Elequin Capital, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Elequin Capital, LP reported 282 stock positions worth $379.0 million. Its top holding was Microsoft (MSFT) at 18.0% of the portfolio, followed by Apple (AAPL, 16.1%) and Meta Platforms Class A (META, 15.6%). Compared with Q4 2024, it opened 147 new positions, sold out of 352, added to 67 and reduced 58. The biggest buy was Meta Platforms Class A (META, shares +156%) and the biggest sale Bitwise Ethereum ETF (ETHW, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001810873
- Portfolio Value
- $379.0M (Q1 2025)
- SEC Filing
- 0001420506-25-001034 ↗ filed May 13, 2025
Holdings Value
Holdings 282 stocks · $379.0M
| MSFT Microsoft Corp. | 17.98% | 181,552 | $68.2M | Add +10.0% |
| AAPL Apple Inc. | 16.08% | 274,248 | $60.9M | Reduce -14.3% |
| META Meta Platforms Inc. Class A | 15.59% | 102,526 | $59.1M | Add +156.3% |
| TSLA Tesla Inc. | 7.62% | 111,394 | $28.9M | New |
| NVDA Nvidia Corp. | 5.73% | 200,465 | $21.7M | Reduce -54.5% |
| TFI SS SPDR N Ice Muni Bond ETF | 4.24% | 356,854 | $16.1M | Add +3714.2% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 2.42% | 31,879 | $9.2M | Reduce -73.6% |
| FETH Fidelity Ethereum Fund | 1.84% | 382,720 | $7.0M | Reduce -35.3% |
| UCON First Trust Smith Unconstrai | 1.78% | 273,102 | $6.8M | New |
| IBIT iShares Bitcoin Trust ETF | 1.71% | 138,451 | $6.5M | Reduce -73.8% |
| ICVT iShares Convertible Bond ETF | 1.64% | 74,362 | $6.2M | New |
| ETH Grayscale Ethereum Staking M | 1.59% | 350,729 | $6.0M | Reduce -73.1% |
| SUB iShares Short-Term National | 1.56% | 55,810 | $5.9M | New |
| ETHV Vaneck Ethereum ETF | 1.54% | 218,400 | $5.8M | Reduce -20.6% |
| BTCW Wisdomtree Bitcoin Fund | 1.48% | 64,186 | $5.6M | Add +490.1% |
| PHYS Sprott Physical Gold Trust | 0.94% | 148,682 | $3.6M | Add +18649.3% |
| IJS iShares S&P Small-Cap 600 Va | 0.93% | 36,064 | $3.5M | New |
| SMCI Super Micro Computer Inc. | 0.83% | 91,341 | $3.1M | Add +76657.1% |
| SHM SS SPDR N Ice St Muni ETF | 0.75% | 60,071 | $2.9M | Add +32.6% |
| COIN Coinbase Global Inc. Class A | 0.74% | 16,330 | $2.8M | Add +11481.6% |
| FCVT First Trust Ssi Strategi ETF | 0.63% | 67,999 | $2.4M | Add +173.8% |
| HYD Vaneck High Yield Muni ETF | 0.61% | 45,474 | $2.3M | New |
| QQQ Invesco QQQ Trust Series 1 | 0.58% | 4,724 | $2.2M | Add +2553.9% |
| VTEC Vanguard Ca Tax-Ex Bond | 0.57% | 22,096 | $2.2M | Add +10.5% |
| BSMY Invesco Bulletshares 2034 MB | 0.56% | 88,060 | $2.1M | New |
| PZT Invesco New York Amt-Free Mu | 0.51% | 86,759 | $1.9M | New |
| HYMB SS SPDR N Ice HY Muni ETF | 0.43% | 64,986 | $1.6M | Reduce -67.0% |
| DFNM Dimensional National Muni BD | 0.42% | 33,207 | $1.6M | New |
