Elequin Capital, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Elequin Capital, LP reported 374 stock positions worth $650.7 million. Its top holding was Microsoft (MSFT) at 18.6% of the portfolio, followed by Tesla (TSLA, 18.4%) and Nvidia (NVDA, 13.2%). Compared with Q3 2025, it opened 289 new positions, sold out of 31, added to 28 and reduced 34. The biggest buy was Microsoft (MSFT, shares +67%) and the biggest sale an exit from Sea Ltd. (sealtd 2.375 12/01/25).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001810873
- Portfolio Value
- $650.7M (Q4 2025)
- SEC Filing
- 0001420506-26-000513 ↗ filed Feb 17, 2026
Holdings Value
Holdings 374 stocks · $650.7M
| MSFT Microsoft Corp. | 18.58% | 250,007 | $120.9M | Add +66.7% |
| TSLA Tesla Inc. | 18.39% | 266,109 | $119.7M | Reduce -42.1% |
| NVDA Nvidia Corp. | 13.20% | 460,680 | $85.9M | Add +175.6% |
| BSOL Bitwise Solana Staking ETF | 9.92% | 3,935,600 | $64.5M | New |
| AMZN Amazon.com Inc. | 5.32% | 150,000 | $34.6M | Reduce -40.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.72% | 45,019 | $30.7M | Add +4489.1% |
| AMD Advanced Micro Devices | 3.43% | 104,185 | $22.3M | Add +385.7% |
| AVGO Broadcom Inc. | 2.66% | 50,000 | $17.3M | No change |
| GSOL Grayscale Solana Staking ETF | 2.45% | 1,750,605 | $15.9M | New |
| AAPL Apple Inc. | 2.09% | 50,001 | $13.6M | Add +5000000.0% |
| BITB Bitwise Bitcoin ETF | 1.17% | 160,000 | $7.6M | Reduce -59.4% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 1.10% | 140,871 | $7.2M | Reduce -43.0% |
| FSOL Fidelity Solana Fund | 0.82% | 367,718 | $5.4M | New |
| XOVR Ershares Private-Public Cros | 0.77% | 250,000 | $5.0M | New |
| DFNM Dimensional National Muni BD | 0.74% | 99,324 | $4.8M | Add +99224.0% |
| FLMI Franklin Dynamic Municipal B | 0.71% | 186,702 | $4.6M | Add +331.8% |
| MSTR Strategy Inc. | 0.70% | 29,957 | $4.6M | Reduce -2.7% |
| COIN Coinbase Global Inc. Class A | 0.67% | 19,386 | $4.4M | Reduce -88.0% |
| BSMR Invesco Bulletshares 2027 MB | 0.56% | 155,296 | $3.7M | New |
| PLTR Palantir Technologies Inc. Class A | 0.53% | 19,369 | $3.4M | Add +18.3% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.51% | 132,744 | $3.3M | Add +2715.4% |
| MMIT Nylim Mackay Muni Intermedia filed as NEW YORK LIFE INVTS ACTIVE E | 0.50% | 134,234 | $3.3M | Add +119.9% |
| VCRM Vanguard Core Tax-Ex Bond | 0.41% | 35,296 | $2.7M | Reduce -15.5% |
| MUNY Vanguard NY Tax-Ex Bond | 0.37% | 23,631 | $2.4M | Add +11099.5% |
| JMSI JPM Sus Municipal Income filed as J P MORGAN EXCHANGE TRADED F | 0.36% | 46,481 | $2.3M | Add +137.9% |
| BSSX Invesco Bulletshares 2033 MB | 0.35% | 87,759 | $2.3M | Add +359.6% |
| TAFM AB Tax Aware Inter Muni filed as AB ACTIVE ETFS INC | 0.34% | 88,061 | $2.2M | New |
| BSMZ Inves Bltshrs 2035 MB ETF | 0.33% | 85,314 | $2.2M | New |
| VSOL Vaneck Solana ETF | 0.32% | 130,000 | $2.1M | New |
| BSMT Invesco Bulletshares 2029 MB | 0.28% | 77,936 | $1.8M | Add +92.4% |
| DFCA Dimensional Calfornia MB ETF | 0.26% | 34,156 | $1.7M | New |
| BSMV Invesco Bulletshares 2031 MB | 0.24% | 72,685 | $1.5M | Add +470.0% |
| SMMU PIMCO SHRT TRM Muni BND ETF | 0.23% | 29,419 | $1.5M | Add +307.4% |
| PWZ Invesco California Amt-Free | 0.23% | 60,957 | $1.5M | Add +591.2% |
