Bracebridge Capital, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Bracebridge Capital, LLC reported 18 stock positions worth $995.7 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 32.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 26.6%) and Invesco S&P 500 Equal Weight (RSP, 25.1%). Compared with Q3 2024, it opened 6 new positions, sold out of 2 and added to 4. The biggest buy was a new position in Fidelity Wise Origin Bitcoin (FBTC) and the biggest sale an exit from ARK 21SHARES Bitcoin ETF (ARKB).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001426486
Portfolio Value
$995.7M (Q4 2024)
SEC Filing
0001426486-25-000002 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $501.4M Q1 2024 Q2 2024: $182.1M Q2 2024 Q3 2024: $245.7M Q3 2024 Q4 2024: $995.7M $995.7M Q4 2024 Q1 2025: $144.4M Q1 2025 Q2 2025: $181.3M Q2 2025 Q3 2025: $228.7M Q3 2025 Q4 2025: $269.4M Q4 2025 Q1 2026: $553.9M Q1 2026 Q2 2026: $459.8M Q2 2026

Holdings 18 stocks · $995.7M
FBTC Fidelity Wise Origin Bitcoin 32.51% 3,968,000 $323.7M New
IVV iShares Core S&P 500 ETF 26.60% 449,850 $264.8M New
RSP Invesco S&P 500 Equal Weight 25.11% 1,426,700 $250.0M New
ALVO Alvotech SA 3.59% 2,705,304 $35.8M No change
OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 2.14% 8,854,977 $21.3M Add +35.5%
ADT Adt Inc. 1.48% 2,126,000 $14.7M Add +30.8%
UNIT Uniti Group LLC Com SHS 1.34% 2,432,038 $13.4M No change
GNW Genworth Financial Inc. 1.23% 1,749,200 $12.2M No change
IBIT iShares Bitcoin Trust ETF 1.07% 200,000 $10.6M New
BSII Black Spade Acquisition II C 0.97% 975,000 $9.7M No change
ASTL Algoma Steel Group Inc. 0.91% 924,931 $9.0M No change
ARKK ARK Innovation ETF 0.82% 143,000 $8.1M New
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 0.74% 579,234 $7.3M No change
AAM Aa Mission Acquisition Cor-A 0.61% 600,000 $6.1M No change
BXMT Blackstone Mortgage Tru Class A 0.42% 241,700 $4.2M Add +5.4%
TSLA Tesla Inc. 0.20% 5,000 $2.0M New
AQST Aquestive Therapeutics Inc. 0.16% 459,216 $1.6M Add +7.2%
CCO Clear Channel Outdoor Holdin 0.10% 756,426 $1.0M No change

Options reported separately and not counted above: ARK ETF TR calls ($127.7M), ISHARES TR puts ($125.8M), ARK ETF TR puts ($89.4M), ISHARES TR calls ($43.3M), TESLA INC calls ($8.1M), TESLA INC puts ($8.1M).

Other holdings (17): bonds, preferreds, convertibles and warrants · $15.7M (not counted above)
SecurityClassShares / PrincipalValueChange
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 47,700,000$14.8MNo change
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 298,015$611KNo change
BSIIW Black Spade Acquisition -30 *W EXP 02/15/202 325,000$133KNew
AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 50,000$55KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 300,000$21KNo change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 232,323$18KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 262,156$12KNo change
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 75,000$10KNo change
BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 166,666$9KNo change
CRPWF Carbon Revolution PLC *W EXP 99/99/999 141,666$9KNo change
AILWQ Arrowroot Acquisition -CW26 *W EXP 04/16/202 286,528$6KNo change
VSTWF Vast Solar PTY Ltd. -28 *W EXP 07/01/202 75,000$6KNo change
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 50,000$4KNo change
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 12,500$3KNo change
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 25,000$1KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 12,500$675No change
ALURW Allurion Technologies-28 *W EXP 08/01/203 15,311$459No change

Total filed on the 13F, all lines: $1.0B.

Portfolio Sells Q3 2024 → Q4 2024
ARKB ARK 21SHARES Bitcoin ETF Sold out 0.00% −48.32
IHRT Iheartmedia Inc. Class A Sold out 0.00% −0.76

Portfolio Buys Q3 2024 → Q4 2024
FBTC Fidelity Wise Origin Bitcoin New 32.51% +32.51
IVV iShares Core S&P 500 ETF New 26.60% +26.60
RSP Invesco S&P 500 Equal Weight New 25.11% +25.11
IBIT iShares Bitcoin Trust ETF New 1.07% +1.07
ARKK ARK Innovation ETF New 0.82% +0.82
TSLA Tesla Inc. New 0.20% +0.20
AQST Aquestive Therapeutics Inc. Add +7.2% 0.16% −0.70
BXMT Blackstone Mortgage Tru Class A Add +5.4% 0.42% −1.35
ADT Adt Inc. Add +30.8% 1.48% −3.31
OPTU Optimum Communications Inc. Class A Add +35.5% 2.14% −4.40

Options Activity Q3 2024 → Q4 2024
ARK ETF TR call New 22,500 $127.7M
ISHARES TR put Reduce -60.0% 16,000 $125.8M
ARK ETF TR put New 15,750 $89.4M
ISHARES TR call New 5,500 $43.3M
STRATEGY INC put Sold out 1,700 $28.7Mbefore exit
TESLA INC call New 200 $8.1M
TESLA INC put New 200 $8.1M

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

Notes & Other Activity Q3 2024 → Q4 2024
BSIIW Black Spade Acquisition -30 *W EXP 02/15/202 New 325,000 $133K
SEDA.WS SDCL Edge Acq Class A -CW28 *W EXP 99/99/999 Sold out 211,900 $21Kbefore exit
RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 Sold out 25,000 $9Kbefore exit
PERCEPTION CAPITAL CORP IV *W EXP 99/99/999 Sold out 75,000 $4Kbefore exit
HAIWF Healthcare AI Acq -CW23 *W EXP 12/07/202 Sold out 121,400 $3Kbefore exit
PHYWF PHYT WS -CW *W EXP 05/03/202 Sold out 25,000 $2Kbefore exit
EVCOW Everest Consolidator Acquisi *W EXP 99/99/999 Sold out 17,500 $520before exit
PNSWQ Banyan Acquisition Co. -CW23 *W EXP 09/30/202 Sold out 22,500 $243before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$459.8MGLD, UNIT, CZR, ADT, SVC
Q1 2026 17$553.9MGLD, UNIT, TSLA, ADT, ALVO
Q4 2025 13$269.4MGLD, UNIT, ADT, ALVO, AAM
Q3 2025 14$228.7MRSP, UNIT, ALVO, ADT, OPTU
Q2 2025 15$181.3MIWM, ALVO, OPTU, ADT, GNW
Q1 2025 15$144.4MALVO, OPTU, ADT, GNW, NVDA
Q4 2024 18$995.7MFBTC, IVV, RSP, ALVO, OPTU
Q3 2024 14$245.7MARKB, ALVO, OPTU, UNIT, GNW
Q2 2024 10$182.1MARKB, ALVO, ADT, OSG, UNIT
Q1 2024 11$501.4MARKB, IBIT, ALVO, GBTC, OSG