| NVDY Yieldmax Nvda Option Inc. ETF | 0.38% | 93,256 | $1.4M | New |
| CGMU Cap Group Municipal Income | 0.35% | 48,924 | $1.3M | Add +1205.3% |
| PLTR Palantir Technologies Inc. Class A | 0.34% | 15,372 | $1.3M | New |
| HEFA Isha Curr Hedged MSCI Eafe | 0.34% | 35,458 | $1.3M | New |
| FBCG Fidelity Blue Chip Grow ETF | 0.34% | 31,843 | $1.3M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.33% | 15,948 | $1.3M | Add +177.2% |
| SRLN SS Blackstone Sr Loan ETF | 0.31% | 28,963 | $1.2M | New |
| FIXD First Trust Smith Opportunis | 0.29% | 24,664 | $1.1M | Reduce -10.8% |
| CEF Sprott Physical Gold and Sil | 0.27% | 35,750 | $1.0M | Add +406.4% |
| NYF iShares New York Muni Bond E | 0.25% | 18,016 | $949K | New |
| CGSM Cap Group Short Muni Income | 0.24% | 34,747 | $904K | New |
| AMD Advanced Micro Devices | 0.21% | 7,898 | $811K | Reduce -94.8% |
| BSMP Invesco Bulletshares 2025 MB | 0.20% | 31,356 | $768K | New |
| SHYM iShares Short Duration High | 0.16% | 27,450 | $622K | New |
| BOND PIMCO Active Bond Exchange-T | 0.15% | 6,172 | $571K | New |
| BKLN Invesco Senior Loan ETF | 0.15% | 27,269 | $564K | New |
| BCAT BlackRock Capital Alloc TR | 0.13% | 34,464 | $496K | Add +221.7% |
| MUB iShares National Muni Bond E | 0.12% | 4,409 | $465K | Add +18.6% |
| INCM Franklin Income Focus ETF | 0.11% | 15,747 | $419K | New |
| IWD iShares Russell 1000 Value E | 0.10% | 2,028 | $382K | New |
| ECAT BlackRock ESG Cap All TRM TR | 0.10% | 22,834 | $360K | New |
| UTG Reaves Utility Income Fund | 0.09% | 10,577 | $344K | New |
| IWP iShares Russell Mid-Cap Grow | 0.09% | 2,898 | $340K | Add +425.9% |
| AMLP Alerian MLP ETF | 0.09% | 6,520 | $339K | Add +33.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 586 | $328K | Add +14.2% |
| NAD Nuveen Quality Municipal Inc. | 0.09% | 28,082 | $324K | New |
| BDJ BlackRock Enhanced Eqty DVD | 0.08% | 33,080 | $284K | Add +52.5% |
| PANW Palo Alto Networks Inc. | 0.07% | 1,656 | $283K | Add +406.4% |
| NMZ Nuveen Muni Hi Inc. Opport | 0.07% | 23,541 | $257K | Reduce -8.3% |
| CBRE GBL REAL ESTATE INC FD | 0.06% | 46,668 | $241K | Add +256.6% |
| RQI Cohen & Steers Qual Inc. RLTY | 0.06% | 18,047 | $227K | New |
| VHT Vanguard Health Care ETF | 0.06% | 850 | $225K | Add +139.4% |
| IFN Aberdeen India Fund Inc. | 0.05% | 13,145 | $207K | Add +44.4% |
| ETV Eaton Vance T/M Buy-Writ Opp | 0.05% | 15,282 | $202K | New |
| VTI VG Morningstar TS MKT ETF-US | 0.05% | 686 | $189K | New |
| USA Liberty All Star Equity Fund | 0.05% | 28,323 | $186K | Add +4171.9% |
| EOS Eaton Vance Enh Eqt Inc. II | 0.05% | 8,469 | $179K | New |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | 0.04% | 3,238 | $169K | Reduce -82.5% |
