Ghisallo Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ghisallo Capital Management LLC reported 205 stock positions worth $2.2 billion. Its top holding was Xpeng Inc. - ADR (XPEV) at 6.8% of the portfolio, followed by Baba 091532 CVT Put (6.3%) and Chpac 091830 CVT Put (5.5%). Compared with Q3 2025, it opened 76 new positions, sold out of 86, added to 13 and reduced 37. The biggest buy was Xpeng Inc. - ADR (XPEV, shares +1400%) and the biggest sale an exit from Fox Class B (FOX).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001825214
- Portfolio Value
- $2.2B (Q4 2025)
- SEC Filing
- 0001172661-26-000914 ↗ filed Feb 17, 2026
Holdings Value
Holdings 205 stocks · $2.2B
| XPEV Xpeng Inc. - ADR | 6.79% | 7,500,000 | $152.1M | Add +1400.0% |
| BABA 091532 CVT PUT | 6.28% | 136,500,000 | $140.6M | Reduce -43.1% |
| CHPAC 091830 CVT PUT | 5.52% | 900,000,000 | $123.7M | Reduce -26.2% |
| ULS Ul Solutions Inc. Class A | 4.93% | 1,399,273 | $110.3M | Add +1299.3% |
| PINGA 061130 CVT PUT | 3.77% | 521,000,000 | $84.5M | Reduce -25.7% |
| ITT Itt Inc. | 3.49% | 450,000 | $78.1M | New |
| GALAXY DIGITAL HOLDIN LP (GLXYLP 0.5 05/01/31) filed as GLXY 0.500 05/01/31 CVT | 3.22% | 95,000,000 | $72.1M | New |
| SYM Symbotic Inc. | 2.81% | 1,059,400 | $63.0M | New |
| ROL Rollins Inc. | 2.68% | 1,000,000 | $60.0M | New |
| NBIS Nebius Group NV | 2.15% | 575,000 | $48.1M | Reduce -64.2% |
| KGS Kodiak Gas Services Inc. | 2.00% | 1,200,000 | $44.9M | Add +380.0% |
| NIO Nio Inc. - ADR | 1.82% | 8,000,000 | $40.8M | Reduce -33.3% |
| NNE Nano Nuclear Energy Inc. | 1.71% | 1,592,000 | $38.2M | New |
| MDLN Medline Inc. Class A | 1.69% | 900,000 | $37.8M | New |
| BABA 07/09/32 CVT PUT | 1.56% | 255,000,000 | $35.0M | Reduce -48.5% |
| SOFI Sofi Technologies Inc. | 1.30% | 1,115,619 | $29.2M | New |
| MIAX Miami International Holdings | 1.10% | 557,500 | $24.7M | Add +102.7% |
| WISTR 10/23/30 CVT PUT | 1.09% | 25,000,000 | $24.5M | New |
| ZOETIS INC (ZTS 0.25 06/15/29) filed as ZTS 0.250 06/15/29 CVT | 1.05% | 23,000,000 | $23.6M | New |
| CAI Caris Life Sciences Inc. | 1.02% | 845,332 | $22.8M | Reduce -19.4% |
| LGN Legence Corp. Class A | 0.96% | 500,000 | $21.5M | Add +233.3% |
| TTAN Servicetitan Inc. Class A | 0.95% | 200,000 | $21.3M | Reduce -41.4% |
| MMYT Makemytrip Ltd. | 0.92% | 250,000 | $20.5M | Reduce -25.0% |
| STC Stewart Information Services | 0.88% | 280,000 | $19.7M | New |
| NBIS 2 3/4 09/15/32 filed as NBIS 2.750 09/15/32 CVT | 0.85% | 20,000,000 | $19.1M | Reduce -20.0% |
| BITDEER TECHNOLOGIES GRP (BTDR 4 11/15/31) filed as BTDR 4.000 11/15/31 CVT PUT | 0.81% | 20,000,000 | $18.1M | New |
| VOYAGER SPACE HOLDINGS I (VOYG 0.75 11/15/30) filed as VOYG 0.750 11/15/30 CVT | 0.77% | 16,500,000 | $17.2M | New |
| KRMN Karman Holdings Inc. | 0.74% | 225,000 | $16.5M | No change |