| CALI Ishrs SH-TRM Ca Muni Act ETF | 0.23% | 29,065 | $1.5M | Reduce -1.6% |
| BSMU Invesco Bulletshares 2030 MB | 0.22% | 65,980 | $1.5M | New |
| VTEI Vanguard Int Tax-Exempt Bond | 0.22% | 14,062 | $1.4M | New |
| IBIT iShares Bitcoin Trust ETF | 0.21% | 27,955 | $1.4M | Reduce -96.6% |
| BSMQ Invesco Bulletshares 2026 MB | 0.20% | 55,747 | $1.3M | New |
| IWD iShares Russell 1000 Value E | 0.20% | 6,204 | $1.3M | Add +63.0% |
| TLTW iShares 20+ Bond Buywrite | 0.19% | 54,389 | $1.2M | New |
| MINO PIMCO Municipal Income Oppor | 0.19% | 26,579 | $1.2M | Add +175.2% |
| MMIN Nylim Mackay Muni Insured Et filed as NEW YORK LIFE INVTS ACTIVE E | 0.18% | 49,371 | $1.2M | Add +96.7% |
| IBMT iShares Ibonds Dec 2031 Muni | 0.18% | 45,439 | $1.2M | New |
| HIMU iShares High Yild Muni A ETF | 0.17% | 22,978 | $1.1M | Reduce -65.5% |
| VSDM Vanguard Short Tax-Ex Bond | 0.17% | 14,399 | $1.1M | Add +23.1% |
| SMCI Super Micro Computer Inc. | 0.16% | 36,229 | $1.1M | Reduce -77.1% |
| FSMB First Trust Short Dur Manag | 0.16% | 51,965 | $1.0M | Reduce -1.2% |
| SCMB Schwab Municipal Bond ETF | 0.14% | 35,552 | $916K | Reduce -39.8% |
| GDX Vaneck Gold Miners ETF | 0.14% | 10,328 | $886K | New |
| CAIE Calamos Autocallable Inc. ETF | 0.14% | 33,015 | $883K | New |
| BSMW Invesco Bulletshares 2032 MB | 0.13% | 34,885 | $876K | Reduce -51.5% |
| JMUB JPMorgan Municipal ETF | 0.13% | 17,308 | $874K | Reduce -85.8% |
| FMB First Trust Managed Municipa | 0.13% | 17,027 | $871K | New |
| FTHI Fthi/First Trust Exchange-TR | 0.12% | 34,384 | $812K | New |
| MUNI PIMCO Intermediate Municipal | 0.12% | 15,484 | $812K | Reduce -64.6% |
| BSMY Invesco Bulletshares 2034 MB | 0.12% | 32,887 | $808K | Reduce -45.4% |
| MEAR Ishrs Short Mat Muni Act ETF | 0.12% | 15,782 | $794K | New |
| IBMR iShares Ibonds Dec 2029 M BD | 0.12% | 30,406 | $773K | Add +2.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 2,500 | $760K | Reduce -98.8% |
| FCVT First Trust Ssi Strategi ETF | 0.12% | 17,504 | $753K | Add +101.7% |
| META Meta Platforms Inc. Class A | 0.10% | 1,000 | $660K | Add +0.6% |
| SHYM iShares Short Duration High | 0.10% | 28,492 | $633K | Add +948.3% |
| FBTC Fidelity Wise Origin Bitcoin | 0.09% | 8,000 | $610K | Reduce -98.3% |
| GLD SPDR Gold Shares | 0.09% | 1,500 | $594K | New |
| ULTY Yieldmax Ultra Option Inc. | 0.09% | 15,413 | $575K | New |
| SO The Southern Co. | 0.09% | 6,510 | $568K | New |
| BNDX Vanguard Total Intl Bond ETF | 0.08% | 11,439 | $553K | New |
| INMU iShares Intermediate Muni Inc. | 0.08% | 22,316 | $536K | Reduce -33.8% |
| JMHI JPMorgan High Yield Municpl | 0.08% | 10,274 | $516K | Reduce -28.5% |
| IBMS ISHARESIBONDDEC2030MUNIBDETF | 0.08% | 19,174 | $500K | Reduce -60.3% |
| BMAX Rex Bitcoin Cor Tre Co. B ETF | 0.07% | 20,670 | $476K | Add +137700.0% |
| CGMU Cap Group Municipal Income | 0.07% | 16,050 | $439K | Add +132.3% |
| VNM Vaneck Vietnam ETF | 0.06% | 20,000 | $382K | New |
| CLOB Vaneck Aa-BB Clo ETF | 0.05% | 6,963 | $353K | Reduce -2.4% |
| BA The Boeing Co. | 0.05% | 1,610 | $350K | New |
| FMHI First Trust Municipal High I | 0.05% | 7,105 | $341K | Reduce -76.9% |
| CGSM Cap Group Short Muni Income | 0.05% | 11,862 | $312K | Reduce -67.6% |
