CRCM LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), CRCM LP reported 9 stock positions worth $343.6 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 41.9% of the portfolio, followed by Grail (GRAL, 31.7%) and Howard Hughes (HHH, 13.4%). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 6 and reduced 1. The biggest buy was iShares Bitcoin Trust ETF (IBIT, shares +38%) and the biggest sale Grail (GRAL, shares −49%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001483234
Portfolio Value
$343.6M (Q3 2025)
SEC Filing
0000898432-25-000902 ↗ filed Nov 14, 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 Q2 2025 Q3 2025: $343.6M $343.6M Q3 2025 Q4 2025: $296.0M Q4 2025 Q1 2026: $141.2M Q1 2026 Q2 2026: $152.1M Q2 2026

Holdings 9 stocks · $343.6M
IBIT iShares Bitcoin Trust ETF 41.89% 2,214,074 $143.9M Add +37.7%
GRAL Grail Inc. 31.71% 1,842,651 $109.0M Reduce -49.5%
HHH Howard Hughes Holdings Inc. 13.41% 560,713 $46.1M Add +82.5%
IAU iShares Gold Trust 8.32% 392,680 $28.6M Add +40.1%
AIFC AI Financial Corp. filed as ALT5 SIGMA CORP 1.81% 2,312,177 $6.2M New
PCAP Procap Acquisition Corp. Class A 0.92% 306,519 $3.1M Add +348.9%
USBC Usbc Inc. 0.77% 1,972,471 $2.6M New
PLBY Playboy Inc. 0.62% 1,451,156 $2.1M Add +105.4%
BNR Burning Rock Biotech Ltd.-ADR 0.56% 221,575 $1.9M Add +13.8%
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.1M (not counted above)
SecurityClassShares / PrincipalValueChange
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 22,784$2.1MNo change

Total filed on the 13F, all lines: $345.7M.

Portfolio Sells Q2 2025 → Q3 2025
GRAL Grail Inc. Reduce -49.5% 31.71% −24.43
CRML Critical Metals Corp. Sold out 0.00% −2.19

Portfolio Buys Q2 2025 → Q3 2025
IBIT iShares Bitcoin Trust ETF Add +37.7% 41.89% +12.40
HHH Howard Hughes Holdings Inc. Add +82.5% 13.41% +7.20
IAU iShares Gold Trust Add +40.1% 8.32% +3.08
AIFC AI Financial Corp. New 1.81% +1.81
USBC Usbc Inc. New 0.77% +0.77
PCAP Procap Acquisition Corp. Class A Add +348.9% 0.92% +0.70
BNR Burning Rock Biotech Ltd.-ADR Add +13.8% 0.56% +0.37
PLBY Playboy Inc. Add +105.4% 0.62% +0.28

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