| NVTS Navitas Semiconductor Corp. | 0.71% | 2,222,222 | $15.9M | New |
| KTOS Kratos Defense & Security | 0.68% | 200,000 | $15.2M | No change |
| CLEANSPARK INC (CLSK 0 02/15/32) | 0.67% | 20,000,000 | $15.1M | New |
| FANG Diamondback Energy Inc. | 0.67% | 100,000 | $15.0M | No change |
| CHECK POINT SOFTWARE (CHKP 0 12/15/30) filed as CHKP 12/15/30 CVT | 0.67% | 15,000,000 | $14.9M | New |
| BABA Alibaba Group Holding-SP ADR | 0.65% | 100,000 | $14.7M | No change |
| LOAR Loar Holdings Inc. | 0.61% | 200,000 | $13.6M | Reduce -73.3% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | 0.59% | 10,000,000 | $13.3M | New |
| TE T1 Energy Inc. | 0.58% | 1,952,194 | $13.0M | New |
| OGE Oge Energy Corp. | 0.57% | 300,000 | $12.8M | New |
| ALH Alliance Laundry Holdings Inc. | 0.55% | 600,000 | $12.2M | New |
| EXELON CORP (EXC 3.25 03/15/29) filed as EXC 3.250 03/15/29 CVT | 0.53% | 12,000,000 | $12.0M | New |
| WAY Waystar Holding Corp. | 0.51% | 350,000 | $11.5M | Reduce -30.0% |
| ALM Almonty Industries Inc. | 0.51% | 1,300,000 | $11.5M | New |
| KCCOP 1.750 07/10/30 CVT PUT | 0.51% | 10,000,000 | $11.4M | Reduce -16.7% |
| GLXY Galaxy Digital Inc. Class A | 0.50% | 500,000 | $11.2M | No change |
| FTW Eqv Ventures Acquisition C-A | 0.47% | 1,000,000 | $10.5M | No change |
| KRSP Rice Acquisition Corp. 3-A | 0.46% | 1,000,000 | $10.3M | New |
| NPAC New Providence Acquisition-A | 0.46% | 1,000,000 | $10.3M | No change |
| TACH Titan Acquisition Corp. Class A | 0.46% | 1,000,000 | $10.3M | No change |
| BCSS.U Bain Capital GSS Investment | 0.46% | 1,000,000 | $10.2M | No change |
| CTRI Centuri Holdings Inc. | 0.45% | 400,000 | $10.1M | New |
| KBONU Karbon Capital Partners Corp. | 0.45% | 1,000,000 | $10.1M | New |
| NTWO Newbury Street II Ac Class A | 0.44% | 950,000 | $9.9M | No change |
| COREWEAVE INC (CRWV 1.75 12/01/31) filed as CRWV 1.750 12/01/31 CVT | 0.44% | 10,500,000 | $9.9M | New |
| ALDF Aldel Financial II Inc. | 0.42% | 900,000 | $9.5M | No change |
| AS Amer Sports Inc. | 0.42% | 250,000 | $9.3M | Reduce -50.0% |
| FWDI Forward Industries Inc. | 0.40% | 1,351,352 | $8.9M | No change |
| MDU Mdu Resources Group Inc. | 0.39% | 451,229 | $8.8M | New |
| TERAWULF INC (WULF 0 05/01/32) filed as WULF 05/01/32 CVT | 0.38% | 10,000,000 | $8.5M | New |
| ATII Archimedes Tech Spac Partner | 0.37% | 800,000 | $8.3M | No change |
| FIGR Figure Technology Solut Class A | 0.36% | 200,000 | $8.2M | No change |
| BKV BKV Corporation | 0.36% | 300,000 | $8.1M | Add +200.0% |
| EVAC.U Eqv Ventures Acquisition Cor | 0.36% | 800,000 | $8.1M | No change |
| RAMACO RESOURCES INC (METC 0 11/01/31) | 0.36% | 9,500,000 | $8.0M | New |
| SLDE Slide Insurance Holdings Inc. | 0.35% | 400,000 | $7.8M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO | 0.35% | 7,500,000 | $7.8M | Add +87.5% |
| FIG Figma Inc. Class A | 0.33% | 200,000 | $7.5M | No change |
