BlueCrest Capital Management Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), BlueCrest Capital Management Ltd reported 55 stock positions worth $714.2 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 14.8% of the portfolio, followed by Ishr Ibx Usd Hiyld CB ETF-Ui (HYG, 14.4%) and Nvidia (NVDA, 14.4%). Compared with Q1 2025, it opened 33 new positions, sold out of 9, added to 6 and reduced 9. The biggest buy was a new position in Nvidia (NVDA) and the biggest sale an exit from Xtrackers Harvest Csi 300 CH (ASHR).

Most Recent 13F
Q2 2026
Location
ST HELIER, Y9
CIK
0001610880
Portfolio Value
$714.2M (Q2 2025)
SEC Filing
0000905148-25-002935 ↗ filed Aug 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $199.1M Q1 2024 Q2 2024: $356.9M Q2 2024 Q3 2024: $200.4M Q3 2024 Q4 2024: $1.6B Q4 2024 Q1 2025: $491.6M Q1 2025 Q2 2025: $714.2M $714.2M Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $2.4B Q4 2025 Q1 2026: $728.7M Q1 2026 Q2 2026: $2.1B Q2 2026

Holdings 55 stocks · $714.2M
IBIT iShares Bitcoin Trust ETF 14.84% 1,731,864 $106.0M Add +379.7%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 14.40% 1,274,800 $102.8M Add +1867.3%
NVDA Nvidia Corp. 14.38% 649,956 $102.7M New
CRTO Criteo SA-Spon 7.58% 2,260,000 $54.1M No change
UNH Unitedhealth Group Inc. 6.01% 137,591 $42.9M New
FISV Fiserv Inc. 4.32% 178,914 $30.8M New
ETHA iShares Ethereum Trust ETF 4.01% 1,500,000 $28.6M New
BABA Alibaba Group Holding-SP ADR 3.36% 211,574 $24.0M Add +815.9%
RITM Rithm Capital Corp. 2.98% 1,886,208 $21.3M Reduce -11.6%
UAL United Airlines Holdings Inc. 2.95% 264,200 $21.0M New
GME Gamestop Corp. Class A 2.94% 860,585 $21.0M New
DAL Delta Air Lines Inc. 2.88% 417,798 $20.5M New
ETOR Etoro Group Ltd. Class A 2.35% 252,000 $16.8M New
GLD SPDR Gold Shares 2.03% 47,478 $14.5M Reduce -58.6%
KRMN Karman Holdings Inc. 1.27% 180,000 $9.1M Add +20.0%
CHYM Chime Financial Inc. Class A 1.09% 225,000 $7.8M New
LLY Eli Lilly & Co. 1.02% 9,337 $7.3M New
KWEB Kranesh Csi China Internet 1.00% 208,000 $7.1M Reduce -52.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.89% 77,621 $6.3M Add +40.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.78% 9,009 $5.6M Reduce -92.3%
XLF SS Financial Select Sector 0.65% 88,000 $4.6M No change
GOOGL Alphabet Inc. Class A 0.64% 25,765 $4.5M New
RDDT Reddit Inc. Class A 0.63% 30,000 $4.5M No change
XLY SS Consumer Disc Select Sect 0.63% 20,591 $4.5M Add +80.3%
RSP Invesco S&P 500 Equal Weight 0.53% 20,913 $3.8M New
CRCL Circle Internet Group Inc. 0.51% 20,000 $3.6M New
SJNK SS SPDR BB St Hi Yield ETF 0.46% 129,687 $3.3M New
XLE SS Energy Select Sector 0.35% 29,069 $2.5M New
VST Vistra Corp. 0.33% 12,003 $2.3M New
RBRK Rubrik Inc. Class A 0.31% 25,000 $2.2M No change
QQQ Invesco QQQ Trust Series 1 0.31% 4,000 $2.2M New
BIDU Baidu Inc. - Spon ADR 0.29% 24,500 $2.1M New
INDA iShares MSCI India ETF 0.29% 37,000 $2.1M New
EWZ iShares MSCI Brazil ETF 0.28% 70,000 $2.0M New
JNPR Juniper Networks Inc. 0.24% 43,500 $1.7M New
AAPL Apple Inc. 0.21% 7,459 $1.5M New
GILD Gilead Sciences Inc. 0.21% 13,553 $1.5M New
PINS Pinterest Inc. Class A 0.21% 41,324 $1.5M No change
CWB SS SPDR BB Conv Sec ETF 0.19% 16,444 $1.4M New
XLP SS Consumer Staples Sel Sect 0.18% 15,644 $1.3M Reduce -50.0%
XLRE SS Real Estate Select Sector 0.17% 30,098 $1.2M Reduce -50.0%
XLV SS Health Care Select Sector 0.16% 8,636 $1.2M Reduce -50.0%
EIS iShares MSCI Israel ETF 0.16% 12,000 $1.1M New
MFA Mfa Financial Inc. 0.16% 117,838 $1.1M Reduce -29.5%
JD Jd.com Inc.-ADR 0.13% 29,095 $950K New
EDU New Oriental Educatio-SP ADR 0.12% 15,800 $852K No change
CLMT Calumet Inc. 0.11% 48,000 $756K Reduce -31.4%
GLXY Galaxy Digital Inc. Class A 0.10% 34,231 $750K New
EIDO iShares MSCI Indonesia ETF 0.09% 36,000 $635K New
EWY iShares MSCI South Korea ETF 0.08% 7,476 $537K New
MCHP Microchip Technology Inc. 0.06% 5,950 $419K New
K Kellanova 0.06% 5,000 $398K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 3,000 $372K No change
ATHM Autohome Inc.-ADR 0.03% 8,000 $206K New
WRD Weride Inc.-ADR 0.02% 18,678 $147K New

