Bracebridge Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Bracebridge Capital, LLC reported 13 stock positions worth $269.4 million. Its top holding was SPDR Gold Shares (GLD) at 58.6% of the portfolio, followed by Uniti (UNIT, 18.1%) and Adt (ADT, 6.4%). Compared with Q3 2025, it opened 2 new positions, sold out of 3, added to 1 and reduced 1. The biggest buy was a new position in SPDR Gold Shares (GLD) and the biggest sale an exit from Invesco S&P 500 Equal Weight (RSP).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001426486
- Portfolio Value
- $269.4M (Q4 2025)
- SEC Filing
- 0001426486-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 13 stocks · $269.4M
| GLD SPDR Gold Shares | 58.65% | 398,700 | $158.0M | New |
| UNIT Uniti Group Inc. | 18.06% | 6,941,775 | $48.7M | No change |
| ADT Adt Inc. | 6.37% | 2,126,000 | $17.2M | No change |
| ALVO Alvotech SA | 5.15% | 2,705,304 | $13.9M | No change |
| AAM Aa Mission Acquisition Cor-A | 2.38% | 600,000 | $6.4M | No change |
| OPTU Optimum Communications Inc. Class A | 1.92% | 3,131,018 | $5.2M | Reduce -45.3% |
| BXMT Blackstone Mortgage Tru Class A | 1.72% | 241,700 | $4.6M | Add +11.5% |
| OSG Octave Specialty Group Inc. | 1.67% | 579,234 | $4.5M | No change |
| ASTL Algoma Steel Group Inc. | 1.41% | 924,931 | $3.8M | No change |
| AQST Aquestive Therapeutics Inc. | 1.10% | 459,216 | $3.0M | No change |
| CCO Clear Channel Outdoor Holdin | 0.62% | 756,426 | $1.7M | No change |
| TRTX TPG Re Finance Trust Inc. | 0.58% | 182,157 | $1.6M | No change |
| PDD PDD Holdings Inc. | 0.38% | 9,000 | $1.0M | New |
Options reported separately and not counted above: ISHARES TR puts ($1.0B), ISHARES TR puts ($507.5M), SPDR GOLD TR puts ($376.5M), ISHARES TR calls ($370.8M), STATE STR SPDR S&P 500 ETF T calls ($215.8M), SPDR GOLD TR calls ($158.5M), CORE SCIENTIFIC INC NEW calls ($87.1M), TESLA INC calls ($49.5M), KRANESHARES TRUST calls ($27.2M), PDD HOLDINGS INC calls ($2.2M), PDD HOLDINGS INC puts ($2.2M).
Other holdings (14): bonds, preferreds, convertibles and warrants · $5.7M (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 | $2.9M | No change |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 579,230 | $2.6M | Reduce -30.7% |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 300,000 | $51K | No change |
| TGE.WS Generation Essentials - 30 | *W EXP 02/15/202 | 325,000 | $49K | No change |
| AIRJW Power & Digital Acq -CW24 | *W EXP 03/15/202 | 50,000 | $43K | No change |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | 12,500 | $34K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 75,000 | $32K | No change |
| COCHW Envoy Medical Inc.-CW27 | *W EXP 09/29/202 | 262,156 | $10K | No change |
| BNAIW Brand Engagement Netwo -CW27 | *W EXP 03/14/202 | 166,666 | $7K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 75,000 | $6K | No change |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 62,500 | $5K | No change |
| CRPWF Carbon Revolution PLC | *W EXP 99/99/999 | 141,666 | $1K | No change |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 12,500 | $528 | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 15,311 | $234 | No change |
Total filed on the 13F, all lines: $275.2M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
Options Activity Q3 2025 → Q4 2025
| ISHARES TR | put | Add +85.0% | 129,500 | $1.0B |
| ISHARES TR | put | Add +170.7% | 20,615 | $507.5M |
| SPDR GOLD TR | put | New | 9,500 | $376.5M |
| ISHARES TR | call | Add +46.0% | 15,065 | $370.8M |
| INVESCO QQQ TR | call | Sold out | 5,175 | $310.7Mbefore exit |
| INVESCO QQQ TR | put | Sold out | 5,175 | $310.7Mbefore exit |
| STATE STR SPDR S&P 500 ETF T | call | Add +402.4% | 3,165 | $215.8M |
| SPDR GOLD TR | call | New | 4,000 | $158.5M |
| CORE SCIENTIFIC INC NEW | call | New | 59,822 | $87.1M |
| TESLA INC | call | New | 1,100 | $49.5M |
| KRANESHARES TRUST | call | New | 8,000 | $27.2M |
| PDD HOLDINGS INC | call | New | 193 | $2.2M |
| PDD HOLDINGS INC | put | New | 193 | $2.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | Reduce -30.7% | 579,230 | $2.6M |
| SVIWF Spring Valley Acquisition-Aw | *W EXP 02/25/202 | Sold out | 25,000 | $33Kbefore exit |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Sold out | 50,000 | $26Kbefore 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 |