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

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 Q1 2025 Q2 2025: $312.7M Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $650.7M $650.7M Q4 2025 Q1 2026: $321.0M Q1 2026 Q2 2026: $579.9M Q2 2026

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
IREN Iren Ltd. filed as IREN LIMITED 0.01% 2,030 $77K New
SOFI Sofi Technologies Inc. 0.01% 2,689 $70K New
SNOW Snowflake Inc. 0.01% 320 $70K New
BRRR Coinshares Bitcoin ETF 0.01% 2,549 $63K Reduce -99.5%
RIVN Rivian Automotive Inc. Class A 0.01% 3,187 $63K New
AKAM Akamai Technologies Inc. 0.01% 658 $57K New
CVRT Calamos Conv Eqty Alt ETF 0.01% 1,497 $57K Reduce -43.7%
FOUR SHIFT4 Payments Inc. Class A 0.01% 903 $57K New
IONS Ionis Pharmaceuticals Inc. 0.01% 711 $56K New
CHAU DD Csi 300 CH A SB 2X ETF-US 0.01% 2,667 $56K No change
IDCC Interdigital Inc. 0.01% 172 $55K New
EXAS Exact Sciences Corp. 0.01% 539 $55K New
W Wayfair Inc. Class A 0.01% 542 $54K New
BBIO Bridgebio Pharma Inc. 0.01% 680 $52K New
WULF Terawulf Inc. 0.01% 4,436 $51K New
MP MP Materials Corp. 0.01% 994 $50K New
ARKB ARK 21SHARES Bitcoin ETF 0.01% 1,686 $49K Reduce -99.5%
NET Cloudflare Inc. Class A 0.01% 232 $46K New
NEE Nextera Energy Inc. 0.01% 568 $46K New
JAZZ Jazz Pharmaceuticals PLC 0.01% 268 $46K New
NOVT Novanta Inc. 0.01% 382 $45K New
LEU Centrus Energy Corp. Class A 0.01% 181 $44K New
SPOT Spotify Technology SA 0.01% 74 $43K New
BCLO iShares BBB-B Clo Active ETF 0.01% 863 $43K No change
ALNY Alnylam Pharmaceuticals Inc. 0.01% 97 $39K New
DASH DoorDash Inc. Class A 0.01% 167 $38K New
GH Guardant Health Inc. 0.01% 363 $37K New
GME Gamestop Corp. Class A 0.01% 1,835 $37K New
GVA Granite Construction Inc. 0.01% 311 $36K New
WEC WEC Energy Group Inc. 0.01% 339 $36K New
ASTS Ast Spacemobile Inc. 0.01% 492 $36K New
UBER Uber Technologies Inc. 0.01% 434 $35K New
FLBL Franklin Senior Loan ETF 0.01% 1,499 $35K New
HALO Halozyme Therapeutics Inc. 0.01% 514 $35K New
F Ford Motor Co. filed as FORD MTR CO 0.01% 2,619 $34K New
EVRG Evergy Inc. 0.01% 456 $33K New
VTR Ventas Inc. 0.01% 421 $33K New
TCOM Trip.com Group Ltd.-ADR 0.01% 449 $32K New
FE Firstenergy Corp. 0.00% 704 $32K New
EMLC Vaneck JPM Em Local Curr BND 0.00% 1,202 $31K No change
PLTY Yieldmax PLTR Option Inc. ETF 0.00% 591 $30K Reduce -69.9%
APLD Applied Digital Corp. 0.00% 1,216 $30K New
BSMS Invesco Bulletshares 2028 MB 0.00% 1,197 $28K Reduce -98.8%
MKSI MKS Inc. 0.00% 176 $28K New
PPL PPL Corp. 0.00% 801 $28K New
FLOT iShares Floating Rate Bond E 0.00% 541 $28K No change
EXPE Expedia Group Inc. 0.00% 94 $27K New
CIFR Cipher Digital Inc. 0.00% 1,734 $26K New
INCM Franklin Income Focus ETF 0.00% 898 $25K Reduce -56.4%
CNP Centerpoint Energy Inc. 0.00% 650 $25K New
PCG P G & E Corp. 0.00% 1,502 $24K New
CORZ Core Scientific Inc. 0.00% 1,534 $22K New