Options reported separately and not counted above: GLD calls ($381.0M), QQQ calls ($306.2M), GLD puts ($304.8M), MSTR calls ($218.3M), IBIT calls ($148.0M), GOOG calls ($141.9M), BABA calls ($55.6M), QQQ puts ($55.2M), META calls ($33.2M), SPY puts ($15.8M), EWZ calls ($7.2M), KWEB calls ($6.9M), and 21 more.

Other holdings (23): bonds, preferreds, convertibles and warrants · $186.9M (not counted above)
SecurityClassShares / PrincipalValueChange
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 236,886$19.6MAdd +40.3%
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 150,179$17.3MNew
ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal 14,080,000$16.0MAdd +101.1%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 278,731$13.1MReduce -19.6%
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 10,000,000$12.7MNew
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 208,790$12.3MAdd +39.8%
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV 143,239$10.7MAdd +788.1%
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 9,978,000$9.7MAdd +246.1%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 174,944$9.3MNew
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 245,267$9.2MAdd +1117.9%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 149,308$8.0MReduce -46.3%
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 8,054,000$8.0MNew
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 6,000,000$7.2MNew
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 104,022$6.4MNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 89,934$6.1MAdd +14.8%
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 153,583$6.1MAdd +77.0%
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 4,300,000$4.9MNo change
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 75,925$4.6MReduce -6.2%
COLLEGIUM PHARMA INC (COLL 2.875 02/15/29) NOTE 2.875% 2/1 · principal 2,500,000$2.7MNo change
CIPHER DIGITAL INC (CIFR 1.75 05/15/30) NOTE 1.750% 5/1 · principal 1,000,000$1.3MNew
INNOVATE CORP (VATE 7.5 08/01/26 *) NOTE 7.500% 8/0 · principal 1,383,000$724KNo change
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 21,045$676KReduce -44.0%
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal 1,500,000$381KReduce -40.0%

Total filed on the 13F, all lines: $901.1M.

Portfolio Sells Q1 2025 → Q2 2025
ASHR Xtrackers Harvest Csi 300 CH Sold out 0.00% −31.50
SPY SS SPDR S&P 500 ETF Trust-US Reduce -92.3% 0.78% −12.55
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −11.15
GLD SPDR Gold Shares Reduce -58.6% 2.03% −4.70
KWEB Kranesh Csi China Internet Reduce -52.8% 1.00% −2.13
RITM Rithm Capital Corp. Reduce -11.6% 2.98% −1.99
IWM iShares Russell 2000 ETF Sold out 0.00% −0.37
XLV SS Health Care Select Sector Reduce -50.0% 0.16% −0.35
XLP SS Consumer Staples Sel Sect Reduce -50.0% 0.18% −0.34
XLRE SS Real Estate Select Sector Reduce -50.0% 0.17% −0.34
SARO Standardaero Inc. Sold out 0.00% −0.27
MFA Mfa Financial Inc. Reduce -29.5% 0.16% −0.19
IONS Ionis Pharmaceuticals Inc. Sold out 0.00% −0.15
ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −0.13
CLMT Calumet Inc. Reduce -31.4% 0.11% −0.07
SIRI Sirius XM Holdings Inc. Sold out 0.00% −0.05
MSFT Microsoft Corp. Sold out 0.00% −0.05
BTDR Bitdeer Technologies Group-A Sold out 0.00% −0.04

