0.08 |
| FICO Fair Isaac Corp. | Sold out | 0.00% | −0.07 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.05 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.05 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.04 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1115.5% | 63.39% | +28.99 |
| MSFT Microsoft Corp. | Add +8645.9% | 6.72% | +6.16 |
| WFC Wells Fargo & Co. | New | 5.08% | +5.08 |
| GOOGL Alphabet Inc. Class A | New | 2.29% | +2.29 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 2.15% | +2.15 |
| TLT iShares 20+ Year Treasury BD | New | 0.98% | +0.98 |
| GOOG Alphabet Inc. Class C | New | 0.83% | +0.83 |
| PSX Phillips 66 | New | 0.60% | +0.60 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.54% | +0.54 |
| XLC SS Comm Select Sector SPDR | New | 0.34% | +0.34 |
| XLF SS Financial Select Sector | New | 0.33% | +0.33 |
| BABA Alibaba Group Holding-SP ADR | New | 0.32% | +0.32 |
| CLH Clean Harbors Inc. | New | 0.25% | +0.25 |
| UBER Uber Technologies Inc. | New | 0.23% | +0.23 |
| VEEV Veeva Systems Inc. Class A | New | 0.19% | +0.19 |
| META Meta Platforms Inc. Class A | New | 0.17% | +0.17 |
| FTNT Fortinet Inc. | New | 0.16% | +0.16 |
| PANW Palo Alto Networks Inc. | New | 0.14% | +0.14 |
| LMT Lockheed Martin Corp. | New | 0.14% | +0.14 |
| SPOT Spotify Technology SA | Add +6346.1% | 0.15% | +0.13 |
| CAR Avis Budget Group Inc. | New | 0.13% | +0.13 |
| VLO Valero Energy Corp. | New | 0.13% | +0.13 |
| PEP Pepsico Inc. | New | 0.13% | +0.13 |
| PWR Quanta Services Inc. | New | 0.12% | +0.12 |
| IBM Intl Business Machines Corp. | New | 0.12% | +0.12 |
| UNH Unitedhealth Group Inc. | New | 0.12% | +0.12 |
| RBLX Roblox Corp. Class A | New | 0.11% | +0.11 |
| SWKS Skyworks Solutions Inc. | New | 0.11% | +0.11 |
| NOW ServiceNow Inc. | Add +1224.7% | 0.27% | +0.10 |
| ZS Zscaler Inc. | New | 0.10% | +0.10 |
| PYPL PayPal Holdings Inc. | New | 0.10% | +0.10 |
| AR Antero Resources Corp. | New | 0.10% | +0.10 |
| NFLX Netflix Inc. | New | 0.09% | +0.09 |
| ANET Arista Networks Inc. | New | 0.09% | +0.09 |
| MPC Marathon Petroleum Corp. | New | 0.08% | +0.08 |
| PRU Prudential Financial Inc. | New | 0.08% | +0.08 |
| MO Altria Group Inc. | New | 0.08% | +0.08 |
| PLTR Palantir Technologies Inc. Class A | New | 0.08% | +0.08 |
| LYFT LYFT Inc. Class A | New | 0.08% | +0.08 |
| CHTR Charter Communications Inc. Class A | New | 0.08% | +0.08 |
| DVN Devon Energy Corp. | New | 0.08% | +0.08 |
| DELL Dell Technologies -C | New | 0.07% | +0.07 |
| HUM Humana Inc. | New | 0.07% | +0.07 |
| NTR Nutrien Ltd. | New | 0.07% | +0.07 |
| APH Amphenol Corp. Class A | New | 0.07% | +0.07 |
| NET Cloudflare Inc. Class A | Add +6892.4% | 0.07% | +0.07 |
| COIN Coinbase Global Inc. Class A | New | 0.07% | +0.07 |
| CF CF Industries Holdings Inc. | New | 0.06% | +0.06 |
| HIMS Hims & Hers Health Inc. | New | 0.06% | +0.06 |
| LMND Lemonade Inc. | New | 0.06% | +0.06 |
Options Activity Q3 2025 → Q4 2025
| QQQ Invesco QQQ Trust Series 1 | put | New | 495,200 | $304.2M |
| QQQ Invesco QQQ Trust Series 1 | call | New | 226,100 | $138.9M |
| BABA Alibaba Group Holding-SP ADR | put | Reduce -21.9% | 656,400 | $96.2M |
| MSFT Microsoft Corp. | put | Add +64450.0% | 129,100 | $62.4M |
| MSFT Microsoft Corp. | call | New | 124,500 | $60.2M |
| AAPL Apple Inc. | put | Add +30500.0% | 214,200 | $58.2M |