| IEF iShares 7-10 Year Treasury B | 0.04% | 1,762 | $168K | Add +34.5% |
| PDO PIMCO Dynamic Income Opport | 0.04% | 11,572 | $161K | New |
| AIO Virtus Artific Intel & Tech | 0.04% | 7,653 | $158K | New |
| XCHYX Calamos Convert & High Inc. | 0.04% | 15,037 | $152K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.04% | 219 | $145K | New |
| FXI iShares China Large-Cap ETF | 0.04% | 3,976 | $143K | Reduce -37.2% |
| CHI Calamos Convert Opport & Inc. | 0.04% | 14,577 | $140K | New |
| BIT BlackRock Multi-Sector Inc. | 0.04% | 9,653 | $140K | New |
| ETW Eaton Vance T/M GLBL Buy-WR | 0.04% | 16,777 | $138K | Add +117.6% |
| CII BlackRock Enhan LRG Cap Core | 0.04% | 7,413 | $137K | New |
| TIDAL TRUST II | 0.03% | 18,658 | $132K | New |
| VCIT Vanguard Int-Term Corporate | 0.03% | 1,605 | $131K | New |
| PML PIMCO Municipal Income FD II | 0.03% | 16,030 | $130K | Add +979.5% |
| NVG Nuveen Amt-FR Muni CRDT | 0.03% | 10,208 | $126K | Add +7.5% |
| WDI Western Asset Divers Inc. | 0.03% | 8,655 | $125K | Add +384.3% |
| NMCO Nuveen Municipal Credit Opp | 0.03% | 11,424 | $122K | New |
| TIDAL TRUST II | 0.03% | 15,281 | $121K | New |
| VMBS Vanguard Mortgage-Backed Sec | 0.03% | 2,604 | $121K | Add +14.2% |
| IQI Invesco Quality Muni Inc. TR | 0.03% | 12,170 | $118K | New |
| NRK Nuveen NY Amt-FR Muni Inc. | 0.03% | 11,058 | $114K | Add +191.6% |
| MLN Vaneck Long Muni ETF | 0.03% | 6,533 | $114K | New |
| WIW Western Asst Infl-LNK Opp | 0.03% | 12,704 | $112K | Reduce -22.4% |
| XETYX Eaton Vance Tax-MGD Div Eqty | 0.03% | 7,753 | $111K | New |
| CCD Calamos DYN Convert & Inc. | 0.03% | 5,143 | $109K | New |
| KRE SS SPDR S&P Regional Bank | 0.03% | 1,918 | $109K | Add +4162.2% |
| IBB iShares Biotechnology ETF | 0.03% | 829 | $106K | New |
| BMEZ BlackRock HLTH Sci TRM TR II | 0.03% | 7,079 | $105K | Add +20.7% |
| ETHA iShares Ethereum Trust ETF | 0.03% | 7,598 | $105K | Reduce -99.2% |
| NPCT Nuveen Core Plus Impact | 0.03% | 9,757 | $104K | Add +46.1% |
| EOI Eaton Vance Enhanced Eq Incm | 0.03% | 5,514 | $103K | Add +18.1% |
| NFJ Virtus DVD Intrst & PRM STR | 0.03% | 8,513 | $103K | New |
| GBAB Guggenheim Taxable Municipal | 0.03% | 6,636 | $103K | Add +966.9% |
| NZF Nuveen Municipal Credit Inc. | 0.03% | 8,235 | $101K | Reduce -79.7% |
| NCZ Virtus Convertible & Income | 0.03% | 8,621 | $100K | New |
Options reported separately and not counted above: MSFT puts ($68.5M), AAPL puts ($61.8M), META puts ($60.5M), TSLA puts ($27.0M), NVDA puts ($25.7M), AMZN puts ($6.4M), GOOGL puts ($4.9M), GOOGL calls ($3.0M), AMD puts ($2.4M), QQQ calls ($1.0M), AMAT puts ($987K), SHEL calls ($843K), and 17 more.
