In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Bracebridge Capital, LLC reported 15 stock positions worth $144.4 million . Its top holding was Alvotech (ALVO) at 18.1% of the portfolio, followed by Optimum Communications Class A (OPTU, 17.3% ) and Adt (ADT, 12.0% ). Compared with Q4 2024, it opened 3 new positions, sold out of 6, added to 2 and reduced 1. The biggest buy was Optimum Communications Class A (OPTU, shares +6% ) and the biggest sale an exit from Fidelity Wise Origin Bitcoin (FBTC).
Location BOSTON, MA
CIK 0001426486
Portfolio Value $144.4M (Q1 2025) Holdings 15 stocks · $144.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ALVO Alvotech SA 2,705,304 $26.2M No change OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 9,390,440 $25.0M Add +6.0% ADT Adt Inc. 2,126,000 $17.3M No change GNW Genworth Financial Inc. 1,969,200 $14.0M Add +12.6% NVDA Nvidia Corp. 116,719 $12.7M New UNIT Uniti Group LLC Com SHS 2,432,038 $12.3M No change BSII Black Spade Acquisition II C 975,000 $9.9M No change AAM Aa Mission Acquisition Cor-A 600,000 $6.3M No change OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC 579,234 $5.1M No change ASTL Algoma Steel Group Inc. 924,931 $5.0M No change BXMT Blackstone Mortgage Tru Class A 216,700 $4.3M Reduce -10.3% QQQ Invesco QQQ Trust Series 1 6,810 $3.2M New AQST Aquestive Therapeutics Inc. 459,216 $1.3M No change TRTX TPG Re Finance Trust Inc. 143,100 $1.2M New CCO Clear Channel Outdoor Holdin 756,426 $840K No change
Options reported separately and not counted above: ISHARES TR puts ($662.7M), INVESCO QQQ TR calls ($227.4M), INVESCO QQQ TR puts ($220.4M), ISHARES TR puts ($136.9M), ISHARES TR calls ($37.2M), NVIDIA CORPORATION calls ($17.3M), NVIDIA CORPORATION puts ($17.3M).
Other holdings (16): bonds, preferreds, convertibles and warrants · $13.8M (not counted above) Security Class Shares / Principal Value Change LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 47,700,000 $13.3M No change AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 298,015 $334K No change BSIIW Black Spade Acquisition -30 *W EXP 02/15/202 325,000 $72K No change AIRJW Power & Digital Acq -CW24 *W EXP 03/15/202 50,000 $28K No change AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 300,000 $20K No change LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 232,323 $10K No change COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 262,156 $9K No change CRPWF Carbon Revolution PLC *W EXP 99/99/999 141,666 $6K No change GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 75,000 $5K No change SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 50,000 $5K No change SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 25,000 $4K No change BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 166,666 $3K No change VSTWF Vast Solar PTY Ltd. -28 *W EXP 07/01/202 75,000 $3K No change CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 12,500 $2K No change TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 12,500 $674 No change ALURW Allurion Technologies-28 *W EXP 08/01/203 15,311 $444 No change
Total filed on the 13F, all lines: $158.2M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ FBTC Fidelity Wise Origin Bitcoin Sold out 0.00% −32.51 IVV iShares Core S&P 500 ETF Sold out 0.00% −26.60 RSP Invesco S&P 500 Equal Weight Sold out 0.00% −25.11 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −1.07 ARKK ARK Innovation ETF Sold out 0.00% −0.82 TSLA Tesla Inc. Sold out 0.00% −0.20 BXMT Blackstone Mortgage Tru Class A Reduce -10.3% 3.00% +2.58
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ OPTU Optimum Communications Inc. Class A Add +6.0% 17.30% +15.16 NVDA Nvidia Corp. New 8.76% +8.76 GNW Genworth Financial Inc. Add +12.6% 9.67% +8.44 QQQ Invesco QQQ Trust Series 1 New 2.21% +2.21 TRTX TPG Re Finance Trust Inc. New 0.81% +0.81
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ ISHARES TR put Add +425.0% 84,000 $662.7M INVESCO QQQ TR call New 4,850 $227.4M INVESCO QQQ TR put New 4,700 $220.4M ISHARES TR put New 6,865 $136.9M ARK ETF TR call Sold out 22,500 $127.7Mbefore exit ARK ETF TR put Sold out 15,750 $89.4Mbefore exit ISHARES TR call Sold out 5,500 $43.3Mbefore exit ISHARES TR call New 1,865 $37.2M NVIDIA CORPORATION call New 1,600 $17.3M NVIDIA CORPORATION put New 1,600 $17.3M TESLA INC call Sold out 200 $8.1Mbefore exit TESLA INC put Sold out 200 $8.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ AILWQ Arrowroot Acquisition -CW26 *W EXP 04/16/202 Sold out 286,528 $6Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $459.8M GLD, UNIT, CZR, ADT, SVC Q1 2026 17 $553.9M GLD, UNIT, TSLA, ADT, ALVO Q4 2025 13 $269.4M GLD, UNIT, ADT, ALVO, AAM Q3 2025 14 $228.7M RSP, UNIT, ALVO, ADT, OPTU Q2 2025 15 $181.3M IWM, ALVO, OPTU, ADT, GNW Q1 2025 15 $144.4M ALVO, OPTU, ADT, GNW, NVDA Q4 2024 18 $995.7M FBTC, IVV, RSP, ALVO, OPTU Q3 2024 14 $245.7M ARKB, ALVO, OPTU, UNIT, GNW Q2 2024 10 $182.1M ARKB, ALVO, ADT, OSG, UNIT Q1 2024 11 $501.4M ARKB, IBIT, ALVO, GBTC, OSG