| LITE Lumentum Holdings Inc. | 0.04% | 743 | $274K | New |
| HPE Hewlett Packard Enterprise | 0.04% | 9,892 | $238K | New |
| VMBS Vanguard Mortgage-Backed Sec | 0.03% | 4,700 | $221K | New |
| ALB Albemarle Corp. | 0.03% | 1,556 | $220K | New |
| CLOI Vaneck Clo ETF | 0.03% | 4,084 | $216K | No change |
| WDC Western Digital Corp. | 0.03% | 1,216 | $209K | New |
| FEMB First Trust Emerging Markets | 0.03% | 6,086 | $181K | No change |
| BABA Alibaba Group Holding-SP ADR | 0.03% | 1,235 | $181K | New |
| IBMO iShares Ibonds Dec 2026 Term | 0.03% | 6,995 | $179K | New |
| IBMP iShares Ibonds Dec 2027 Term | 0.02% | 6,044 | $153K | New |
| FTQI First Trust Nasdaq Buywrite | 0.02% | 6,506 | $135K | Reduce -54.2% |
| SMCY YM Smci Opt Income Strat ETF | 0.02% | 15,000 | $122K | New |
| HEFA Isha Curr Hedged MSCI Eafe | 0.02% | 2,789 | $115K | Reduce -6.8% |
| PULS Pgim Ultra Short Bond ETF | 0.02% | 2,300 | $114K | Add +666.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.02% | 100 | $107K | No change |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 0.02% | 3,427 | $103K | New |
| APO Apollo Global Management Inc. | 0.02% | 678 | $98K | New |
| LYV Live Nation Entertainment Inc. | 0.01% | 645 | $92K | New |
| WELL Welltower Inc. | 0.01% | 486 | $90K | New |
| STX Seagate Technology Holdings | 0.01% | 325 | $90K | New |
| POWR iShares US Power Infrastruct | 0.01% | 3,342 | $79K | No change |
| NBIS Nebius Group NV | 0.01% | 926 | $78K | New |
Options reported separately and not counted above: NVDA puts ($141.7M), TSLA puts ($139.4M), MSFT puts ($120.9M), NVDA calls ($56.0M), AMZN puts ($34.6M), AMD puts ($22.7M), TSLA calls ($22.5M), AVGO puts ($17.3M), AAPL puts ($13.6M), IBIT calls ($6.5M), META puts ($1.7M), META calls ($990K), and 5 more.
Other holdings (18): bonds, preferreds, convertibles and warrants · $114.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | 27,856,000 | $70.1M | New |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | 22,938,000 | $26.9M | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 10,415,000 | $11.6M | New |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | 1,500,000 | $2.0M | New |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 18,223 | $1.1M | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 15,708 | $810K | New |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | 18,132 | $742K | New |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 11,432 | $574K | New |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 10,246 | $497K | New |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 7,842 | $405K | Add +42.6% |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | 86 | $31K | New |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | 419 | $23K | New |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 131 | $17K | New |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 47,317 | $9K | No change |
| OIOWW Esgl Holdings Ltd.-28 | *W EXP 08/02/202 | 20,000 | $2K | No change |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 104 | $94 | New |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 104 | $54 | New |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 104 | $42 | New |
Total filed on the 13F, all lines: $765.6M.
