In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Fore Capital, LLC reported 22 stock positions worth $26.9 million . Its top holding was iShares Gold Trust (IAU) at 48.3% of the portfolio, followed by Sprott Physical Gold and Sil (CEF, 12.3% ) and Kranesh Csi China Internet (KWEB, 8.9% ). Compared with Q1 2025, it opened 9 new positions, sold out of 22, added to 3 and reduced 6. The biggest buy was a new position in Perrigo (PRGO) and the biggest sale an exit from Sprott Physical Silver Trust (PSLV).
Location New York, NY
CIK 0001714672
Portfolio Value $26.9M (Q2 2025) Holdings 22 stocks · $26.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 IAU iShares Gold Trust 208,000 $13.0M No change CEF Sprott Physical Gold and Sil 110,000 $3.3M No change KWEB Kranesh Csi China Internet 70,000 $2.4M Add +25.0% PRGO Perrigo Co. PLC 41,500 $1.1M New EWZ iShares MSCI Brazil ETF 35,000 $1.0M New NG Novagold Resources Inc. 210,000 $859K New WBD Warner Bros Discovery Inc. 50,000 $573K New VZLA Vizsla Silver Corp. 175,000 $515K New PPTA Perpetua Resources Corp. 42,000 $510K New PGEN Precigen Inc. 341,811 $485K Reduce -12.8% CCO Clear Channel Outdoor Holdin 410,000 $480K Reduce -12.8% EAF Graftech International Ltd. 460,000 $447K Add +12.2% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 3,500 $433K Reduce -61.1% CHYM Chime Financial Inc. Class A 11,000 $380K New QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 7,000 $304K Reduce -65.0% GRFS Grifols SA-ADR 30,000 $271K Add +100.0% HELP Cybin Inc. 31,421 $264K No change MIND MEDICINE MINDMED INC 35,000 $227K Reduce -12.5% PAM Pampa Energia SA-Spon ADR 3,000 $208K New CMPS Compass Pathways PLC 20,000 $56K Reduce -42.9% OSISKO DEVELOPMENT CORP 15,000 $32K No change OSISKO DEVELOPMENT CORP 15,000 $8K New
Options reported separately and not counted above: SLV calls ($85.1M), SPY puts ($61.8M), GLD puts ($45.7M), IBIT calls ($17.8M), HYG puts ($8.1M), GDX puts ($7.5M), OSCR calls ($2.0M), EWZ calls ($2.0M), MIND MEDICINE MINDMED INC calls ($357K).
Other holdings (7): bonds, preferreds, convertibles and warrants · $23.4M (not counted above) Security Class Shares / Principal Value Change ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal 7,000,000 $6.0M Add +40.0% ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal 5,000,000 $5.0M No change LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 4,060,000 $3.3M No change OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 3,000,000 $3.0M No change GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 3,000,000 $2.7M Add +20.0% RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 3,000,000 $2.7M No change BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal 752,000 $687K Reduce -83.3%
Total filed on the 13F, all lines: $50.2M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ PSLV Sprott Physical Silver Trust Sold out 0.00% −7.42 VICI Vici Properties Inc. Sold out 0.00% −5.21 LH Labcorp Holdings Inc. Sold out 0.00% −5.21 ELS Equity Lifestyle Properties Sold out 0.00% −4.26 CNC Centene Corp. Sold out 0.00% −4.04 SILJ Amplify Junior Silver Miners Sold out 0.00% −3.07 ACHC Acadia Healthcare Co. Inc. Sold out 0.00% −2.75 ATAT Atour Lifestyle Holdings-ADR Sold out 0.00% −1.89 QFIN Qfin Holdings Inc.-ADR Reduce -65.0% 1.13% −1.26 CDE Coeur Mining Inc. Sold out 0.00% −1.10 HL Hecla Mining Co. Sold out 0.00% −1.04 PAAS Pan American Silver Corp. Sold out 0.00% −1.03 MAG Mag Silver Corp. Sold out 0.00% −1.02 SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −0.85 FUTU Futu Holdings Ltd.