Courage Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Courage Capital Management LLC reported 13 stock positions worth $67.8 million. Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 21.6% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 20.0%) and Corecivic (CXW, 14.7%). Compared with Q1 2025, it opened 2 new positions, sold out of 1 and added to 4. The biggest buy was Fidelity Wise Origin Bitcoin (FBTC, shares +91%) and the biggest sale an exit from Crown Castle (CCI).

Most Recent 13F
Q2 2026
Location
NASHVILLE, TN
CIK
0001119376
Portfolio Value
$67.8M (Q2 2025)
SEC Filing
0001119376-25-000008 ↗ filed Aug 15, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M Q1 2024: $29.7M Q1 2024 Q2 2024: $34.1M Q2 2024 Q3 2024: $40.4M Q3 2024 Q4 2024: $48.5M Q4 2024 Q1 2025: $49.0M Q1 2025 Q2 2025: $67.8M $67.8M Q2 2025 Q3 2025: $75.7M Q3 2025 Q4 2025: $72.4M Q4 2025 Q1 2026: $70.6M Q1 2026 Q2 2026: $67.3M Q2 2026

Holdings 13 stocks · $67.8M
FBTC Fidelity Wise Origin Bitcoin 21.57% 155,615 $14.6M Add +91.4%
BKLN Invesco Senior Loan ETF 19.99% 648,000 $13.6M No change
CXW Corecivic Inc. 14.73% 473,961 $10.0M Add +10.6%
PHYS Sprott Physical Gold Trust 9.89% 264,500 $6.7M No change
AAAU Goldman Sachs Physical Gold 8.88% 184,254 $6.0M No change
META Meta Platforms Inc. Class A 8.65% 7,950 $5.9M Add +78.7%
SPY SS SPDR S&P 500 ETF Trust-US 6.21% 6,821 $4.2M Add +582.1%
GOOG Alphabet Inc. Class C 2.75% 10,500 $1.9M No change
IAU iShares Gold Trust 2.58% 28,000 $1.7M No change
UNH Unitedhealth Group Inc. 1.52% 3,300 $1.0M New
TSLA Tesla Inc. 1.45% 3,100 $985K New
SBUX Starbucks Corp. 1.32% 9,800 $898K No change
JNJ Johnson & Johnson 0.45% 2,000 $306K No change

Portfolio Sells Q1 2025 → Q2 2025
CCI Crown Castle Inc. Sold out 0.00% −2.55

Portfolio Buys Q1 2025 → Q2 2025
FBTC Fidelity Wise Origin Bitcoin Add +91.4% 21.57% +9.62
SPY SS SPDR S&P 500 ETF Trust-US Add +582.1% 6.21% +5.07
META Meta Platforms Inc. Class A Add +78.7% 8.65% +3.42
UNH Unitedhealth Group Inc. New 1.52% +1.52
TSLA Tesla Inc. New 1.45% +1.45
CXW Corecivic Inc. Add +10.6% 14.73% −3.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 16$67.3MBKLN, CXW, PHYS, AAAU, FBTC
Q1 2026 14$70.6MBKLN, FBTC, PHYS, CXW, AAAU
Q4 2025 13$72.4MBKLN, FBTC, CXW, PHYS, AAAU
Q3 2025 14$75.7MFBTC, BKLN, CXW, PHYS, AAAU
Q2 2025 13$67.8MFBTC, BKLN, CXW, PHYS, AAAU
Q1 2025 12$49.0MBKLN, CXW, PHYS, FBTC, AAAU
Q4 2024 12$48.5MBKLN, CXW, FBTC, PHYS, AAAU
Q3 2024 11$40.4MBKLN, PHYS, CXW, AAAU, META
Q2 2024 11$34.1MBKLN, CXW, PHYS, AAAU, META
Q1 2024 11$29.7MCXW, BKLN, PHYS, AAAU, META