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. New 14.38% +14.38
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +1867.3% 14.40% +13.36
IBIT iShares Bitcoin Trust ETF Add +379.7% 14.84% +11.41
UNH Unitedhealth Group Inc. New 6.01% +6.01
FISV Fiserv Inc. New 4.32% +4.32
ETHA iShares Ethereum Trust ETF New 4.01% +4.01
UAL United Airlines Holdings Inc. New 2.95% +2.95
GME Gamestop Corp. Class A New 2.94% +2.94
DAL Delta Air Lines Inc. New 2.88% +2.88
BABA Alibaba Group Holding-SP ADR Add +815.9% 3.36% +2.74
ETOR Etoro Group Ltd. Class A New 2.35% +2.35
CHYM Chime Financial Inc. Class A New 1.09% +1.09
LLY Eli Lilly & Co. New 1.02% +1.02
GOOGL Alphabet Inc. Class A New 0.64% +0.64
RSP Invesco S&P 500 Equal Weight New 0.53% +0.53
CRCL Circle Internet Group Inc. New 0.51% +0.51
SJNK SS SPDR BB St Hi Yield ETF New 0.46% +0.46
XLE SS Energy Select Sector New 0.35% +0.35
VST Vistra Corp. New 0.33% +0.33
QQQ Invesco QQQ Trust Series 1 New 0.31% +0.31
BIDU Baidu Inc. - Spon ADR New 0.29% +0.29
INDA iShares MSCI India ETF New 0.29% +0.29
EWZ iShares MSCI Brazil ETF New 0.28% +0.28
KRMN Karman Holdings Inc. Add +20.0% 1.27% +0.25
JNPR Juniper Networks Inc. New 0.24% +0.24
AAPL Apple Inc. New 0.21% +0.21
GILD Gilead Sciences Inc. New 0.21% +0.21
CWB SS SPDR BB Conv Sec ETF New 0.19% +0.19
XLY SS Consumer Disc Select Sect Add +80.3% 0.63% +0.17
EIS iShares MSCI Israel ETF New 0.16% +0.16
JD Jd.com Inc.-ADR New 0.13% +0.13
GLXY Galaxy Digital Inc. Class A New 0.10% +0.10
EIDO iShares MSCI Indonesia ETF New 0.09% +0.09
EWY iShares MSCI South Korea ETF New 0.08% +0.08
MCHP Microchip Technology Inc. New 0.06% +0.06
K Kellanova New 0.06% +0.06
ATHM Autohome Inc.-ADR New 0.03% +0.03
WRD Weride Inc.-ADR New 0.02% +0.02
XLU St Sr Utl SL SE SPDR ETF-Usd Add +40.4% 0.89% +0.00

