Ghisallo Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ghisallo Capital Management LLC reported 215 stock positions worth $3.1 billion. Its top holding was Baba 091532 CVT Put at 9.0% of the portfolio, followed by Nebius (NBIS, 5.9%) and Chpac 091830 CVT Put (5.2%). Compared with Q2 2025, it opened 105 new positions, sold out of 73, added to 4 and reduced 40. The biggest buy was a new position in Baba 091532 CVT Put and the biggest sale an exit from T-Mobile US (TMUS).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001825214
- Portfolio Value
- $3.1B (Q3 2025)
- SEC Filing
- 0001172661-25-004873 ↗ filed Nov 14, 2025
Holdings Value
Holdings 215 stocks · $3.1B
| BABA 091532 CVT PUT | 8.98% | 240,000,000 | $274.5M | New |
| NBIS Nebius Group NV | 5.89% | 1,604,028 | $180.1M | New |
| CHPAC 091830 CVT PUT | 5.16% | 1,220,000,000 | $157.5M | New |
| FOX Fox Corp. Class B | 4.68% | 2,495,618 | $143.0M | New |
| PINGA 061130 CVT PUT | 3.23% | 701,000,000 | $98.7M | Reduce -45.9% |
| NIO Nio Inc. - ADR | 2.99% | 12,000,000 | $91.4M | New |
| BABA 07/09/32 CVT PUT | 2.59% | 495,000,000 | $79.2M | New |
| QUBT Quantum Computing Inc. | 2.43% | 4,030,092 | $74.2M | New |
| QUANC 10/02/30 CVT PUT | 2.11% | 65,000,000 | $64.6M | New |
| AVAV Aerovironment Inc. | 2.06% | 200,000 | $63.0M | New |
| LOAR Loar Holdings Inc. | 1.96% | 750,000 | $60.0M | Reduce -36.2% |
| RIG Transocean Ltd. | 1.89% | 18,500,000 | $57.7M | New |
| PONY Pony AI Inc. | 1.74% | 2,360,000 | $53.1M | New |
| ESLT Elbit Systems Ltd. | 1.67% | 100,000 | $51.0M | No change |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 1.55% | 2,500,000 | $47.5M | New |
| LTM Latam Airlines Group SA-ADR | 1.24% | 840,193 | $38.0M | Add +1020.3% |
| NBIS 1.000 09/15/30 CVT | 1.14% | 30,000,000 | $34.9M | New |
| TTAN Servicetitan Inc. Class A | 1.13% | 341,541 | $34.4M | No change |
| SNDK Sandisk Corp. | 1.10% | 300,000 | $33.7M | Reduce -66.8% |
| INTC Intel Corp. | 1.10% | 1,000,000 | $33.5M | No change |
| CAI Caris Life Sciences Inc. | 1.04% | 1,048,163 | $31.7M | No change |
| MMYT Makemytrip Ltd. | 1.02% | 333,400 | $31.2M | Reduce -55.5% |
| NBIS 2 3/4 09/15/32 filed as NBIS 2.750 09/15/32 CVT | 0.95% | 25,000,000 | $29.1M | New |
| OKLO Oklo Inc. | 0.91% | 250,000 | $27.9M | Reduce -61.5% |
| FWDI Forward Industries Inc. | 0.82% | 1,351,352 | $25.0M | New |
| BRO Brown & Brown Inc. | 0.77% | 250,000 | $23.4M | Reduce -88.1% |
| NDAQ Nasdaq Inc. | 0.72% | 250,000 | $22.1M | Reduce -75.0% |
| CIPHER DIGITAL INC (CIFR 0 10/01/31) filed as CIFR 10/01/31 CVT PUT | 0.72% | 20,000,000 | $22.0M | New |
| MMGLT 10/08/30 CVT PUT | 0.71% | 20,000,000 | $21.6M | New |
| MMYT 07/01/30 CVT PUT | 0.67% | 20,000,000 | $20.5M | Reduce -69.2% |
| SARO Standardaero Inc. | 0.67% | 750,000 | $20.5M | Reduce -65.3% |
| BOSTON PROPERTIES LP (BXP 2 10/01/30) filed as BXP 2.000 10/01/30 CVT | 0.65% | 20,000,000 | $19.9M | New |