ON On Semiconductor 0.00% 407 $22K New
NCLH Norwegian Cruise Line Holdin 0.00% 957 $21K New
CLSK Cleanspark Inc. 0.00% 2,071 $21K New
LCID Lucid Group Inc. 0.00% 1,973 $21K New
UGI Ugi Corp. 0.00% 557 $21K New
UPST Upstart Holdings Inc. 0.00% 473 $21K New
DUK Duke Energy Corp. 0.00% 174 $20K New
MCHP Microchip Technology Inc. 0.00% 320 $20K New
TXNM TXNM Energy Inc. 0.00% 343 $20K New
AXON Axon Enterprise Inc. 0.00% 35 $20K New
AEIS Advanced Energy Industries 0.00% 88 $18K New
KKR KKR & Co. Inc. 0.00% 144 $18K New
CMS CMS Energy Corp. 0.00% 259 $18K New
BE Bloom Energy Corp. Class A 0.00% 207 $18K New
OSIS Osi Systems Inc. 0.00% 70 $18K New
CYBR Cyberark Software Ltd./Israel 0.00% 40 $18K New
PL Planet Labs PBC 0.00% 903 $18K New
U Unity Software Inc. 0.00% 389 $17K New
DOCN Digitalocean Holdings Inc. 0.00% 344 $17K New
CNX CNX Resources Corp. 0.00% 447 $16K New
NVMI Nova Ltd. 0.00% 49 $16K New
BTG B2GOLD Corp. 0.00% 3,486 $16K New
LYFT LYFT Inc. Class A 0.00% 797 $15K New
HTHT H World Group Ltd.-ADR 0.00% 326 $15K New
MMYT Makemytrip Ltd. 0.00% 186 $15K New
IRTC Irhythm Holdings Inc. 0.00% 85 $15K New
NTNX Nutanix Inc. Class A 0.00% 283 $15K New
LNT Alliant Energy Corp. 0.00% 220 $14K New
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.00% 405 $14K New
JPIE JPMorgan Income ETF 0.00% 304 $14K No change
ARES Ares Management Corp. Class A 0.00% 87 $14K New
MIR Mirion Technologies Inc. 0.00% 600 $14K New
CYTK Cytokinetics Inc. 0.00% 206 $13K New
ETSY Etsy Inc. 0.00% 235 $13K New
TMDX Transmedics Group Inc. 0.00% 107 $13K New
MMSI Merit Medical Systems Inc. 0.00% 146 $13K New
JBTM JBT Marel Corp. 0.00% 85 $13K New
BWXT BWX Technologies Inc. 0.00% 74 $13K New
JD Jd.com Inc.-ADR 0.00% 442 $13K New
RUN Sunrun Inc. 0.00% 688 $13K New
RBRK Rubrik Inc. Class A 0.00% 165 $13K New
GPN Global Payments Inc. 0.00% 161 $12K New
CRWV Coreweave Inc. Class A 0.00% 174 $12K New
CAMT Camtek Ltd. 0.00% 116 $12K New
FPEI First Trust Institutional PR 0.00% 622 $12K No change
AFRM Affirm Holdings Inc. 0.00% 158 $12K New
BTDR Bitdeer Technologies Group-A 0.00% 1,047 $12K New
SEI Solaris Energy Infrastructur 0.00% 252 $12K New
ITRI Itron Inc. 0.00% 122 $11K New
ATEC Alphatec Holdings Inc. 0.00% 529 $11K New
BRKR Bruker Corp. 0.00% 231 $11K New
ASND Ascendis Pharma A/S 0.00% 51 $11K New
SPHR Sphere Entertainment Co. 0.00% 114 $11K New
PTON Peloton Interactive Inc. Class A 0.00% 1,736 $11K New
LRN Stride Inc. 0.00% 161 $10K New
CLOA iShares Aaa Clo Act ETF-Usdi 0.00% 201 $10K No change
BXP BXP Inc. 0.00% 149 $10K New
CSGS CSG Systems Intl Inc. 0.00% 130 $10K New
ZTS Zoetis Inc. 0.00% 79 $10K New
MIRM Mirum Pharmaceuticals Inc. 0.00% 125 $10K New
UUUU Energy Fuels Inc. 0.00% 678 $10K New
WIX Wix.com Ltd. 0.00% 94 $10K New
LCII Lci Industries 0.00% 79 $10K New
HODL Vaneck Bitcoin ETF 0.00% 384 $9K No change
VOYG Voyager Technologies Inc. Class A 0.00% 360 $9K New