Options Activity Q1 2025 → Q2 2025
ASHR Xtrackers Harvest Csi 300 CH call Sold out 25,650,000 $681.5Mbefore exit
GLD SPDR Gold Shares call Add +92.3% 1,250,000 $381.0M
QQQ Invesco QQQ Trust Series 1 call Add +24.7% 555,000 $306.2M
GLD SPDR Gold Shares put Reduce -7.0% 1,000,000 $304.8M
MSTR Strategy Inc. call New 540,000 $218.3M
IBIT iShares Bitcoin Trust ETF call New 2,418,000 $148.0M
GOOG Alphabet Inc. Class C call New 800,000 $141.9M
ASHR Xtrackers Harvest Csi 300 CH put Sold out 4,455,100 $118.4Mbefore exit
DIA SS SPDR Dow Jones Indus Avg put Sold out 180,000 $75.6Mbefore exit
BABA Alibaba Group Holding-SP ADR call New 490,000 $55.6M
QQQ Invesco QQQ Trust Series 1 put Add +100.0% 100,000 $55.2M
META Meta Platforms Inc. Class A call New 45,000 $33.2M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -53.5% 25,600 $15.8M
EWG iShares MSCI Germany ETF put Sold out 400,000 $14.8Mbefore exit
EEM iShares MSCI Emerging Market put Sold out 275,000 $12.0Mbefore exit
MSFT Microsoft Corp. call Sold out 24,700 $9.3Mbefore exit
EWZ iShares MSCI Brazil ETF call New 250,000 $7.2M
KWEB Kranesh Csi China Internet call New 200,000 $6.9M
SLV iShares Silver Trust call New 200,000 $6.6M
LQD Ishr Ibx Usd Invgd CB ETF-Ui put New 50,000 $5.5M
IWM iShares Russell 2000 ETF put Reduce -40.5% 23,800 $5.1M
NU Nu Holdings Ltd./Cayman Isl-A call New 330,000 $4.5M
TLT iShares 20+ Year Treasury BD call Reduce -33.3% 50,000 $4.4M
IWM iShares Russell 2000 ETF call New 20,000 $4.3M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -3.2% 48,400 $3.9M
KBE SS SPDR S&P Bank ETF call New 40,500 $2.3M
JNPR Juniper Networks Inc. put New 54,600 $2.2M
SIRI Sirius XM Holdings Inc. put Sold out 75,000 $1.7Mbefore exit
K Kellanova call New 20,000 $1.6M
HMC Honda Motor Co. Ltd.-Spons ADR put New 50,000 $1.4M
AMD Advanced Micro Devices call New 10,000 $1.4M
IBIT iShares Bitcoin Trust ETF put Reduce -46.1% 21,000 $1.3M
KHC The Kraft Heinz Co. call New 40,000 $1.0M
GM General Motors Co. put New 20,000 $984K
ETSY Etsy Inc. call Sold out 20,000 $944Kbefore exit
INTC Intel Corp. call Add +33.3% 20,000 $448K
BA The Boeing Co. call Sold out 2,500 $426Kbefore exit
OXY Occidental Petroleum Corp. call New 10,000 $420K
FMC FMC Corp. call New 7,500 $313K
ZIM Zim Integrated Shipping Serv call Sold out 20,000 $292Kbefore exit
JNPR Juniper Networks Inc. call New 7,300 $291K
IREN Iren Ltd. put New 20,000 $291K
OSCR Oscar Health Inc. Class A call Sold out 10,000 $131Kbefore exit

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

Notes & Other Activity Q1 2025 → Q2 2025
INTERDIGITAL INC (IDCC 3.5 06/01/27) NOTE 3.500% 6/0 · principal Sold out 12,400,000 $33.3Mbefore exit
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 Add +40.3% 236,886 $19.6M
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF New 150,179 $17.3M
ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal Add +101.1% 14,080,000 $16.0M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Reduce -19.6% 278,731 $13.1M
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 10,000,000 $12.7M
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Add +39.8% 208,790 $12.3M
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Add +788.1% 143,239 $10.7M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Add +246.1% 9,978,000 $9.7M
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD New 174,944 $9.3M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +1117.9% 245,267 $9.2M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Reduce -46.3% 149,308 $8.0M
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 8,054,000 $8.0M
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal New 6,000,000 $7.2M
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal Sold out 6,945,000 $6.6Mbefore exit
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD New 104,022 $6.4M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +14.8% 89,934 $6.1M
NEXTERA ENERGY INC (NEE 6.926 09/01/25) UNIT 09/01/2025 Add +77.0% 153,583 $6.1M
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF Sold out 70,438 $5.9Mbefore exit
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Reduce -6.2% 75,925 $4.6M
DYNAVAX TECHNOLOGIES CORP DEBT 2.000% 3/1 · principal Sold out 3,500,000 $3.5Mbefore exit
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal Sold out 2,388,000 $2.4Mbefore exit
CIPHER DIGITAL INC (CIFR 1.75 05/15/30) NOTE 1.750% 5/1 · principal New 1,000,000 $1.3M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -44.0% 21,045 $676K
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) NOTE 1.875%12/0 · principal Reduce -40.0% 1,500,000 $381K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 213$2.1BRSP, SPCX, SPYM, SMH, AMZN
Q1 2026 152$728.7MWIX, CRTO, BAC, PFSI, C
Q4 2025 114$2.4BIVV, VST, WFC, C, BAC
Q3 2025Amended 95$1.4BOEF, NVDA, PCG, KWEB, MSFT
Q2 2025 55$714.2MIBIT, HYG, NVDA, CRTO, UNH
Q1 2025 31$491.6MASHR, CRTO, SPY, TSM, GLD
Q4 2024 40$1.6BIVV, ASHR, XBI, CRTO, IBIT
Q3 2024 33$200.4MCRTO, LQD, RITM, KWEB, MDY
Q2 2024 50$356.9MCRTO, GDXJ, MSFT, HYG, GLD
Q1 2024 60$199.1MCRTO, RITM, EMB, SPY, XLF