Bracebridge Capital, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Bracebridge Capital, LLC reported 15 stock positions worth $181.3 million. Its top holding was iShares Russell 2000 ETF (IWM) at 25.0% of the portfolio, followed by Alvotech (ALVO, 13.6%) and Optimum Communications Class A (OPTU, 11.0%). Compared with Q1 2025, it opened 2 new positions, sold out of 2, added to 2 and reduced 2. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale an exit from Black Spade Acquisition II C (BSII).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001426486
- Portfolio Value
- $181.3M (Q2 2025)
- SEC Filing
- 0001426486-25-000006 ↗ filed Aug 14, 2025
Holdings Value
Holdings 15 stocks · $181.3M
| IWM iShares Russell 2000 ETF | 25.04% | 210,330 | $45.4M | New |
| ALVO Alvotech SA | 13.61% | 2,705,304 | $24.7M | No change |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 11.04% | 9,351,240 | $20.0M | Reduce -0.4% |
| ADT Adt Inc. | 9.93% | 2,126,000 | $18.0M | No change |
| GNW Genworth Financial Inc. | 8.45% | 1,969,200 | $15.3M | No change |
| UNIT Uniti Group LLC Com SHS | 7.71% | 3,234,638 | $14.0M | Add +33.0% |
| NVDA Nvidia Corp. | 7.70% | 88,400 | $14.0M | Reduce -24.3% |
| ASTL Algoma Steel Group Inc. | 3.52% | 924,931 | $6.4M | No change |
| AAM Aa Mission Acquisition Cor-A | 3.45% | 600,000 | $6.3M | No change |
| TSLA Tesla Inc. | 2.66% | 15,200 | $4.8M | New |
| BXMT Blackstone Mortgage Tru Class A | 2.30% | 216,700 | $4.2M | No change |
| OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC | 2.27% | 579,234 | $4.1M | No change |
| TRTX TPG Re Finance Trust Inc. | 0.98% | 231,000 | $1.8M | Add +61.4% |
| AQST Aquestive Therapeutics Inc. | 0.84% | 459,216 | $1.5M | No change |
| CCO Clear Channel Outdoor Holdin | 0.49% | 756,426 | $885K | No change |
Options reported separately and not counted above: INVESCO QQQ TR calls ($451.0M), INVESCO QQQ TR puts ($285.5M), ISHARES TR calls ($256.0M), ISHARES TR puts ($256.0M), COINBASE GLOBAL INC calls ($145.5M), AMAZON COM INC calls ($65.8M), NVIDIA CORPORATION calls ($41.1M), NVIDIA CORPORATION puts ($41.1M), ISHARES TR puts ($40.3M), TESLA INC calls ($25.4M), TESLA INC puts ($25.4M), COINBASE GLOBAL INC puts ($22.8M), and 2 more.
Other holdings (16): bonds, preferreds, convertibles and warrants · $6.7M (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 | $4.8M | No change |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 210,700 | $1.7M | New |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | 325,000 | $130K | New |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 50,000 | $32K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 300,000 | $30K | No change |
| LAKESHORE BIOPHARMA CO LTD | *W EXP 03/15/202 | 232,323 | $9K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 262,156 | $9K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 75,000 | $7K | No change |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | 50,000 | $7K | No change |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | 12,500 | $6K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 166,666 | $5K | No change |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 62,500 | $5K | New |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | 25,000 | $4K | No change |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 141,666 | $2K | No change |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 12,500 | $874 | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 15,311 | $481 | No change |
Total filed on the 13F, all lines: $188.0M.
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| INVESCO QQQ TR | call | Add +68.6% | 8,175 | $451.0M |
| INVESCO QQQ TR | put | Add +10.1% | 5,175 | $285.5M |
| ISHARES TR | call | Add +536.2% | 11,865 | $256.0M |
| ISHARES TR | put | Add +72.8% | 11,865 | $256.0M |
| COINBASE GLOBAL INC | call | New | 4,150 | $145.5M |
| AMAZON COM INC | call | New | 3,000 | $65.8M |
| NVIDIA CORPORATION | call | Add +62.5% | 2,600 | $41.1M |
| NVIDIA CORPORATION | put | Add +62.5% | 2,600 | $41.1M |
| ISHARES TR | put | Reduce -94.0% | 5,000 | $40.3M |
| TESLA INC | call | New | 800 | $25.4M |
| TESLA INC | put | New | 800 | $25.4M |
| COINBASE GLOBAL INC | put | New | 650 | $22.8M |
| SUPER MICRO COMPUTER INC | call | New | 2,409 | $11.8M |
| SUPER MICRO COMPUTER INC | put | New | 2,409 | $11.8M |
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
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | New | 210,700 | $1.7M |
| AISPW Airship AI Holdings Inc.-CW28 | *W EXP 12/21/202 | Sold out | 298,015 | $334Kbefore exit |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | New | 325,000 | $130K |
| BSIIW Black Spade Acquisition -30 | *W EXP 02/15/202 | Sold out | 325,000 | $72Kbefore exit |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | New | 62,500 | $5K |
| VSTWF Vast Solar PTY Ltd. -28 | *W EXP 07/01/202 | Sold out | 75,000 | $3Kbefore 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 |