Other holdings (13): bonds, preferreds, convertibles and warrants · $153.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 25,179,000 | $62.0M | New |
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | 26,650,000 | $34.1M | Add +966.0% |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 13,473,000 | $27.1M | New |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | 8,829,000 | $20.6M | New |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | 1,116,000 | $3.8M | New |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 2,000,000 | $2.0M | No change |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | 1,000,000 | $1.2M | New |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 20,000 | $1.2M | New |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 19,000 | $836K | New |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 15,000 | $710K | New |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 47,317 | $3K | No change |
| JQCNR Nuveen Credit Strategies-RTS | RIGHT 04/29/2025 | 16,105 | $483 | New |
| OIOWW Esgl Holdings Ltd.-28 | *W EXP 08/02/202 | 20,000 | $226 | No change |
Total filed on the 13F, all lines: $532.6M.
Portfolio Sells Q4 2024 → Q1 2025
| ETHW Bitwise Ethereum ETF | Reduce -99.9% | 0.01% | −5.79 |
| ETH Grayscale Ethereum Staking M | Reduce -73.1% | 1.59% | −4.75 |
| ETHA iShares Ethereum Trust ETF | Reduce -99.2% | 0.03% | −3.68 |
| AVGO Broadcom Inc. | Reduce -99.9% | 0.00% | −3.59 |
| NVDA Nvidia Corp. | Reduce -54.5% | 5.73% | −3.42 |
| MSTR Strategy Inc. | Reduce -73.6% | 2.42% | −3.00 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −2.95 |
| BRRR Coinshares Bitcoin ETF | Reduce -99.7% | 0.01% | −2.67 |
| AMD Advanced Micro Devices | Reduce -94.8% | 0.21% | −2.64 |
| IBIT iShares Bitcoin Trust ETF | Reduce -73.8% | 1.71% | −2.63 |
| BITB Bitwise Bitcoin ETF | Reduce -99.5% | 0.02% | −2.59 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −2.38 |
| ARKB ARK 21SHARES Bitcoin ETF | Reduce -99.8% | 0.01% | −2.25 |
| MU Micron Technology Inc. | Sold out | 0.00% | −1.95 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −1.77 |
| CI The Cigna Group | Sold out | 0.00% | −1.28 |
| FETH Fidelity Ethereum Fund | Reduce -35.3% | 1.84% | −1.22 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −1.19 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -99.7% | 0.00% | −0.91 |
| GOOGL Alphabet Inc. Class A | Reduce -98.6% | 0.02% | −0.86 |
| WMT Walmart Inc. | Sold out | 0.00% | −0.70 |
| ETHV Vaneck Ethereum ETF | Reduce -20.6% | 1.54% | −0.54 |
| HYMB SS SPDR N Ice HY Muni ETF | Reduce -67.0% | 0.43% | −0.35 |
| PYLD PIMCO Multisector Bond Actv | Sold out | 0.00% | −0.13 |
| TETH 21SHARES Etherm Stak ETF-Usd | Reduce -86.2% | 0.02% | −0.13 |
| DFGX Dimsnl Intr CF in ETF-Usd Inc. | Reduce -82.5% | 0.04% | −0.11 |
| PZA Invesco National Amt-Free Mu | Sold out | 0.00% | −0.08 |
| CVRT Calamos Conv Eqty Alt ETF | Sold out | 0.00% | −0.08 |
| FMB First Trust Managed Municipa | Sold out | 0.00% | −0.06 |
| QDTE Roundhill Nasdaq-100 0DTE Co. | Sold out | 0.00% | −0.05 |