GLXY Galaxy Digital Inc. Class A 0.00% 418 $9K New
TEM Tempus AI Inc. Class A 0.00% 157 $9K New
FLR Fluor Corp. 0.00% 231 $9K New
MARA Mara Holdings Inc. 0.00% 1,011 $9K New
AVAV Aerovironment Inc. 0.00% 37 $9K New
HAE Haemonetics Corp. 0.00% 109 $9K New
BL Blackline Inc. 0.00% 152 $8K New
DDOG Datadog Inc. Class A 0.00% 61 $8K New
EOSE Eos Energy Enterprises Inc. 0.00% 723 $8K New
POST Post Holdings Inc. filed as POST HLDGS INC 0.00% 83 $8K New
FWONK Liberty Media Corp. Class C 0.00% 83 $8K New
NIO Nio Inc. - ADR 0.00% 1,586 $8K New
BTU Peabody Energy Corp. 0.00% 271 $8K New
ITGR Integer Holdings Corp. 0.00% 102 $8K New
HIMS Hims & Hers Health Inc. 0.00% 246 $8K New
JBLU Jetblue Airways Corp. 0.00% 1,748 $8K New
LNTH Lantheus Holdings Inc. 0.00% 119 $8K New
FLNC Fluence Energy Inc. 0.00% 399 $8K New
TTEK Tetra Tech Inc. 0.00% 235 $8K New
HASI Ha Sustainable Infrastructur 0.00% 250 $8K New
CVLT Commvault Systems Inc. 0.00% 61 $8K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.00% 139 $8K New
GWRE Guidewire Software Inc. 0.00% 38 $8K New
BILL Bill Holdings Inc. 0.00% 138 $8K New
IWM iShares Russell 2000 ETF 0.00% 30 $7K No change
BTSG Brightspring Health Services 0.00% 190 $7K New
RGEN Repligen Corp. 0.00% 43 $7K New
DLR Digital Realty Trust Inc. 0.00% 45 $7K New
WK Workiva Inc. 0.00% 80 $7K New
ORA Ormat Technologies Inc. 0.00% 62 $7K New
PSN Parsons Corp. 0.00% 109 $7K New
PATK Patrick Industries Inc. 0.00% 62 $7K New
WT Wisdomtree Inc. 0.00% 539 $7K New
EEFT Euronet Worldwide Inc. 0.00% 86 $7K New
GRANITESHARES ETF TR 0.00% 1,159 $6K New
LGND Ligand Pharmaceuticals 0.00% 34 $6K New
HTZ Hertz Global Hldgs Inc. 0.00% 1,243 $6K New
MSTZ T-Rex 2X Inverse MSTR DT ETF 0.00% 368 $6K No change
CHEF The Chefs' Warehouse Inc. 0.00% 101 $6K New
SYNA Synaptics Inc. 0.00% 85 $6K New
PNW Pinnacle West Capital 0.00% 70 $6K New
DBX Dropbox Inc. Class A 0.00% 222 $6K New
ZS Zscaler Inc. 0.00% 27 $6K New
GLNG Golar LNG Ltd. 0.00% 163 $6K New
ENVX Enovix Corp. 0.00% 822 $6K New
CAKE The Cheesecake Factory Inc. 0.00% 119 $6K New
LUNR Intuitive Machines Inc. 0.00% 367 $6K New
PLUG Plug Power Inc. 0.00% 3,005 $6K New
ICLO Invesco Aaa Clo F/R Note ETF 0.00% 218 $6K No change
FRPT Freshpet Inc. 0.00% 91 $6K New
ALHC Alignment Healthcare Inc. 0.00% 280 $6K New
AUR Aurora Innovation Inc. 0.00% 1,413 $5K New
PEB Pebblebrook Hotel Trust 0.00% 465 $5K New
VSH Vishay Intertechnology Inc. 0.00% 354 $5K New
OSCR Oscar Health Inc. Class A 0.00% 335 $5K New
SRPT Sarepta Therapeutics Inc. 0.00% 220 $5K New
GES Guess? Inc. 0.00% 282 $5K New
ARRY Array Technologies Inc. 0.00% 512 $5K New
GBX Greenbrier Companies Inc. 0.00% 101 $5K New
CHKP Check Point Software Tech 0.00% 25 $5K New
TYL Tyler Technologies Inc. 0.00% 10 $5K New
AVT Avnet Inc. 0.00% 93 $4K New
PRGS Progress Software Corp. 0.00% 104 $4K New