Portfolio Sells Q3 2025 → Q4 2025
| SEA LTD (SEALTD 2.375 12/01/25) | Sold out | 0.00% | −24.83 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -98.8% | 0.12% | −4.72 |
| IBIT iShares Bitcoin Trust ETF | Reduce -96.6% | 0.21% | −4.41 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −4.15 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -98.3% | 0.09% | −3.99 |
| COIN Coinbase Global Inc. Class A | Reduce -88.0% | 0.67% | −3.99 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −1.96 |
| BTC Grayscale Bitcoin Mini ETF | Sold out | 0.00% | −1.56 |
| BRRR Coinshares Bitcoin ETF | Reduce -99.5% | 0.01% | −1.54 |
| ARKB ARK 21SHARES Bitcoin ETF | Reduce -99.5% | 0.01% | −1.17 |
| BITB Bitwise Bitcoin ETF | Reduce -59.4% | 1.17% | −0.92 |
| PZA Invesco National Amt-Free Mu | Sold out | 0.00% | −0.79 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −0.78 |
| CWB SS SPDR BB Conv Sec ETF | Sold out | 0.00% | −0.69 |
| SMCI Super Micro Computer Inc. | Reduce -77.1% | 0.16% | −0.48 |
| JMUB JPMorgan Municipal ETF | Reduce -85.8% | 0.13% | −0.39 |
| SUB iShares Short-Term National | Sold out | 0.00% | −0.37 |
| ICVT iShares Convertible Bond ETF | Sold out | 0.00% | −0.35 |
| JSI JH Securitized Income ETF | Sold out | 0.00% | −0.32 |
| WISDOMTREE INC (WT 5.75 08/15/28) | Sold out | 0.00% | −0.24 |
| BSMS Invesco Bulletshares 2028 MB | Reduce -98.8% | 0.00% | −0.20 |
| NOVA LTD (NVMI 0 10/15/25) | Sold out | 0.00% | −0.18 |
| VTES Vanguard SH Term Tax-Ex Bond | Sold out | 0.00% | −0.16 |
| MSTR Strategy Inc. | Reduce -2.7% | 0.70% | −0.15 |
| NYF iShares New York Muni Bond E | Sold out | 0.00% | −0.13 |
| GDE Wisdomtree Efficient Gold PL | Sold out | 0.00% | −0.12 |
| SHYD Vaneck SH Hi YLD Muni | Sold out | 0.00% | −0.12 |
| HIMU iShares High Yild Muni A ETF | Reduce -65.5% | 0.17% | −0.11 |
| VTEC Vanguard Ca Tax-Ex Bond | Reduce -100.0% | 0.00% | −0.10 |
| ITM Vaneck Intermediate Muni ETF | Sold out | 0.00% | −0.10 |
| FMHI First Trust Municipal High I | Reduce -76.9% | 0.05% | −0.07 |
| MUNI PIMCO Intermediate Municipal | Reduce -64.6% | 0.12% | −0.07 |
| TIDAL TRUST II | Sold out | 0.00% | −0.07 |
| MLN Vaneck Long Muni ETF | Sold out | 0.00% | −0.06 |
| VTEL Vanguard LT Tax-Ex Bond | Sold out | 0.00% | −0.05 |
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −0.04 |
| JBBB Janus Henderson B-BBB Clo Et | Sold out | 0.00% | −0.04 |
| ARKK ARK Innovation ETF | Sold out | 0.00% | −0.04 |
| CGSM Cap Group Short Muni Income | Reduce -67.6% | 0.05% | −0.03 |
| IBMS ISHARESIBONDDEC2030MUNIBDETF | Reduce -60.3% | 0.08% | −0.03 |
| HYGH iShares Int Rate Hedg HY ETF | Sold out | 0.00% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.02 |
| EIS iShares MSCI Israel ETF | Sold out | 0.00% | −0.02 |
| BSMW Invesco Bulletshares 2032 MB | Reduce -51.5% | 0.13% | −0.02 |
| PICK iShares MSCI Global Metals & | Sold out | 0.00% | −0.01 |
| PLTY Yieldmax PLTR Option Inc. ETF | Reduce -69.9% | 0.00% | −0.01 |
| FTQI First Trust Nasdaq Buywrite | Reduce -54.2% | 0.02% | −0.00 |