| NZF Nuveen Municipal Credit Inc. | Reduce -79.7% | 0.03% | −0.05 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.05 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.04 |
| CWB SS SPDR BB Conv Sec ETF | Sold out | 0.00% | −0.03 |
| PDI PIMCO Dynamic Income Fund | Sold out | 0.00% | −0.03 |
| ALB Albemarle Corp. | Reduce -93.0% | 0.00% | −0.03 |
| IWM iShares Russell 2000 ETF | Reduce -96.9% | 0.00% | −0.03 |
| MUC BlackRock Munihold Ca QLTY | Sold out | 0.00% | −0.03 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.03 |
| BTZ BlackRock Credit Allocation | Sold out | 0.00% | −0.03 |
| XGDVX Gabelli Dividend & Income TR | Sold out | 0.00% | −0.03 |
| MBB iShares MBS ETF | Reduce -96.4% | 0.00% | −0.03 |
| PCN PIMCO Corporate & Income STR | Sold out | 0.00% | −0.02 |
| CSQ Calamos Strat TTL RTRN FND | Sold out | 0.00% | −0.02 |
| XMYDX BlackRock Muniyield Fund | Sold out | 0.00% | −0.02 |
| DVY iShares Select Dividend ETF | Sold out | 0.00% | −0.02 |
| XEXGX Eaton Vance Tax-Managed Glob | Sold out | 0.00% | −0.02 |
| BA The Boeing Co. | Sold out | 0.00% | −0.02 |
| GHY Pgim Global High Yield Fund | Sold out | 0.00% | −0.02 |
| XRNPX Cohen & Steers REIT and Pref | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| META Meta Platforms Inc. Class A | Add +156.3% | 15.59% | +11.97 |
| TSLA Tesla Inc. | New | 7.62% | +7.62 |
| MSFT Microsoft Corp. | Add +10.0% | 17.98% | +7.22 |
| TFI SS SPDR N Ice Muni Bond ETF | Add +3714.2% | 4.24% | +4.18 |
| UCON First Trust Smith Unconstrai | New | 1.78% | +1.78 |
| ICVT iShares Convertible Bond ETF | New | 1.64% | +1.64 |
| SUB iShares Short-Term National | New | 1.56% | +1.56 |
| BTCW Wisdomtree Bitcoin Fund | Add +490.1% | 1.48% | +1.31 |
| PHYS Sprott Physical Gold Trust | Add +18649.3% | 0.94% | +0.94 |
| IJS iShares S&P Small-Cap 600 Va | New | 0.93% | +0.93 |
| SMCI Super Micro Computer Inc. | Add +76657.1% | 0.83% | +0.82 |
| COIN Coinbase Global Inc. Class A | Add +11481.6% | 0.74% | +0.74 |
| HYD Vaneck High Yield Muni ETF | New | 0.61% | +0.61 |
| QQQ Invesco QQQ Trust Series 1 | Add +2553.9% | 0.58% | +0.57 |
| BSMY Invesco Bulletshares 2034 MB | New | 0.56% | +0.56 |
| PZT Invesco New York Amt-Free Mu | New | 0.51% | +0.51 |
| FCVT First Trust Ssi Strategi ETF | Add +173.8% | 0.63% | +0.48 |
| SHM SS SPDR N Ice St Muni ETF | Add +32.6% | 0.75% | +0.42 |
| DFNM Dimensional National Muni BD | New | 0.42% | +0.42 |
| NVDY Yieldmax Nvda Option Inc. ETF | New | 0.38% | +0.38 |
| PLTR Palantir Technologies Inc. Class A | New | 0.34% | +0.34 |
| HEFA Isha Curr Hedged MSCI Eafe | New | 0.34% | +0.34 |
| FBCG Fidelity Blue Chip Grow ETF | New | 0.34% | +0.34 |
| CGMU Cap Group Municipal Income | Add +1205.3% | 0.35% | +0.33 |
| SRLN SS Blackstone Sr Loan ETF | New | 0.31% | +0.31 |
| VTEC Vanguard Ca Tax-Ex Bond | Add +10.5% | 0.57% | +0.27 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +177.2% | 0.33% | +0.26 |
| NYF iShares New York Muni Bond E | New | 0.25% | +0.25 |
