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

0$500.0M$1.0B$1.5B Q1 2024: $162.6M Q1 2024 Q2 2024: $146.8M Q2 2024 Q3 2024: $44.6M Q3 2024 Q4 2024: $646.0M Q4 2024 Q1 2025: $379.0M $379.0M Q1 2025 Q2 2025: $312.7M Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $650.7M Q4 2025 Q1 2026: $321.0M Q1 2026 Q2 2026: $579.9M Q2 2026

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
VKI Invesco Adv Muni Inc. TR II 0.03% 11,207 $96K New
PFF iShares Preferred & Income S 0.02% 3,076 $95K New
NFLX Netflix Inc. 0.02% 100 $93K Add +900.0%
XBGYX BlackRock Enh Intl DVD TR 0.02% 16,107 $90K Add +60.0%
XBMEX BlackRock Health Sciences 0.02% 2,262 $87K New
BGR BlackRock Enrgy & Res TR 0.02% 6,355 $86K Add +96.3%
TLT iShares 20+ Year Treasury BD 0.02% 948 $86K Add +298.3%
XEVVX Eaton Vance Ltd. Durat Inc. 0.02% 8,586 $86K Reduce -65.2%
NXP Nuveen Select Tax-Free Inc. 0.02% 5,862 $84K New
EFT Eaton Vance Fltng RT Inc. TR 0.02% 6,675 $84K Add +106.3%
ETJ Eaton Vance RSK-MGD Divers 0.02% 9,795 $83K New
XEFRX Eaton Vance Sr FLTG Rate TR 0.02% 6,756 $83K Add +385.3%
DASH DoorDash Inc. Class A 0.02% 449 $82K New
XNXJX Nuveen NJ QLTY Muni Inc. 0.02% 6,930 $82K New
PEO Adams Natural Resources Fund 0.02% 3,541 $81K New
BGH Barings GLBL SHRT Dur Hi YLD 0.02% 5,156 $78K Add +23.9%
FTF Franklin Ltd. Dur Inc. TR 0.02% 11,991 $77K New
PHK PIMCO High Income Fund 0.02% 15,716 $77K Reduce -17.9%
XBFZX BlackRock Ca Muni Inc. TR 0.02% 6,866 $75K Add +47.1%
TETH 21SHARES Etherm Stak ETF-Usd 0.02% 7,983 $73K Reduce -86.2%
PMO Franklin Muncipl Opps Tst-Ui 0.02% 7,104 $72K New
BITB Bitwise Bitcoin ETF 0.02% 1,607 $72K Reduce -99.5%
GUG Guggenheim Active Allocation 0.02% 4,408 $66K New
VKQ Invesco Municipal Trust 0.02% 6,709 $65K New
GOOGL Alphabet Inc. Class A 0.02% 414 $64K Reduce -98.6%
FCT First Trust SNR FL RT Inc. II 0.02% 6,292 $64K New
FOXA Fox Corp. Class A 0.02% 1,117 $63K New
BYM BlackRock Muni Inc. QLTY 0.02% 5,854 $63K Add +15.3%
EPR Epr Properties filed as EPR PPTYS 0.02% 1,165 $61K New
EEM iShares MSCI Emerging Market 0.02% 1,401 $61K Add +112.6%
XJPIX Nuveen Preferred Securities 0.02% 3,031 $60K Add +23.5%
CHAU DD Csi 300 CH A SB 2X ETF-US 0.02% 4,125 $59K New
KTF DWS Municipal Income Trust 0.01% 6,066 $57K Reduce -15.1%
TEI Templeton Emrg MKTS Inc. 0.01% 10,265 $55K New
XLGIX Lazard GLBL TTL RTRN & Inc. 0.01% 3,460 $53K New
EMB iShares JP Morgan Usd Emergi 0.01% 574 $52K Add +37.3%
NXG NXG Nextgen Infrastr Inc. 0.01% 1,083 $51K New
RMT Royce Micro-Cap Trust Inc. 0.01% 6,023 $51K New
VTES Vanguard SH Term Tax-Ex Bond 0.01% 502 $50K Reduce -54.2%
IBMR iShares Ibonds Dec 2029 M BD 0.01% 2,004 $50K New
EHI Western Asset Global High Inc. 0.01% 7,561 $50K New
BRRR Coinshares Bitcoin ETF 0.01% 2,118 $49K Reduce -99.7%
GGN Gamco GLBL Gold NTRL Res Inc. 0.01% 11,188 $49K Add +0.1%
NMAI Nuveen Multi-Asset Income 0.01% 4,048 $49K New
HIO Western Asset Hi Inc. Opport 0.01% 12,209 $49K New
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.01% 445 $48K New