| TFI SS SPDR N Ice Muni Bond ETF | Sold out | 0.00% | −0.00 |
| JEPQ JPM Nasdaq Equity Premium | Sold out | 0.00% | −0.00 |
| INCM Franklin Income Focus ETF | Reduce -56.4% | 0.00% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Add +66.7% | 18.58% | +11.94 |
| NVDA Nvidia Corp. | Add +175.6% | 13.20% | +10.54 |
| BSOL Bitwise Solana Staking ETF | New | 9.92% | +9.92 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +4489.1% | 4.72% | +4.66 |
| AMD Advanced Micro Devices | Add +385.7% | 3.43% | +3.13 |
| GSOL Grayscale Solana Staking ETF | New | 2.45% | +2.45 |
| AAPL Apple Inc. | Add +5000000.0% | 2.09% | +2.09 |
| FSOL Fidelity Solana Fund | New | 0.82% | +0.82 |
| XOVR Ershares Private-Public Cros | New | 0.77% | +0.77 |
| DFNM Dimensional National Muni BD | Add +99224.0% | 0.74% | +0.73 |
| FLMI Franklin Dynamic Municipal B | Add +331.8% | 0.71% | +0.62 |
| BSMR Invesco Bulletshares 2027 MB | New | 0.56% | +0.56 |
| HYMB SS SPDR N Ice HY Muni ETF | Add +2715.4% | 0.51% | +0.50 |
| MMIT Nylim Mackay Muni Intermedia | Add +119.9% | 0.50% | +0.38 |
| MUNY Vanguard NY Tax-Ex Bond | Add +11099.5% | 0.37% | +0.37 |
| TAFM AB Tax Aware Inter Muni | New | 0.34% | +0.34 |
| BSMZ Inves Bltshrs 2035 MB ETF | New | 0.33% | +0.33 |
| VSOL Vaneck Solana ETF | New | 0.32% | +0.32 |
| BSSX Invesco Bulletshares 2033 MB | Add +359.6% | 0.35% | +0.31 |
| JMSI JPM Sus Municipal Income | Add +137.9% | 0.36% | +0.28 |
| PLTR Palantir Technologies Inc. Class A | Add +18.3% | 0.53% | +0.27 |
| DFCA Dimensional Calfornia MB ETF | New | 0.26% | +0.26 |
| BSMU Invesco Bulletshares 2030 MB | New | 0.22% | +0.22 |
| VTEI Vanguard Int Tax-Exempt Bond | New | 0.22% | +0.22 |
| BSMV Invesco Bulletshares 2031 MB | Add +470.0% | 0.24% | +0.21 |
| PWZ Invesco California Amt-Free | Add +591.2% | 0.23% | +0.21 |
| BSMQ Invesco Bulletshares 2026 MB | New | 0.20% | +0.20 |
| BSMT Invesco Bulletshares 2029 MB | Add +92.4% | 0.28% | +0.20 |
| SMMU PIMCO SHRT TRM Muni BND ETF | Add +307.4% | 0.23% | +0.20 |
| TLTW iShares 20+ Bond Buywrite | New | 0.19% | +0.19 |
| IBMT iShares Ibonds Dec 2031 Muni | New | 0.18% | +0.18 |
| MINO PIMCO Municipal Income Oppor | Add +175.2% | 0.19% | +0.15 |
| GDX Vaneck Gold Miners ETF | New | 0.14% | +0.14 |
| CAIE Calamos Autocallable Inc. ETF | New | 0.14% | +0.14 |
| IWD iShares Russell 1000 Value E | Add +63.0% | 0.20% | +0.13 |
| FMB First Trust Managed Municipa | New | 0.13% | +0.13 |
| MMIN Nylim Mackay Muni Insured Et | Add +96.7% | 0.18% | +0.13 |
| FTHI Fthi/First Trust Exchange-TR | New | 0.12% | +0.12 |
| MEAR Ishrs Short Mat Muni Act ETF | New | 0.12% | +0.12 |
| VSDM Vanguard Short Tax-Ex Bond | Add +23.1% | 0.17% | +0.09 |
| SHYM iShares Short Duration High | Add +948.3% | 0.10% | +0.09 |
| GLD SPDR Gold Shares | New | 0.09% | +0.09 |
| ULTY Yieldmax Ultra Option Inc. | New | 0.09% | +0.09 |
| SO The Southern Co. | New | 0.09% | +0.09 |
| BNDX Vanguard Total Intl Bond ETF | New | 0.08% | +0.08 |
| FCVT First Trust Ssi Strategi ETF | Add +101.7% | 0.12% | +0.08 |