QXO Qxo Inc. 0.00% 230 $4K New
MRK Merck & Co. Inc. 0.00% 42 $4K New
BOX Box Inc. Class A 0.00% 146 $4K New
DNN Denison Mines Corp. 0.00% 1,637 $4K New
XMTR Xometry Inc. Class A 0.00% 73 $4K New
TVTX Travere Therapeutics Inc. 0.00% 107 $4K New
ANIP Ani Pharmaceuticals Inc. 0.00% 51 $4K New
LONZ PIMCO Senior Loan Active ETF 0.00% 80 $4K No change
BITF Bitfarms Ltd./Canada 0.00% 1,670 $4K New
FRT Federal Realty Invs Trust 0.00% 38 $4K New
VZLA Vizsla Silver Corp. 0.00% 691 $4K New
SMTC Semtech Corp. 0.00% 50 $4K New
SIRI Sirius XM Holdings Inc. 0.00% 183 $4K New
AG First Majestic Silver Corp. 0.00% 219 $4K New
WKC World Kinect Corp. 0.00% 155 $4K New
FTSL First Trust Senior Loan ETF 0.00% 79 $4K No change
XXI Twenty One Capital Inc. Class A 0.00% 408 $4K New
VRIG Invesco Variable Rate Invest 0.00% 142 $4K No change
EXK Endeavour Silver Corp. 0.00% 375 $4K New
PTCT PTC Therapeutics Inc. 0.00% 46 $3K New
VRNS Varonis Systems Inc. 0.00% 105 $3K New
VNLA Janus Henderson Short Durati 0.00% 70 $3K No change
SNAP Snap Inc. Class A 0.00% 421 $3K New
NOG Northern Oil and Gas Inc. 0.00% 158 $3K New
LI Li Auto Inc. - ADR 0.00% 200 $3K New
SEDG Solaredge Technologies Inc. 0.00% 117 $3K New
ODD Oddity Tech Ltd. Class A 0.00% 84 $3K New
DXCM Dexcom Inc. 0.00% 50 $3K New
WB Weibo Corp.-Spon ADR 0.00% 323 $3K New
LIVN Livanova PLC 0.00% 52 $3K New
REXR Rexford Industrial Realty Inc. 0.00% 74 $3K New
MTH Meritage Homes Corp. 0.00% 42 $3K New
FLTR Vaneck Ig Floating Rate ETF 0.00% 106 $3K No change
BURL Burlington Stores Inc. 0.00% 9 $3K New
RIG Transocean Ltd. 0.00% 629 $3K New
ALKT Alkami Technology Inc. 0.00% 110 $3K New
STWD Starwood Property Trust Inc. 0.00% 139 $3K New
ALRM Alarm.com Holdings Inc. 0.00% 49 $3K New
ENOV Enovis Corp. 0.00% 91 $2K New
WGO Winnebago Industries 0.00% 59 $2K New
METC Ramaco Resources Inc. Class A 0.00% 127 $2K New
CDP Copt Defense Properties 0.00% 80 $2K New
HLF Herbalife Ltd. 0.00% 168 $2K New
COHU Cohu Inc. 0.00% 92 $2K New
PD Pagerduty Inc. 0.00% 161 $2K New
TNDM Tandem Diabetes Care Inc. 0.00% 90 $2K New
QFIN Qfin Holdings Inc.-ADR 0.00% 100 $2K New
EXC Exelon Corp. 0.00% 43 $2K New
DKNG Draftkings Inc. Class A 0.00% 52 $2K New
VIAV Viavi Solutions Inc. 0.00% 95 $2K New
PMT Pennymac Mortgage Investment 0.00% 121 $2K New
VERX Vertex Inc. Class A 0.00% 72 $1K New
PCRX Pacira Biosciences Inc. 0.00% 54 $1K New
HTGC Hercules Capital Inc. 0.00% 73 $1K New
SPB Spectrum Brands Holdings Inc. 0.00% 23 $1K New
INVA Innoviva Inc. 0.00% 67 $1K New
NVST Envista Holdings Corp. 0.00% 61 $1K New
IMCR Immunocore Holdings PLC-ADR 0.00% 37 $1K New
MTCH Match Group Inc. 0.00% 37 $1K New
AWK American Water Works Co. Inc. 0.00% 9 $1K New
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 0.00% 16 $1K New
UNIT Uniti Group Inc. 0.00% 154 $1K New
LIF LIFE360 Inc. 0.00% 16 $1K New
BKD Brookdale Senior Living Inc. 0.00% 89 $960 New