ARDC Ares Dynamic Credit All 0.01% 3,384 $48K Add +1130.5%
DHF BNYM High Yield Strategies filed as BNY MELLON HIGH YIELD STRATE 0.01% 18,387 $47K New
YANG Dir DLY FT Chi Be 3X ETF-Usd 0.01% 1,163 $46K No change
RA Brookfield Real Assets Incom 0.01% 3,462 $46K New
AEM Agnico Eagle Mines Ltd. 0.01% 419 $45K Add +63.7%
JRS Nuveen Real Estate Income 0.01% 5,465 $45K New
LDP Cohen & Steers Limited Durat 0.01% 2,193 $45K Add +160.4%
ETB Eaton Vance T/M Buy-WRT Inc. 0.01% 3,256 $44K New
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.01% 772 $44K Add +282.2%
IIM Invesco Value Municipal Inco 0.01% 3,673 $44K Reduce -56.6%
HYT BlackRock Corp. Hi YLD 0.01% 4,519 $43K New
XJQCX Nuveen Credit Strategies Inc. 0.01% 7,705 $41K Reduce -75.5%
MUE BlackRock Munihold QLT FD II 0.01% 3,800 $38K Reduce -19.8%
RLTY Cohen & Steers RL Est Opprt 0.01% 2,449 $38K New
ACV Virtus Divers Inc. & Convert 0.01% 1,871 $37K New
EFA iShares MSCI Eafe ETF 0.01% 447 $37K Add +44.7%
KMB Kimberly-Clark Corp. 0.01% 255 $36K New
BWG Brandywineglobal Global Inco 0.01% 4,231 $35K New
XEVGX Eaton Vance Short Dur Div Inc. 0.01% 2,917 $32K New
HYI Western Asset High Yield Opp 0.01% 2,695 $32K Reduce -39.8%
CVX Chevron Corp. 0.01% 188 $31K New
MCHI iShares MSCI China ETF 0.01% 573 $31K New
XOM Exxon Mobil Corp. 0.01% 262 $31K New
ULS Ul Solutions Inc. Class A 0.01% 544 $31K New
XPHTX Pioneer High Income Fund 0.01% 3,952 $31K Add +394.6%
LYV Live Nation Entertainment Inc. 0.01% 233 $30K Reduce -59.3%
L Loews Corp. 0.01% 331 $30K New
TNL Travel + Leisure Co. 0.01% 656 $30K New
MOH Molina Healthcare Inc. 0.01% 92 $30K Add +170.6%
RSG Republic Services Inc. 0.01% 125 $30K New
ABT Abbott Laboratories 0.01% 228 $30K New
ARCC Ares Capital Corp. 0.01% 1,363 $30K New
DBX Dropbox Inc. Class A 0.01% 1,130 $30K Add +71.0%
SAM Boston Beer Company Inc. Class A 0.01% 126 $30K New
ORLY O'reilly Automotive Inc. 0.01% 21 $30K New
SSNC Ss&c Technologies Holdings 0.01% 360 $30K New
RYN Rayonier Inc. 0.01% 1,077 $30K New
EEFT Euronet Worldwide Inc. 0.01% 281 $30K New
CCEP Coca-Cola Europacific Partne 0.01% 345 $30K Add +31.7%
TAP Molson Coors Beverage Co. Class B 0.01% 493 $30K New
RELY Remitly Global Inc. 0.01% 1,442 $30K New
FMC FMC Corp. 0.01% 710 $30K New
BCS Barclays PLC-Spons ADR 0.01% 1,946 $30K New
CHDN Churchill Downs Inc. 0.01% 265 $29K New
WH Wyndham Hotels & Resorts Inc. 0.01% 325 $29K New
JEF Jefferies Financial Group Inc. 0.01% 549 $29K Add +117.9%
MIY BlackRock Muniyield Mi QLTY 0.01% 2,534 $29K Reduce -41.6%
GPI Group 1 Automotive Inc. 0.01% 75 $29K New
BTC Grayscale Bitcoin Mini ETF 0.01% 768 $28K New
ECF Ellsworth Growth and Income 0.01% 2,991 $27K New
ETHW Bitwise Ethereum ETF 0.01% 2,025 $27K Reduce -99.9%
GLO Clough Global Opportunities 0.01% 5,300 $26K New
ARKB ARK 21SHARES Bitcoin ETF 0.01% 298 $24K Reduce -99.8%
RMI Rivernorth Opport Muni Inc. 0.01% 1,583 $24K New
LUV Southwest Airlines Co. 0.01% 673 $23K Add +14.7%
XPMQX PIMCO Muni Income Fund III 0.01% 3,136 $22K Add +81.4%