| CEF Sprott Physical Gold and Sil | Add +406.4% | 0.27% | +0.24 |
| CGSM Cap Group Short Muni Income | New | 0.24% | +0.24 |
| BSMP Invesco Bulletshares 2025 MB | New | 0.20% | +0.20 |
| SHYM iShares Short Duration High | New | 0.16% | +0.16 |
| BOND PIMCO Active Bond Exchange-T | New | 0.15% | +0.15 |
| BKLN Invesco Senior Loan ETF | New | 0.15% | +0.15 |
| INCM Franklin Income Focus ETF | New | 0.11% | +0.11 |
| BCAT BlackRock Capital Alloc TR | Add +221.7% | 0.13% | +0.11 |
| IWD iShares Russell 1000 Value E | New | 0.10% | +0.10 |
| ECAT BlackRock ESG Cap All TRM TR | New | 0.10% | +0.10 |
| UTG Reaves Utility Income Fund | New | 0.09% | +0.09 |
| NAD Nuveen Quality Municipal Inc. | New | 0.09% | +0.09 |
| IWP iShares Russell Mid-Cap Grow | Add +425.9% | 0.09% | +0.08 |
| PANW Palo Alto Networks Inc. | Add +406.4% | 0.07% | +0.07 |
| MUB iShares National Muni Bond E | Add +18.6% | 0.12% | +0.06 |
| RQI Cohen & Steers Qual Inc. RLTY | New | 0.06% | +0.06 |
| CBRE GBL REAL ESTATE INC FD | Add +256.6% | 0.06% | +0.05 |
| ETV Eaton Vance T/M Buy-Writ Opp | New | 0.05% | +0.05 |
| AMLP Alerian MLP ETF | Add +33.6% | 0.09% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.05% | +0.05 |
| USA Liberty All Star Equity Fund | Add +4171.9% | 0.05% | +0.05 |
| BDJ BlackRock Enhanced Eqty DVD | Add +52.5% | 0.08% | +0.05 |
Options Activity Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | put | Add +10.7% | 182,600 | $68.5M |
| AAPL Apple Inc. | put | Reduce -13.1% | 278,000 | $61.8M |
| META Meta Platforms Inc. Class A | put | Add +162.3% | 104,900 | $60.5M |
| MSTR Strategy Inc. | put | Sold out | 99,500 | $28.8Mbefore exit |
| TSLA Tesla Inc. | put | New | 104,100 | $27.0M |
| NVDA Nvidia Corp. | put | Reduce -46.0% | 237,500 | $25.7M |
| GOOG Alphabet Inc. Class C | put | Sold out | 100,000 | $19.0Mbefore exit |
| MU Micron Technology Inc. | put | Sold out | 150,000 | $12.6Mbefore exit |
| GS Goldman Sachs Group Inc. | put | Sold out | 20,000 | $11.5Mbefore exit |
| CI The Cigna Group | put | Sold out | 30,000 | $8.3Mbefore exit |
| QCOM Qualcomm Inc. | put | Sold out | 50,000 | $7.7Mbefore exit |
| AMZN Amazon.com Inc. | put | Reduce -52.0% | 33,600 | $6.4M |
| GOOGL Alphabet Inc. Class A | put | Add +6.7% | 32,000 | $4.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 8,000 | $4.7Mbefore exit |
| WMT Walmart Inc. | put | Sold out | 50,000 | $4.5Mbefore exit |
| GOOGL Alphabet Inc. Class A | call | New | 19,500 | $3.0M |
| AMD Advanced Micro Devices | put | Reduce -84.3% | 23,500 | $2.4M |
| VXX Ipath Series B S&P 500 Vix | call | Sold out | 28,000 | $1.3Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | New | 2,200 | $1.0M |
| AMAT Applied Materials Inc. | put | New | 6,800 | $987K |
| SHEL Shell PLC-ADR | call | New | 11,500 | $843K |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 1,400 | $821Kbefore exit |
| TSLA Tesla Inc. | call | New | 3,000 | $777K |
| NVDA Nvidia Corp. | call | New | 7,000 | $759K |
| ZM Zoom Communications Inc. | call | New | 10,000 | $738K |