| CNP Centerpoint Energy Inc. | 0.63% | 500,000 | $19.4M | Reduce -50.0% |
| WAY Waystar Holding Corp. | 0.62% | 500,000 | $19.0M | Reduce -28.6% |
| KTOS Kratos Defense & Security | 0.60% | 200,000 | $18.3M | Reduce -66.7% |
| MIR Mirion Technologies Inc. | 0.59% | 774,900 | $18.0M | New |
| BABA Alibaba Group Holding-SP ADR | 0.58% | 100,000 | $17.9M | New |
| AS Amer Sports Inc. | 0.57% | 500,000 | $17.4M | Reduce -50.0% |
| GLXY Galaxy Digital Inc. Class A | 0.55% | 500,000 | $16.9M | Reduce -71.4% |
| LPLA LPL Financial Holdings Inc. | 0.54% | 50,000 | $16.6M | Reduce -71.2% |
| KRMN Karman Holdings Inc. | 0.53% | 225,000 | $16.2M | No change |
| PINGA 0.875 07/22/29 | 0.51% | 11,500,000 | $15.6M | Reduce -50.0% |
| LNT 3.250 05/30/28 CVT | 0.51% | 15,000,000 | $15.5M | Add +57.9% |
| STRIVE INC | 0.49% | 11,111,111 | $15.0M | New |
| FANG Diamondback Energy Inc. | 0.47% | 100,000 | $14.3M | No change |
| MBLY Mobileye Global Inc. Class A | 0.46% | 1,000,000 | $14.1M | New |
| HSAI Hesai Group | 0.46% | 500,000 | $14.1M | No change |
| AWK American Water Works Co. Inc. | 0.46% | 100,000 | $13.9M | New |
| KCCOP 1.750 07/10/30 CVT PUT | 0.46% | 12,000,000 | $13.9M | New |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | 0.41% | 12,500,000 | $12.7M | New |
| BNTX Biontech SE-ADR | 0.40% | 125,000 | $12.3M | New |
| WUXIA 10/19/25 CVT EXCD | 0.40% | 8,000,000 | $12.1M | Reduce -66.7% |
| XPEV Xpeng Inc. - ADR | 0.38% | 500,000 | $11.7M | No change |
| GRAB HOLDINGS LTD (GRAB 0 06/15/30) filed as GRAB 06/15/30 CVT PUT | 0.38% | 10,000,000 | $11.6M | Reduce -79.0% |
| SMA Smartstop Self Storage REIT | 0.37% | 300,000 | $11.3M | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | 0.36% | 11,000,000 | $11.1M | New |
| MIAX Miami International Holdings | 0.36% | 275,000 | $11.1M | New |
| WIX LTD filed as WIXX 09/15/30 CVT | 0.36% | 10,000,000 | $10.9M | New |
| COIN 10/01/29 CVT | 0.35% | 10,000,000 | $10.6M | New |
| FTW Eqv Ventures Acquisition C-A | 0.34% | 1,000,000 | $10.4M | No change |
| FIG Figma Inc. Class A | 0.34% | 200,000 | $10.4M | New |
| Commvault Systems, Inc. filed as CVLT 09/15/30 CVT | 0.34% | 10,000,000 | $10.3M | New |
| NIQ Niq Global Intelligence PLC | 0.33% | 650,000 | $10.2M | New |
| NPAC New Providence Acquisition-A | 0.33% | 1,000,000 | $10.2M | No change |
| LI Li Auto Inc. - ADR | 0.33% | 400,000 | $10.1M | No change |
| SO 3.250 06/15/28 CVT | 0.33% | 10,000,000 | $10.1M | New |
| TACH Titan Acquisition Corp. Class A | 0.33% | 1,000,000 | $10.1M | No change |
| BCSS.U Bain Capital GSS Investment | 0.33% | 1,000,000 | $10.1M | New |
| HPEVG 0.500 07/16/30 CVT PUT | 0.33% | 80,000,000 | $10.1M | New |
| METC Ramaco Resources Inc. Class A | 0.33% | 300,000 | $10.0M | New |
| SAIL Sailpoint Inc. | 0.33% | 450,000 | $9.9M | No change |
| NTWO Newbury Street II Ac Class A | 0.32% | 950,000 | $9.8M | No change |