| AST SPACEMOBILE INC (ASTS 2 01/15/36) filed as ASTS 2.000 01/15/36 CVT | 0.33% | 7,500,000 | $7.4M | New |
| DMII Drugs Made in America Acquis | 0.33% | 750,000 | $7.4M | No change |
| NIQ Niq Global Intelligence PLC | 0.33% | 450,000 | $7.4M | Reduce -30.8% |
| NBIS 1.000 09/15/30 CVT | 0.33% | 7,500,000 | $7.3M | Reduce -75.0% |
| XTEPI 1.500 02/18/26 CVT | 0.32% | 56,000,000 | $7.2M | No change |
| OKLO Oklo Inc. | 0.32% | 100,000 | $7.2M | Reduce -60.0% |
| CRWV Coreweave Inc. Class A | 0.32% | 100,000 | $7.2M | Add +100.0% |
| AHR American Healthcare REIT Inc. | 0.32% | 150,000 | $7.1M | No change |
| BETA Beta Technologies Inc. Class A | 0.31% | 250,000 | $7.1M | New |
| ANSC Agriculture & Natural Soluti | 0.30% | 600,000 | $6.7M | No change |
| VSEC Vse Corp. | 0.27% | 35,000 | $6.0M | New |
| WBI Waterbridge Infrastruc Class A | 0.27% | 300,000 | $6.0M | No change |
| MIR Mirion Technologies Inc. | 0.26% | 250,000 | $5.9M | Reduce -67.7% |
| COIN 10/01/32 CVT | 0.26% | 6,500,000 | $5.8M | Add +30.0% |
| SARO Standardaero Inc. | 0.26% | 200,000 | $5.7M | Reduce -73.3% |
| CHYM Chime Financial Inc. Class A | 0.25% | 225,000 | $5.7M | No change |
| CBC Central Bancompany | 0.24% | 220,000 | $5.3M | New |
| ANDG Andersen Group Inc. Class A | 0.23% | 200,000 | $5.2M | New |
| PMTR Perimeter Acquis Corp. I Class A | 0.23% | 500,000 | $5.1M | No change |
| NAVN Navan Inc. Class A | 0.23% | 300,000 | $5.1M | New |
| CAEP Cantor Equity Partners III-A | 0.23% | 500,000 | $5.1M | No change |
| MRTFC 0.500 12/16/28 CVT | 0.23% | 4,000,000 | $5.1M | New |
| MP MP Materials Corp. | 0.23% | 100,000 | $5.1M | No change |
| OBA Oxley Bridge Acquisitio Class A | 0.22% | 500,000 | $5.0M | No change |
| ADACU American Drive Acquisition C | 0.22% | 500,000 | $5.0M | New |
| LPCVU Launchpad Cadenza Acquisitio | 0.22% | 500,000 | $5.0M | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | 0.22% | 5,000,000 | $5.0M | New |
| AERO Grupo Aeromexico Sab DE CV | 0.22% | 225,000 | $4.9M | New |
| OACC Oaktree Acquisition Corp. I-A | 0.21% | 450,000 | $4.8M | No change |
| WLTH Wealthfront Corp. | 0.21% | 350,000 | $4.8M | New |
| HYMC Hycroft Mining Holding Co. Class A | 0.21% | 200,000 | $4.8M | New |
| KMTS Kestra Medical Technologies | 0.21% | 176,992 | $4.7M | Add +136.0% |
| IREN LTD (IREN 1 06/01/33 33) filed as IREN 1 06/01/33 33 | 0.21% | 5,000,000 | $4.7M | New |
| COIN 10/01/29 CVT | 0.21% | 5,000,000 | $4.6M | Reduce -50.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $105K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DMIIR Drugs Made in America Acq-RT | RIGHT 09/16/2030 | 750,000 | $105K | No change |
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q3 2025 → Q4 2025
| FOX Fox Corp. Class B | Sold out | 0.00% | −4.68 |
| NBIS Nebius Group NV | Reduce -64.2% | 2.15% | −3.74 |
