CRCM LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), CRCM LP reported 8 stock positions worth $333.9 million. Its top holding was Grail (GRAL) at 56.1% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 29.5%) and Howard Hughes (HHH, 6.2%). Compared with Q1 2025, it opened 3 new positions, added to 1 and reduced 3. The biggest buy was a new position in Howard Hughes (HHH) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −49%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001483234
Portfolio Value
$333.9M (Q2 2025)
SEC Filing
0000898432-25-000593 ↗ filed Aug 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $131.5M Q1 2024 Q2 2024: $136.8M Q2 2024 Q3 2024: $154.5M Q3 2024 Q4 2024: $245.9M Q4 2024 Q1 2025: $244.0M Q1 2025 Q2 2025: $333.9M $333.9M Q2 2025 Q3 2025: $343.6M Q3 2025 Q4 2025: $296.0M Q4 2025 Q1 2026: $141.2M Q1 2026 Q2 2026: $152.1M Q2 2026

Holdings 8 stocks · $333.9M
GRAL Grail Inc. 56.14% 3,644,855 $187.4M No change
IBIT iShares Bitcoin Trust ETF 29.48% 1,608,082 $98.4M Reduce -49.0%
HHH Howard Hughes Holdings Inc. 6.21% 307,223 $20.7M New
IAU iShares Gold Trust 5.23% 280,240 $17.5M Add +4598.1%
CRML Critical Metals Corp. 2.19% 2,039,358 $7.3M New
PLBY Playboy Inc. 0.34% 706,620 $1.1M Reduce -57.5%
PCAPU Procap Acquisition Corp. 0.22% 68,284 $732K New
BNR Burning Rock Biotech Ltd.-ADR 0.18% 194,766 $615K Reduce -13.9%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
SecurityClassShares / PrincipalValueChange
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 22,784$2.8MAdd +44.7%

Total filed on the 13F, all lines: $336.6M.

Portfolio Sells Q1 2025 → Q2 2025
IBIT iShares Bitcoin Trust ETF Reduce -49.0% 29.48% −31.05
PLBY Playboy Inc. Reduce -57.5% 0.34% −0.41
BNR Burning Rock Biotech Ltd.-ADR Reduce -13.9% 0.18% −0.23

Portfolio Buys Q1 2025 → Q2 2025
HHH Howard Hughes Holdings Inc. New 6.21% +6.21
IAU iShares Gold Trust Add +4598.1% 5.23% +5.09
CRML Critical Metals Corp. New 2.19% +2.19
PCAPU Procap Acquisition Corp. New 0.22% +0.22

Notes & Other Activity Q1 2025 → Q2 2025
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF Add +44.7% 22,784 $2.8M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 13$152.1MIAU, IBIT, RNA, AIFC, PLBY
Q1 2026 8$141.2MIAU, AIFC, PLBY, BNR, STAA
Q4 2025 11$296.0MGRAL, IAU, HHH, WBD, RNAM
Q3 2025Amended 9$343.6MIBIT, GRAL, HHH, IAU, AIFC
Q2 2025 8$333.9MGRAL, IBIT, HHH, IAU, CRML
Q1 2025 5$244.0MIBIT, GRAL, PLBY, BNR, IAU
Q4 2024 6$245.9MIBIT, GRAL, ETHA, PLBY, BNR
Q3 2024 4$154.5MIBIT, GRAL, OMIC, IAU
Q2 2024 4$136.8MIBIT, IAU, GRAL, NXE
Q1 2024 4$131.5MIBIT, IAU, NXE, OXY