| VNOM Viper Energy Inc. Class A | 0.31% | 250,000 | $9.6M | New |
| ALDF Aldel Financial II Inc. | 0.31% | 900,000 | $9.4M | No change |
| SPXC SPX Technologies Inc. | 0.31% | 50,000 | $9.3M | New |
| KGS Kodiak Gas Services Inc. | 0.30% | 250,000 | $9.2M | Reduce -50.0% |
| LITE 0.375 03/15/32 CVT | 0.30% | 8,000,000 | $9.2M | New |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 0.30% | 5,000,000 | $9.2M | Reduce -84.6% |
| BIRK Birkenstock Holding PLC | 0.30% | 200,000 | $9.1M | Reduce -60.0% |
| TERAWULF INC (WULF 1 09/01/31) filed as WULF 1.000 09/01/31 CVT | 0.29% | 7,500,000 | $8.9M | New |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | 0.27% | 7,500,000 | $8.2M | Add +50.0% |
| ATII Archimedes Tech Spac Partner | 0.27% | 800,000 | $8.2M | No change |
| EVAC.U Eqv Ventures Acquisition Cor | 0.26% | 800,000 | $8.0M | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.25% | 200,000 | $7.7M | Reduce -66.7% |
| LINE Lineage Inc. | 0.25% | 200,100 | $7.7M | Reduce -60.0% |
| ONDS Ondas Inc. filed as ONDAS HLDGS INC | 0.25% | 1,000,000 | $7.7M | New |
| QXO Qxo Inc. | 0.25% | 400,000 | $7.6M | Reduce -80.0% |
| WBI Waterbridge Infrastruc Class A | 0.25% | 300,000 | $7.6M | New |
| XTEPI 1.500 02/18/26 CVT | 0.24% | 56,000,000 | $7.5M | No change |
| KC Kingsoft Cloud Holdings-ADR | 0.24% | 500,000 | $7.5M | Reduce -28.1% |
| DMIIU Drugs Made in America Acquis | 0.24% | 750,000 | $7.5M | New |
| FIGR Figure Technology Solut Class A | 0.24% | 200,000 | $7.3M | New |
| ULS Ul Solutions Inc. Class A | 0.23% | 100,000 | $7.1M | Reduce -80.0% |
| AVNET filed as AVT 1.750 09/01/30 CVT PUT | 0.23% | 7,000,000 | $7.1M | New |
| BLSH Bullish | 0.23% | 110,000 | $7.0M | New |
| LB Landbridge Co. LLC-A | 0.23% | 130,000 | $6.9M | Reduce -0.7% |
| CRWV Coreweave Inc. Class A | 0.22% | 50,000 | $6.8M | New |
| TBBB BBB Foods Inc. Class A | 0.22% | 250,000 | $6.7M | No change |
| NETD Nabors Energy Transition C-A | 0.22% | 599,800 | $6.7M | No change |
| MP MP Materials Corp. | 0.22% | 100,000 | $6.7M | New |
Portfolio Sells Q2 2025 → Q3 2025
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −14.32 |
| BRO Brown & Brown Inc. | Reduce -88.1% | 0.77% | −5.45 |
| DELL Dell Technologies -C | Sold out | 0.00% | −4.91 |
| ADT Adt Inc. | Sold out | 0.00% | −3.50 |
| TTWO Take-Two Interactive Softwre | Sold out | 0.00% | −2.60 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −2.28 |
| PRMB Primo Brands Corp. | Reduce -91.7% | 0.18% | −2.19 |
| NDAQ Nasdaq Inc. | Reduce -75.0% | 0.72% | −1.67 |
| PINGA 061130 CVT PUT | Reduce -45.9% | 3.23% | −1.43 |
| LPLA LPL Financial Holdings Inc. | Reduce -71.2% | 0.54% | −1.19 |
| MMYT 07/01/30 CVT PUT | Reduce -69.2% | 0.67% | −1.18 |
| SARO Standardaero Inc. | Reduce -65.3% | 0.67% | −1.16 |
| GRAB HOLDINGS LTD (GRAB 0 06/15/30) | Reduce -79.0% | 0.38% | −0.97 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.96 |