| BABA 091532 CVT PUT | Reduce -43.1% | 6.28% | −2.71 |
| QUBT Quantum Computing Inc. | Sold out | 0.00% | −2.43 |
| QUANC 10/02/30 CVT PUT | Sold out | 0.00% | −2.11 |
| AVAV Aerovironment Inc. | Sold out | 0.00% | −2.06 |
| RIG Transocean Ltd. | Sold out | 0.00% | −1.89 |
| PONY Pony AI Inc. | Sold out | 0.00% | −1.74 |
| ESLT Elbit Systems Ltd. | Sold out | 0.00% | −1.67 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −1.55 |
| LOAR Loar Holdings Inc. | Reduce -73.3% | 0.61% | −1.36 |
| LTM Latam Airlines Group SA-ADR | Sold out | 0.00% | −1.24 |
| NIO Nio Inc. - ADR | Reduce -33.3% | 1.82% | −1.17 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −1.10 |
| INTC Intel Corp. | Sold out | 0.00% | −1.10 |
| BABA 07/09/32 CVT PUT | Reduce -48.5% | 1.56% | −1.03 |
| NBIS 1.000 09/15/30 CVT | Reduce -75.0% | 0.33% | −0.81 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.77 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.72 |
| CIPHER DIGITAL INC (CIFR 0 10/01/31) | Sold out | 0.00% | −0.72 |
| MMGLT 10/08/30 CVT PUT | Sold out | 0.00% | −0.71 |
| MMYT 07/01/30 CVT PUT | Sold out | 0.00% | −0.67 |
| BOSTON PROPERTIES LP (BXP 2 10/01/30) | Sold out | 0.00% | −0.65 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −0.63 |
| OKLO Oklo Inc. | Reduce -60.0% | 0.32% | −0.59 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.54 |
| PINGA 0.875 07/22/29 | Sold out | 0.00% | −0.51 |
| LNT 3.250 05/30/28 CVT | Sold out | 0.00% | −0.51 |
| STRIVE INC | Reduce -95.5% | 0.02% | −0.47 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.46 |
| HSAI Hesai Group | Sold out | 0.00% | −0.46 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.46 |
| SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) | Sold out | 0.00% | −0.41 |
| SARO Standardaero Inc. | Reduce -73.3% | 0.26% | −0.41 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.40 |
| WUXIA 10/19/25 CVT EXCD | Sold out | 0.00% | −0.40 |
| GRAB HOLDINGS LTD (GRAB 0 06/15/30) | Sold out | 0.00% | −0.38 |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | Sold out | 0.00% | −0.36 |
| WIX LTD | Sold out | 0.00% | −0.36 |
| Commvault Systems, Inc. | Sold out | 0.00% | −0.34 |
| LI Li Auto Inc. - ADR | Sold out | 0.00% | −0.33 |
| SO 3.250 06/15/28 CVT | Sold out | 0.00% | −0.33 |
| HPEVG 0.500 07/16/30 CVT PUT | Sold out | 0.00% | −0.33 |
| MIR Mirion Technologies Inc. | Reduce -67.7% | 0.26% | −0.33 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −0.33 |
| SPXC SPX Technologies Inc. | Sold out | 0.00% | −0.31 |
| LITE 0.375 03/15/32 CVT | Sold out | 0.00% | −0.30 |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | Sold out | 0.00% | −0.30 |
| BIRK Birkenstock Holding PLC | Sold out | 0.00% | −0.30 |
| TERAWULF INC (WULF 1 09/01/31) | Sold out | 0.00% | −0.29 |
Portfolio Buys Q3 2025 → Q4 2025
| XPEV Xpeng Inc. - ADR | Add +1400.0% | 6.79% | +6.41 |