BGX Blackstone Long-Short Credit 0.01% 1,801 $22K New
RFI Cohen & Steers Tot Ret RLTY 0.01% 1,812 $22K Reduce -67.2%
MSD Morgan Stanley Emrg MKT Debt 0.01% 2,698 $22K New
ETO Eaton Vance T/A GLBL DVD Opp 0.01% 870 $21K New
CHW Calamos Global Dynamic Incom 0.01% 3,343 $21K Reduce -45.8%
JCE Nuveen Core Equity Alpha 0.01% 1,438 $21K New
BST BlackRock Science & Tech TR 0.01% 603 $20K Reduce -51.3%
VFL Abrdn National Municipal Inc. 0.01% 1,945 $20K New
NEE Nextera Energy Inc. 0.01% 278 $20K Reduce -78.5%
IGA Voya Global Advan & Prem Opp 0.01% 1,928 $19K New
SLV iShares Silver Trust 0.00% 595 $18K Reduce -33.3%
VMO Invesco Municipal Opport 0.00% 1,932 $18K New
BGB Blackstone Strategic Credit 0.00% 1,499 $18K Reduce -82.3%
MFM Aberdeen Municipal Income 0.00% 3,236 $17K New
DBL Doubleline Opport Credit 0.00% 1,088 $17K New
XFOFX Cohen & Steers Closed-End Op 0.00% 1,383 $17K Add +8.2%
TSM Taiwan Semiconductor-SP ADR 0.00% 100 $17K Reduce -99.7%
PFD Flaherty & Crumrin Pre&inc F 0.00% 1,474 $17K New
NDMO Nuveen Dynamic Municipal Opp 0.00% 1,599 $16K Reduce -16.5%
RVT Royce Small-Cap Trust Inc. 0.00% 1,138 $16K New
XBTAX BlackRock LNG-TRM Muni Adv 0.00% 1,651 $16K New
XWIAX Western Asset Infl-Link Sec 0.00% 1,907 $16K New
ACP Abrdn Income Credit Strat 0.00% 2,683 $16K New
MO Altria Group Inc. 0.00% 258 $15K New
BTI British American Tob-SP ADR 0.00% 370 $15K New
CAVA Cava Group Inc. 0.00% 175 $15K New
NYT New York Times Co. Class A 0.00% 304 $15K New
KMI Kinder Morgan Inc. 0.00% 528 $15K New
XCAFX Morgan Stanley China A Share 0.00% 1,107 $14K New
AVGO Broadcom Inc. 0.00% 86 $14K Reduce -99.9%
ERC Allspring Multi-Sector Inc. 0.00% 1,532 $14K New
EVN Eaton Vance Muni Inc. TR 0.00% 1,331 $14K New
XMHIX Pioneer Muni High Inc. TR 0.00% 1,463 $13K New
EMO Clearbridge Energy Midstream 0.00% 268 $13K New
ALB Albemarle Corp. 0.00% 183 $13K Reduce -93.0%
DIAX Nuveen Dow 30 Dynamic Overwr 0.00% 895 $13K New
VCV Invesco Ca Val Muni Inc. TR 0.00% 1,207 $13K New
DPG Duff & Phelps Utility & Inc. 0.00% 1,047 $13K New
IIF Morgan Stanley India Invest 0.00% 482 $12K Reduce -77.6%
BUI Blckrck Util Infra & PWR Opp filed as BLACKROCK UTILS INFRASTRUCTU 0.00% 505 $11K New
PTA Cohen & Steers Tax-Advantage 0.00% 572 $11K New
MCN Xai Madison Equity Premium I 0.00% 1,680 $10K New
RIV Rivernorth Opportunities 0.00% 851 $10K Reduce -86.8%
IWS iShares Russell Mid-Cap Valu 0.00% 79 $10K New
PWZ Invesco California Amt-Free 0.00% 406 $10K New
MMT Aberdeen Multimarket Income 0.00% 1,974 $9K Add +35.5%
HODL Vaneck Bitcoin ETF 0.00% 384 $9K No change
BLW BlackRock Ltd. Durat Inc. TR 0.00% 632 $9K New
PSF Cohen & Steers Select Prefer 0.00% 406 $8K Add +10050.0%
EIM Eaton Vance Municipal Bond 0.00% 788 $8K Reduce -72.0%
XPMAX Pioneer Municipal High Inc. 0.00% 929 $8K New
APO Apollo Global Management Inc. 0.00% 54 $7K Reduce -84.7%
MBB iShares MBS ETF 0.00% 71 $7K Reduce -96.4%
BITU Proshares Ultra Bitcoin ETF 0.00% 198 $7K New
XFFCX Flaherty & Crumrine Pref Inc. 0.00% 389 $6K New