| MMYT Makemytrip Ltd. | Reduce -55.5% | 1.02% | −0.94 |
| DASH 05/15/30 CVT | Sold out | 0.00% | −0.94 |
| QXO Qxo Inc. | Reduce -80.0% | 0.25% | −0.90 |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | Reduce -84.6% | 0.30% | −0.81 |
| CHTFK 0.375 06/30/30 CVT PUT | Sold out | 0.00% | −0.80 |
| LOAR Loar Holdings Inc. | Reduce -36.2% | 1.96% | −0.74 |
| ULS Ul Solutions Inc. Class A | Reduce -80.0% | 0.23% | −0.74 |
| AEP American Electric Power | Sold out | 0.00% | −0.69 |
| WTRG Essential Utilities Inc. | Sold out | 0.00% | −0.64 |
| JPM 0.100 05/20/30 MTN | Sold out | 0.00% | −0.52 |
| ADC Agree Realty Corp. | Sold out | 0.00% | −0.49 |
| GLXY Galaxy Digital Inc. Class A | Reduce -71.4% | 0.55% | −0.47 |
| WEC 3.375 06/01/28 CVT | Sold out | 0.00% | −0.47 |
| AS Amer Sports Inc. | Reduce -50.0% | 0.57% | −0.47 |
| CPETR 0.750 05/20/32 CVT PUT | Sold out | 0.00% | −0.45 |
| KVYO Klaviyo Inc. Class A | Sold out | 0.00% | −0.45 |
| EOS ENERGY ENTERPRISES I (EOSE 6.75 06/15/30) | Sold out | 0.00% | −0.45 |
| SITM Sitime Corp. | Sold out | 0.00% | −0.44 |
| VSEC Vse Corp. | Sold out | 0.00% | −0.44 |
| CABLG 1.500 12/01/30 CVT | Sold out | 0.00% | −0.41 |
| FE 3.875 06/15/31 CVT | Sold out | 0.00% | −0.41 |
| RHP Ryman Hospitality Properties | Sold out | 0.00% | −0.40 |
| SFLDI 07/08/26 CVT | Sold out | 0.00% | −0.39 |
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −0.38 |
| BIRK Birkenstock Holding PLC | Reduce -60.0% | 0.30% | −0.36 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.36 |
| CNP Centerpoint Energy Inc. | Reduce -50.0% | 0.63% | −0.35 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −0.34 |
| LINE Lineage Inc. | Reduce -60.0% | 0.25% | −0.33 |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | Sold out | 0.00% | −0.32 |
| LTH Life Time Group Holdings Inc. | Sold out | 0.00% | −0.32 |
| IDA Idacorp Inc. | Sold out | 0.00% | −0.31 |
| LUCID GROUP INC (LCID 5 04/01/30) | Sold out | 0.00% | −0.30 |
| ODD Oddity Tech Ltd. Class A | Sold out | 0.00% | −0.30 |
| WUXIA 10/19/25 CVT EXCD | Reduce -66.7% | 0.40% | −0.29 |
| SRAD Sportradar Group AG-A | Reduce -80.0% | 0.09% | −0.29 |
Portfolio Buys Q2 2025 → Q3 2025
| BABA 091532 CVT PUT | New | 8.98% | +8.98 |
| NBIS Nebius Group NV | New | 5.89% | +5.89 |
| CHPAC 091830 CVT PUT | New | 5.16% | +5.16 |
| FOX Fox Corp. Class B | New | 4.68% | +4.68 |
| NIO Nio Inc. - ADR | New | 2.99% | +2.99 |
| BABA 07/09/32 CVT PUT | New | 2.59% | +2.59 |
| QUBT Quantum Computing Inc. | New | 2.43% | +2.43 |
| QUANC 10/02/30 CVT PUT | New | 2.11% | +2.11 |
| AVAV Aerovironment Inc. | New | 2.06% | +2.06 |
| RIG Transocean Ltd. | New | 1.89% | +1.89 |
| PONY Pony AI Inc. | New | 1.74% | +1.74 |
| BEKE Ke Holdings Inc.-ADR | New | 1.55% | +1.55 |
| LTM Latam Airlines Group SA-ADR | Add +1020.3% | 1.24% | +1.16 |
| NBIS 1.000 09/15/30 CVT | New | 1.14% | +1.14 |
| NBIS 2 3/4 09/15/32 | New | 0.95% | +0.95 |