| ULS Ul Solutions Inc. Class A | Add +1299.3% | 4.93% | +4.70 |
| ITT Itt Inc. | New | 3.49% | +3.49 |
| GALAXY DIGITAL HOLDIN LP (GLXYLP 0.5 05/01/31) | New | 3.22% | +3.22 |
| SYM Symbotic Inc. | New | 2.81% | +2.81 |
| ROL Rollins Inc. | New | 2.68% | +2.68 |
| NNE Nano Nuclear Energy Inc. | New | 1.71% | +1.71 |
| KGS Kodiak Gas Services Inc. | Add +380.0% | 2.00% | +1.70 |
| MDLN Medline Inc. Class A | New | 1.69% | +1.69 |
| SOFI Sofi Technologies Inc. | New | 1.30% | +1.30 |
| WISTR 10/23/30 CVT PUT | New | 1.09% | +1.09 |
| ZOETIS INC (ZTS 0.25 06/15/29) | New | 1.05% | +1.05 |
| STC Stewart Information Services | New | 0.88% | +0.88 |
| LGN Legence Corp. Class A | Add +233.3% | 0.96% | +0.81 |
| BITDEER TECHNOLOGIES GRP (BTDR 4 11/15/31) | New | 0.81% | +0.81 |
| VOYAGER SPACE HOLDINGS I (VOYG 0.75 11/15/30) | New | 0.77% | +0.77 |
| MIAX Miami International Holdings | Add +102.7% | 1.10% | +0.74 |
| NVTS Navitas Semiconductor Corp. | New | 0.71% | +0.71 |
| CLEANSPARK INC (CLSK 0 02/15/32) | New | 0.67% | +0.67 |
| CHECK POINT SOFTWARE (CHKP 0 12/15/30) | New | 0.67% | +0.67 |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | New | 0.59% | +0.59 |
| TE T1 Energy Inc. | New | 0.58% | +0.58 |
| OGE Oge Energy Corp. | New | 0.57% | +0.57 |
| ALH Alliance Laundry Holdings Inc. | New | 0.55% | +0.55 |
| EXELON CORP (EXC 3.25 03/15/29) | New | 0.53% | +0.53 |
| ALM Almonty Industries Inc. | New | 0.51% | +0.51 |
| KRSP Rice Acquisition Corp. 3-A | New | 0.46% | +0.46 |
| CTRI Centuri Holdings Inc. | New | 0.45% | +0.45 |
| KBONU Karbon Capital Partners Corp. | New | 0.45% | +0.45 |
| COREWEAVE INC (CRWV 1.75 12/01/31) | New | 0.44% | +0.44 |
| MDU Mdu Resources Group Inc. | New | 0.39% | +0.39 |
| TERAWULF INC (WULF 0 05/01/32) | New | 0.38% | +0.38 |
| RAMACO RESOURCES INC (METC 0 11/01/31) | New | 0.36% | +0.36 |
| AST SPACEMOBILE INC (ASTS 2 01/15/36) | New | 0.33% | +0.33 |
| BETA Beta Technologies Inc. Class A | New | 0.31% | +0.31 |
| BKV BKV Corporation | Add +200.0% | 0.36% | +0.29 |
| VSEC Vse Corp. | New | 0.27% | +0.27 |
| CBC Central Bancompany | New | 0.24% | +0.24 |
| ANDG Andersen Group Inc. Class A | New | 0.23% | +0.23 |
| NAVN Navan Inc. Class A | New | 0.23% | +0.23 |
| MRTFC 0.500 12/16/28 CVT | New | 0.23% | +0.23 |
| ADACU American Drive Acquisition C | New | 0.22% | +0.22 |
| LPCVU Launchpad Cadenza Acquisitio | New | 0.22% | +0.22 |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | New | 0.22% | +0.22 |
| AERO Grupo Aeromexico Sab DE CV | New | 0.22% | +0.22 |
| FORD MOTOR COMPANY (F 0 03/15/26) | Add +87.5% | 0.35% | +0.21 |
| WLTH Wealthfront Corp. | New | 0.21% | +0.21 |
| HYMC Hycroft Mining Holding Co. Class A | New | 0.21% | +0.21 |
| IREN LTD (IREN 1 06/01/33 33) | New | 0.21% | +0.21 |
| CDRE Cadre Holdings Inc. | New | 0.19% | +0.19 |
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 |