| AMZN Amazon.com Inc. | call | New | 3,700 | $704K |
| TSM Taiwan Semiconductor-SP ADR | put | Reduce -88.3% | 3,500 | $581K |
| SE Sea Ltd.-ADR | call | New | 4,000 | $522K |
| PANW Palo Alto Networks Inc. | put | New | 3,000 | $512K |
| COST Costco Wholesale Corp. | call | New | 500 | $473K |
| ABNB Airbnb Inc. Class A | call | New | 3,000 | $358K |
| COIN Coinbase Global Inc. Class A | put | New | 2,000 | $344K |
| MSFT Microsoft Corp. | call | New | 600 | $225K |
| ABNB Airbnb Inc. Class A | put | New | 1,700 | $203K |
| AVGO Broadcom Inc. | put | Reduce -99.0% | 1,000 | $167K |
| ZM Zoom Communications Inc. | put | New | 2,000 | $148K |
| AMD Advanced Micro Devices | call | New | 1,000 | $103K |
| NFLX Netflix Inc. | put | New | 100 | $93K |
| META Meta Platforms Inc. Class A | call | New | 100 | $58K |
| BXMT Blackstone Mortgage Tru Class A | put | Sold out | 400 | $7Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| INSIGHT ENTERPRS (NSIT 0.75 02/15/25) | NOTE 0.750% 2/1 · principal | Sold out | 51,007,000 | $114.4Mbefore exit |
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | New | 25,179,000 | $62.0M |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | Sold out | 25,084,000 | $52.0Mbefore exit |
| INFINERA CORP (INFN 3.75 08/01/28) | NOTE 3.750% 8/0 · principal | Add +966.0% | 26,650,000 | $34.1M |
| HUBSPOT INC (HUBS 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | New | 13,473,000 | $27.1M |
| LIVE NATION ENTERTAINMEN (LYV 2 02/15/25) | NOTE 2.000% 2/1 · principal | Sold out | 16,767,000 | $20.6Mbefore exit |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | New | 8,829,000 | $20.6M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 03/15/25) | NOTE 1.250% 3/1 · principal | Sold out | 11,195,000 | $16.6Mbefore exit |
| VEECO INSTRUMENTS INC (VECO 3.5 01/15/25) | NOTE 3.500% 1/1 · principal | Sold out | 7,700,000 | $8.7Mbefore exit |
| PALO ALTO NETWORKS (PANW 0.375 06/01/25) | NOTE 0.375% 6/0 · principal | New | 1,116,000 | $3.8M |
| INFINERA CORP (INFN 2.5 03/01/27) | NOTE 2.500% 3/0 · principal | New | 1,000,000 | $1.2M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 20,000 | $1.2M |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | New | 19,000 | $836K |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | New | 15,000 | $710K |
| JQCNR Nuveen Credit Strategies-RTS | RIGHT 04/29/2025 | New | 16,105 | $483 |
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 | 650 | $579.9M | NVDA, MSFT, AAPL, INTC, AMZN |
| Q1 2026 | 599 | $321.0M | NVDA, SPY, BSMT, TLT, CLOA |
| Q4 2025 | 374 | $650.7M | MSFT, TSLA, NVDA, BSOL, AMZN |
| Q3 2025 | 116 | $1.2B | SEA LTD (SEALTD 2.375 12/01/25), TSLA, MSFT, TSM, AMZN |
| Q2 2025 | 307 | $312.7M | IBIT, FBTC, FETH, ETHA, ETH |
| Q1 2025 | 282 | $379.0M | MSFT, AAPL, META, TSLA, NVDA |
| Q4 2024 | 487 | $646.0M | AAPL, MSFT, NVDA, ETH, ETHW |
| Q3 2024 | 360 | $44.6M | BITB, CWB, ARKB, FCVT, CVRT |
| Q2 2024 | 184 | $146.8M | ARKB, BITB, CWB, VTEB, CVRT |
| Q1 2024Amended | 225 | $162.6M | BITB, ARKB, FBTC, CVRT, CWB |