| TLT iShares 20+ Year Treasury BD | put | Reduce -38.9% | 622,400 | $54.2M |
| GOOG Alphabet Inc. Class C | put | Add +410.4% | 161,800 | $50.8M |
| META Meta Platforms Inc. Class A | call | Add +6175.0% | 75,300 | $49.7M |
| AMZN Amazon.com Inc. | call | Add +2010.8% | 215,300 | $49.7M |
| AAPL Apple Inc. | call | New | 182,700 | $49.7M |
| AMZN Amazon.com Inc. | put | Add +2708.1% | 207,800 | $48.0M |
| GOOG Alphabet Inc. Class C | call | Add +381.8% | 145,500 | $45.7M |
| META Meta Platforms Inc. Class A | put | New | 65,700 | $43.4M |
| TLT iShares 20+ Year Treasury BD | call | Reduce -42.7% | 497,400 | $43.4M |
| NVDA Nvidia Corp. | put | New | 208,000 | $38.8M |
| TSLA Tesla Inc. | put | New | 83,600 | $37.6M |
| NVDA Nvidia Corp. | call | New | 200,400 | $37.4M |
| TSLA Tesla Inc. | call | New | 81,400 | $36.6M |
| CM Can Imperial BK of Commerce | put | Add +30.3% | 356,900 | $32.3M |
| MS Morgan Stanley | call | Add +436.3% | 134,600 | $23.9M |
| JPM JPMorgan Chase & Co. | call | Add +856.0% | 71,700 | $23.1M |
| JPM JPMorgan Chase & Co. | put | Add +1958.8% | 70,000 | $22.6M |
| C Citigroup Inc. | call | Add +92.1% | 188,800 | $22.0M |
| CVS CVS Health Corp. | put | New | 256,000 | $20.3M |
| MS Morgan Stanley | put | Add +457.6% | 113,200 | $20.1M |
| JNJ Johnson & Johnson | put | Add +491.3% | 95,200 | $19.7M |
| WFC Wells Fargo & Co. | call | Add +724.2% | 207,700 | $19.4M |
| GS Goldman Sachs Group Inc. | call | Add +178.5% | 22,000 | $19.3M |
| CVS CVS Health Corp. | call | New | 231,400 | $18.4M |
| GS Goldman Sachs Group Inc. | put | Add +292.3% | 20,400 | $17.9M |
| GOOGL Alphabet Inc. Class A | put | Add +99.6% | 55,900 | $17.5M |
| WFC Wells Fargo & Co. | put | New | 183,100 | $17.1M |
| GOOGL Alphabet Inc. Class A | call | Add +78.2% | 52,400 | $16.4M |
| JNJ Johnson & Johnson | call | Add +345.1% | 77,000 | $15.9M |
| CSCO Cisco Systems Inc. | call | Add +171.6% | 194,700 | $15.0M |
| CSCO Cisco Systems Inc. | put | Add +148.1% | 193,800 | $14.9M |
| COF Capital One Financial Corp. | put | Add +6688.9% | 61,100 | $14.8M |
| COF Capital One Financial Corp. | call | Add +5700.0% | 58,000 | $14.1M |
| PSX Phillips 66 | put | New | 104,700 | $13.5M |
| GILD Gilead Sciences Inc. | put | New | 105,900 | $13.0M |
| GEV GE Vernova Inc. | call | Add +143.2% | 19,700 | $12.9M |
| GE General Electric | put | Add +284.1% | 41,100 | $12.7M |
| GILD Gilead Sciences Inc. | call | New | 100,200 | $12.3M |
| GE General Electric | call | Add +204.7% | 39,000 | $12.0M |
| CEG Constellation Energy | put | Reduce -13.8% | 33,200 | $11.7M |
| FDX FedEx Corp. | put | New | 39,800 | $11.5M |
| FDX FedEx Corp. | call | New | 38,400 | $11.1M |
| PSX Phillips 66 | call | New | 85,400 | $11.0M |
| PLTR Palantir Technologies Inc. Class A | call | Add +166.8% | 61,100 | $10.9M |
Showing the first 50 of 681.
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 | 204 | $2.2B | SPY, QQQ, IWM, MU, MSFT |
| Q1 2026 | 251 | $764.6M | MSFT, CF, ADBE, TSM, GOOGL |
| Q4 2025 | 196 | $1.0B | SPY, QQQ, MSFT, WFC, GOOGL |
| Q3 2025 | 52 | $148.1M | SPY, IWM, QQQ, ITB, URA |
| Q2 2025 | 32 | $32.9M | QQQ, GLD, FXI, BABA, IWM |
| Q1 2025 | 3 | $353.9M | FXI, BABA, RSP |
| Q4 2024 | 10 | $241.2M | MSFT, NVDA, IWM, SPY, AAPL |
| Q3 2024 | 7 | $167.2M | MSFT, NVDA, IWM, FXI, SMH |
| Q2 2024 | 7 | $223.6M | SPY, MSFT, KRE, RSP, XLI |
| Q1 2024 | 1 | $49.5M | GOOG |