IWM iShares Russell 2000 ETF 0.00% 30 $6K Reduce -96.9%
UBER Uber Technologies Inc. 0.00% 77 $6K Reduce -87.8%
PFL PIMCO Income Strategy Fund 0.00% 641 $6K New
MSTZ T-Rex 2X Inverse MSTR DT ETF 0.00% 368 $5K No change
HPE Hewlett Packard Enterprise 0.00% 331 $5K Reduce -81.1%
HPI John Hancock Prefer Inc. 0.00% 305 $5K Reduce -41.9%
ZTR Virtus Total Return Fund Inc. 0.00% 769 $5K Reduce -23.4%
MRK Merck & Co. Inc. 0.00% 44 $4K Reduce -48.2%
NAN Nuveen NY QLTY Muni Inc. 0.00% 293 $3K New
SMH Vaneck Semiconductor ETF 0.00% 14 $3K Reduce -76.7%
AMG Affiliated Managers Group 0.00% 17 $3K Reduce -72.1%
LLYVA Liberty Media Corp.-Liberty-A 0.00% 40 $3K No change
MHN BlackRock Muniholding NY QLT 0.00% 256 $3K New
PENG Penguin Solutions Inc. 0.00% 145 $3K No change
FAX Abrdn Asia-Pacific Income 0.00% 148 $2K Add +825.0%
LCII Lci Industries 0.00% 21 $2K Add +10.5%
WIX Wix.com Ltd. 0.00% 11 $2K Reduce -42.1%
LUNR Intuitive Machines Inc. 0.00% 100 $745 No change
VTN Invesco TR for Invest GRD NY 0.00% 69 $720 New
JBTM JBT Marel Corp. 0.00% 5 $611 Reduce -83.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 12 $501 Reduce -45.5%
CPTAF Captivision Inc. 0.00% 300 $142 No change
TTE Totalenergies SE -Spon ADR 0.00% 1 $65 No change
HTCO High-Trend International-A 0.00% 25 $28 No change
FUBO Fubotv Inc. 0.00% 8 $23 No change

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)
SecurityClassShares / PrincipalValueChange
BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) NOTE 0.750% 5/0 · principal 25,179,000$62.0MNew
INFINERA CORP (INFN 3.75 08/01/28) NOTE 3.750% 8/0 · principal 26,650,000$34.1MAdd +966.0%
HUBSPOT INC (HUBS 0.375 06/01/25) NOTE 0.375% 6/0 · principal 13,473,000$27.1MNew
NRG ENERGY INC (NRG 2.75 06/01/48) DBCV 2.750% 6/0 · principal 8,829,000$20.6MNew
PALO ALTO NETWORKS (PANW 0.375 06/01/25) NOTE 0.375% 6/0 · principal 1,116,000$3.8MNew
AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) NOTE 3.875% 8/1 · principal 2,000,000$2.0MNo change
INFINERA CORP (INFN 2.5 03/01/27) NOTE 2.500% 3/0 · principal 1,000,000$1.2MNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 20,000$1.2MNew
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 19,000$836KNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 15,000$710KNew
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 47,317$3KNo change
JQCNR Nuveen Credit Strategies-RTS RIGHT 04/29/2025 16,105$483New
OIOWW Esgl Holdings Ltd.-28 *W EXP 08/02/202 20,000$226No 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 650$579.9MNVDA, MSFT, AAPL, INTC, AMZN
Q1 2026 599$321.0MNVDA, SPY, BSMT, TLT, CLOA
Q4 2025 374$650.7MMSFT, TSLA, NVDA, BSOL, AMZN
Q3 2025 116$1.2BSEA LTD (SEALTD 2.375 12/01/25), TSLA, MSFT, TSM, AMZN
Q2 2025 307$312.7MIBIT, FBTC, FETH, ETHA, ETH
Q1 2025 282$379.0MMSFT, AAPL, META, TSLA, NVDA
Q4 2024 487$646.0MAAPL, MSFT, NVDA, ETH, ETHW
Q3 2024 360$44.6MBITB, CWB, ARKB, FCVT, CVRT
Q2 2024 184$146.8MARKB, BITB, CWB, VTEB, CVRT
Q1 2024Amended 225$162.6MBITB, ARKB, FBTC, CVRT, CWB