| BMAX Rex Bitcoin Cor Tre Co. B ETF | Add +137700.0% | 0.07% | +0.07 |
| VNM Vaneck Vietnam ETF | New | 0.06% | +0.06 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +2.7% | 0.12% | +0.05 |
| BA The Boeing Co. | New | 0.05% | +0.05 |
Options Activity Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | put | Add +406.7% | 760,000 | $141.7M |
| TSLA Tesla Inc. | put | Reduce -31.1% | 310,000 | $139.4M |
| MSFT Microsoft Corp. | put | Add +66.7% | 250,000 | $120.9M |
| GOOGL Alphabet Inc. Class A | put | Sold out | 400,000 | $97.2Mbefore exit |
| NVDA Nvidia Corp. | call | New | 300,000 | $56.0M |
| COIN Coinbase Global Inc. Class A | put | Sold out | 150,000 | $50.6Mbefore exit |
| GOOGL Alphabet Inc. Class A | call | Sold out | 200,000 | $48.6Mbefore exit |
| AMZN Amazon.com Inc. | put | Reduce -40.0% | 150,000 | $34.6M |
| LLY Eli Lilly & Co. | put | Sold out | 30,000 | $22.9Mbefore exit |
| AMD Advanced Micro Devices | put | Add +1666.7% | 106,000 | $22.7M |
| TSLA Tesla Inc. | call | New | 50,000 | $22.5M |
| AAPL Apple Inc. | put | New | 50,000 | $13.6M |
| IBIT iShares Bitcoin Trust ETF | call | Reduce -27.8% | 130,000 | $6.5M |
| ETHA iShares Ethereum Trust ETF | put | Sold out | 60,000 | $1.9Mbefore exit |
| ETHA iShares Ethereum Trust ETF | call | Sold out | 30,000 | $945Kbefore exit |
| TSM Taiwan Semiconductor-SP ADR | put | Reduce -98.8% | 2,500 | $760K |
| BMNR Bitmine Immersion Technologi | put | Sold out | 7,400 | $384Kbefore exit |
| MSFT Microsoft Corp. | call | Sold out | 600 | $311Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| AXON ENTERPRISE INC (AXON 0.5 12/15/27) | NOTE 0.500%12/1 · principal | New | 27,856,000 | $70.1M |
| BOX INC (BOX 0 01/15/26) | NOTE 1/1 · principal | New | 22,938,000 | $26.9M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | New | 10,415,000 | $11.6M |
| VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) | NOTE 1.625% 3/1 · principal | New | 1,500,000 | $2.0M |
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | New | 18,223 | $1.1M |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 11,800 | $840Kbefore exit |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | New | 15,708 | $810K |
| PG&E CORP (PCG 6 12/01/27 A) | PFD CONV SER A | New | 18,132 | $742K |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | New | 11,432 | $574K |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | New | 10,246 | $497K |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +42.6% | 7,842 | $405K |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Sold out | 3,900 | $275Kbefore exit |
| BRUKER CORP (BRKR 6.375 09/01/28) | 6.375 PREF SER A | New | 86 | $31K |
| QXO INC (QXO 5.5 05/15/28 B) | 5.50 DEP PFD | New | 419 | $23K |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | New | 131 | $17K |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 104 | $94 |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 104 | $54 |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 104 | $42 |
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 |