-ADR Reduce -61.1% 1.61% −0.84 AZUL S A Sold out 0.00% −0.83 CTEV Claritev Corp. Sold out 0.00% −0.82 AG First Majestic Silver Corp. Sold out 0.00% −0.71 SA Seabridge Gold Inc. Sold out 0.00% −0.56 UEC Uranium Energy Corp. Sold out 0.00% −0.38 DNN Denison Mines Corp. Sold out 0.00% −0.35 DADA Dada Nexus Ltd.-ADR Sold out 0.00% −0.34 PLL Piedmont Lithium Inc. Sold out 0.00% −0.25 EVO Evotec SE - Spon ADR Sold out 0.00% −0.15 CMPS Compass Pathways PLC Reduce -42.9% 0.21% −0.06 MIND MEDICINE MINDMED INC Reduce -12.5% 0.85% +0.22 PGEN Precigen Inc. Reduce -12.8% 1.81% +0.25 CCO Clear Channel Outdoor Holdin Reduce -12.8% 1.79% +0.40
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ PRGO Perrigo Co. PLC New 4.13% +4.13 EWZ iShares MSCI Brazil ETF New 3.76% +3.76 KWEB Kranesh Csi China Internet Add +25.0% 8.95% +3.74 NG Novagold Resources Inc. New 3.20% +3.20 WBD Warner Bros Discovery Inc. New 2.13% +2.13 VZLA Vizsla Silver Corp. New 1.92% +1.92 PPTA Perpetua Resources Corp. New 1.90% +1.90 CHYM Chime Financial Inc. Class A New 1.41% +1.41 PAM Pampa Energia SA-Spon ADR New 0.78% +0.78 GRFS Grifols SA-ADR Add +100.0% 1.01% +0.73 EAF Graftech International Ltd. Add +12.2% 1.67% +0.71 OSISKO DEVELOPMENT CORP New 0.03% +0.03
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SLV iShares Silver Trust call Add +28.5% 2,595,000 $85.1M SPY SS SPDR S&P 500 ETF Trust-US put New 100,000 $61.8M GLD SPDR Gold Shares put New 150,000 $45.7M IBIT iShares Bitcoin Trust ETF call New 290,000 $17.8M KWEB Kranesh Csi China Internet call Sold out 290,000 $10.1Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 100,000 $8.1M GDX Vaneck Gold Miners ETF put New 145,000 $7.5M LH Labcorp Holdings Inc. call Sold out 20,000 $4.7Mbefore exit ACHC Acadia Healthcare Co. Inc. call Sold out 130,000 $3.9Mbefore exit OSCR Oscar Health Inc. Class A call New 95,000 $2.0M EWZ iShares MSCI Brazil ETF call New 70,000 $2.0M SA Seabridge Gold Inc. call Sold out 160,000 $1.9Mbefore exit CNC Centene Corp. call Sold out 25,000 $1.5Mbefore exit JD Jd.com Inc.-ADR call Sold out 20,000 $822Kbefore exit MIND MEDICINE MINDMED INC call New 55,000 $357K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ ETSY INC (ETSY 0.25 06/15/28) NOTE 0.250% 6/1 · principal Add +40.0% 7,000,000 $6.0M NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal Sold out 6,000,000 $5.8Mbefore exit CONMED CORP (CNMD 2.25 06/15/27) NOTE 2.250% 6/1 · principal Sold out 5,000,000 $4.7Mbefore exit FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal Sold out 4,500,000 $3.9Mbefore exit H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal Sold out 3,000,000 $3.4Mbefore exit OKTA INC (OKTA 0.375 06/15/26) NOTE 0.375% 6/1 · principal Sold out 3,000,000 $2.9Mbefore exit GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal Add +20.0% 3,000,000 $2.7M FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Sold out 1,500,000 $1.4Mbefore exit BILL HOLDINGS INC (BILL 0 04/01/27) NOTE 4/0 · principal Reduce -83.3% 752,000 $687K
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 35 $31.7M GDX, XLV, TCOM, ECH, EXE Q1 2026 16 $15.1M GDX, HYG, KWEB, ECH, NU Q4 2025 28 $40.7M IAU, CEF, AR, ELS, CRM Q3 2025 29 $39.6M IAU, CEF, XLV, ELS, NVO Q2 2025 22 $26.9M IAU, CEF, KWEB, PRGO, EWZ Q1 2025 35 $37.5M IAU, CEF, PSLV, VICI, LH Q4 2024 22 $29.1M IAU, VICI, CEF, PSLV, LH Q3 2024 22 $23.1M IAU, SLV, CEF, XBI, XLV Q2 2024 30 $28.2M IAU, CEF, VNQ, PSQ, NUGT Q1 2024 22 $16.1M IAU, CEF, VICI, DAL, HUM