| FWDI Forward Industries Inc. | New | 0.82% | +0.82 |
| CIPHER DIGITAL INC (CIFR 0 10/01/31) | New | 0.72% | +0.72 |
| MMGLT 10/08/30 CVT PUT | New | 0.71% | +0.71 |
| BOSTON PROPERTIES LP (BXP 2 10/01/30) | New | 0.65% | +0.65 |
| MIR Mirion Technologies Inc. | New | 0.59% | +0.59 |
| BABA Alibaba Group Holding-SP ADR | New | 0.58% | +0.58 |
| STRIVE INC | New | 0.49% | +0.49 |
| MBLY Mobileye Global Inc. Class A | New | 0.46% | +0.46 |
| AWK American Water Works Co. Inc. | New | 0.46% | +0.46 |
| KCCOP 1.750 07/10/30 CVT PUT | New | 0.46% | +0.46 |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | New | 0.41% | +0.41 |
| BNTX Biontech SE-ADR | New | 0.40% | +0.40 |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | New | 0.36% | +0.36 |
| MIAX Miami International Holdings | New | 0.36% | +0.36 |
| WIX LTD | New | 0.36% | +0.36 |
| COIN 10/01/29 CVT | New | 0.35% | +0.35 |
| FIG Figma Inc. Class A | New | 0.34% | +0.34 |
| Commvault Systems, Inc. | New | 0.34% | +0.34 |
| NIQ Niq Global Intelligence PLC | New | 0.33% | +0.33 |
| SO 3.250 06/15/28 CVT | New | 0.33% | +0.33 |
| BCSS.U Bain Capital GSS Investment | New | 0.33% | +0.33 |
| HPEVG 0.500 07/16/30 CVT PUT | New | 0.33% | +0.33 |
| METC Ramaco Resources Inc. Class A | New | 0.33% | +0.33 |
| VNOM Viper Energy Inc. Class A | New | 0.31% | +0.31 |
| SPXC SPX Technologies Inc. | New | 0.31% | +0.31 |
| LITE 0.375 03/15/32 CVT | New | 0.30% | +0.30 |
| TERAWULF INC (WULF 1 09/01/31) | New | 0.29% | +0.29 |
| EVAC.U Eqv Ventures Acquisition Cor | New | 0.26% | +0.26 |
| LNT 3.250 05/30/28 CVT | Add +57.9% | 0.51% | +0.25 |
| ONDS Ondas Inc. | New | 0.25% | +0.25 |
| WBI Waterbridge Infrastruc Class A | New | 0.25% | +0.25 |
| DMIIU Drugs Made in America Acquis | New | 0.24% | +0.24 |
| FIGR Figure Technology Solut Class A | New | 0.24% | +0.24 |
| AVNET | New | 0.23% | +0.23 |
| BLSH Bullish | New | 0.23% | +0.23 |
Notes & Other Activity Q2 2025 → Q3 2025
| BACQR Inflection Point Acquisition | RIGHT 11/04/2026 | Sold out | 500,000 | $171Kbefore exit |
| SVIRF Spring Valley Acquisit-Right | RIGHT 02/25/2026 | Sold out | 210,064 | $29Kbefore exit |
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 | 291 | $4.1B | SPCX, DLR, GOOGL, GOOG, SMCI |
| Q1 2026 | 272 | $3.6B | MDLN, XPEV, HYUHI 05/04/31 CVT PUT, TSLA, NVDA |
| Q4 2025 | 205 | $2.2B | XPEV, BABA 091532 CVT PUT, CHPAC 091830 CVT PUT, ULS, PINGA 061130 CVT PUT |
| Q3 2025 | 215 | $3.1B | BABA 091532 CVT PUT, NBIS, CHPAC 091830 CVT PUT, FOX, PINGA 061130 CVT PUT |
| Q2 2025 | 183 | $3.7B | TMUS, BRO, DELL, PINGA 061130 CVT PUT, ADT |
| Q1 2025 | 105 | $1.1B | AEP, PRMB, LINE, ULS, BABA 0.500 06/01/31 CVT PUT |
| Q4 2024 | 106 | $1.7B | BA, AJG, LINE, VIK, FANG |
| Q3 2024 | 130 | $1.8B | FANG, DELL, GEHC, PIAIF, TCOM |
| Q2 2024Amended | 118 | $1.1B | CCC, BABA 0.500 06/01/31 CVT PUT, DLR, KVUE, BIRK |
| Q1 2024 | 99 | $791.9M | NDAQ, ARM, BUD, MTDR, CRBG |