CBRL Cracker Barrel Old Country 0.00% 34 $864 New
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 0.00% 620 $862 New
ONTO Onto Innovation Inc. 0.00% 5 $789 No change
RIOT Riot Platforms Inc. 0.00% 60 $760 New
VAC Marriott Vacations World 0.00% 13 $750 New
AMPH Amphastar Pharmaceuticals Inc. 0.00% 27 $723 New
FIVN FIVE9 Inc. 0.00% 36 $722 New
XRX Xerox Holdings Corp. 0.00% 289 $685 New
KOS Kosmos Energy Ltd. 0.00% 630 $572 New
IMAX Imax Corp. 0.00% 14 $517 New
CFLT Confluent Inc. Class A 0.00% 17 $514 New
PAR Par Technology Corp. 0.00% 13 $472 New
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP 0.00% 36 $420 New
SHAK Shake Shack Inc. Class A 0.00% 5 $406 New
RPAY Repay Holdings Corp. 0.00% 107 $391 New
NBR Nabors Industries Ltd. 0.00% 6 $326 New
PAAA Pgim Aaa Clo ETF 0.00% 6 $308 No change
VTEC Vanguard Ca Tax-Ex Bond 0.00% 3 $301 Reduce -100.0%
EVH Evolent Health Inc. Class A 0.00% 60 $240 New
BMRN Biomarin Pharmaceutical Inc. 0.00% 4 $238 New
PRCH Porch Group Inc. 0.00% 20 $183 New
BSY Bentley Systems Inc. Class B 0.00% 4 $153 New
RPD RAPID7 Inc. 0.00% 9 $137 New
XYZ Block Inc. 0.00% 2 $130 New
RWT Redwood Trust Inc. 0.00% 23 $127 New
CNMD Conmed Corp. 0.00% 3 $122 New
LAR Lithium Argentina AG 0.00% 13 $73 New
NEO Neogenomics Inc. 0.00% 6 $71 New
ENPH Enphase Energy Inc. 0.00% 2 $64 New
TIDAL TRUST II 0.00% 1 $4 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)
SecurityClassShares / PrincipalValueChange
AXON ENTERPRISE INC (AXON 0.5 12/15/27) NOTE 0.500%12/1 · principal 27,856,000$70.1MNew
BOX INC (BOX 0 01/15/26) NOTE 1/1 · principal 22,938,000$26.9MNew
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal 10,415,000$11.6MNew
VIAVI SOLUTIONS INC (VIAV 1.625 03/15/26) NOTE 1.625% 3/1 · principal 1,500,000$2.0MNew
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 18,223$1.1MNew
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 15,708$810KNew
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 18,132$742KNew
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 11,432$574KNew
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 10,246$497KNew
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 7,842$405KAdd +42.6%
BRUKER CORP (BRKR 6.375 09/01/28) 6.375 PREF SER A 86$31KNew
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 419$23KNew
BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) UNIT 02/01/2027 131$17KNew
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 47,317$9KNo change
OIOWW Esgl Holdings Ltd.-28 *W EXP 08/02/202 20,000$2KNo change
OPENW Opendoor Technologies Inc.-26 *W EXP 11/20/202 104$94New
OPENL Opendoor Technologies Inc.-26 *W EXP 11/20/202 104$54New
OPENZ Opendoor Technologies Inc.-26 *W EXP 11/20/202 104$42New

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

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