Beartown Capital Management, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Beartown Capital Management, LLC reported 29 stock positions worth $126.7 million . Its top holding was Terawulf (WULF) at 17.9% of the portfolio, followed by Cleanspark (CLSK, 10.4% ) and Core Scientific (CORZ, 10.0% ). Compared with Q4 2025, it opened 6 new positions, sold out of 15, added to 3 and reduced 6. The biggest buy was a new position in Cleanspark (CLSK) and the biggest sale Echostar Class A (ECHO, shares −47% ).
Location HUNTINGTON WOODS, MI
CIK 0001877162
Portfolio Value $126.7M (Q1 2026) Holdings 29 stocks · $126.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 WULF Terawulf Inc. 1,575,000 $22.7M Reduce -21.3% CLSK Cleanspark Inc. 1,550,000 $13.2M New CORZ Core Scientific Inc. 850,000 $12.7M Add +6.3% ECHO Echostar Corp. Class A 80,000 $9.4M Reduce -46.7% NBIS Nebius Group NV 90,000 $9.3M Reduce -33.3% HUT Hut 8 Corp. 180,000 $8.4M Reduce -30.8% NVRI Enviri Corp. 422,441 $8.3M No change VISN Vistance Networks Inc. 400,000 $7.3M No change CIFR Cipher Digital Inc. 400,000 $5.1M New PRCH Porch Group Inc. 650,000 $4.7M Add +44.4% NRGV Energy Vault Holdings Inc. 1,400,000 $4.6M Add +133.3% ATEX Anterix Inc. 100,000 $3.8M Reduce -31.0% TDS Telephone and Data Systems 75,000 $3.2M No change CBNA Chain Bridge Bancorp Inc. Class A 75,794 $2.6M No change RYAM Rayonier Advanced Materials 200,000 $2.2M New PRTH Priority Technology Holdings 400,000 $1.9M No change KNOP Knot Offshore Partners LP 157,082 $1.6M No change BVFL BV Financial Inc. filed as BV FINL INC 60,616 $1.2M No change GLXY Galaxy Digital Inc. Class A 50,000 $923K New SCOR Comscore Inc. 126,207 $876K No change CMTL Comtech Telecommunications 251,881 $836K No change LE Lands' End Inc. 50,000 $562K New FSI Flexible Solutions Intl Inc. 74,754 $404K No change MAPS WM Technology Inc. 568,883 $375K No change MLKMF Waldencast PLC-A 300,000 $285K No change FTEK Fuel Tech Inc. 146,689 $179K Reduce -8.3% ONL Orion Properties Inc. 12,899 $28K New CNTY Century Casinos Inc. 10,000 $14K No change FSP Franklin Street Properties C 19,868 $13K No change
Options reported separately and not counted above: SPY puts ($19.5M), CLSK calls ($14.5M), QQQ puts ($11.5M), CORZ calls ($9.0M), BTDR calls ($8.7M), WULF calls ($7.2M), NBIS calls ($3.1M), BWA calls ($2.7M), ECHO calls ($2.3M), KNOP calls ($1.3M), HUT calls ($1.2M), GLXY calls ($923K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $6K (not counted above) Security Class Shares / Principal Value Change AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 30,209 $6K No change
Total filed on the 13F, all lines: $126.7M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ ECHO Echostar Corp. Class A Reduce -46.7% 7.39% −5.36 HUT Hut 8 Corp. Reduce -30.8% 6.66% −2.68 SEM Select Medical Holdings Corp. Sold out 0.00% −2.32 KW Kennedy-Wilson Holdings Inc. Sold out 0.00% −2.27 FCNCA First Citizens Bcshs Class A Sold out 0.00% −1.68 CENX Century Aluminum Company Sold out 0.00% −1.53 NBIS Nebius Group NV Reduce -33.3% 7.37% −1.47 TALK Talkspace Inc. Sold out 0.00% −0.85 AFBI Affinity Bancshares Inc. Sold out 0.00% −0.49 STRZ Starz Entertainment Corp. Sold out 0.00% −0.46 GLIBK Liberty Capital Corp. Class C Sold out 0.00% −0.29 TRS Trimas Corp. Sold out 0.00% −0.28 GOOG Alphabet Inc. Class C Sold out 0.00% −0.25 WW WW International Inc.-New Sold out 0.00% −0.23 AMZN Amazon.com Inc. Sold out 0.00% −0.19 TTAM Titan America SA Sold out 0.00% −0.13 LMNR Limoneira Co. Sold out 0.00% −0.13 FARM Farmer Bros Co. Sold out 0.00% −0.06 FTEK Fuel Tech Inc. Reduce -8.3% 0.14% −0.05 WULF Terawulf Inc. Reduce -21.3% 17.93% −0.04 ATEX Anterix Inc. Reduce -31.0% 3.01% +0.54
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ CLSK Cleanspark Inc. New 10.41% +10.41 CIFR Cipher Digital Inc. New 4.06% +4.06 RYAM Rayonier Advanced Materials New 1.75% +1.75 NRGV Energy Vault Holdings Inc. Add +133.3% 3.65% +1.48 CORZ Core Scientific Inc. Add +6.3% 10.03% +0.92 GLXY Galaxy Digital Inc. Class A New 0.73% +0.73 PRCH Porch Group Inc. Add +44.4% 3.68% +0.46 LE Lands' End Inc. New 0.44% +0.44 ONL Orion Properties Inc. New 0.02% +0.02
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 30,000 $19.5M CLSK Cleanspark Inc. call New 1,700,000 $14.5M QQQ Invesco QQQ Trust Series 1 put New 20,000 $11.5M CORZ Core Scientific Inc. call Add +200.0% 600,000 $9.0M BTDR Bitdeer Technologies Group-A call New 1,000,000 $8.7M WULF Terawulf Inc. call Add +25.0% 500,000 $7.2M NBIS Nebius Group NV call Add +50.0% 30,000 $3.1M BWA Borgwarner Inc. call New 50,000 $2.7M ECHO Echostar Corp. Class A call New 20,000 $2.3M HUT Hut 8 Corp. call New 25,000 $1.2M GLXY Galaxy Digital Inc. Class A call New 50,000 $923K
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 39 $225.4M WULF, ECHO, GLXY, HUT, CORZ Q1 2026 29 $126.7M WULF, CLSK, CORZ, ECHO, NBIS Q4 2025 38 $127.9M WULF, ECHO, HUT, CORZ, NBIS