Graham Capital Management, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Graham Capital Management, L.P. reported 1,151 stock positions worth $2.0 billion. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 6.1% of the portfolio, followed by Strategy (MSTR, 1.7%) and Nvidia (NVDA, 1.3%). Compared with Q3 2024, it opened 465 new positions, sold out of 322, added to 403 and reduced 281. The biggest buy was a new position in Strategy (MSTR) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −39%).
- Most Recent 13F
- Q2 2026
- Location
- ROWAYTON, CT
- CIK
- 0001315421
- Portfolio Value
- $2.0B (Q4 2024)
- SEC Filing
- 0001140361-25-004483 ↗ filed Feb 14, 2025
Holdings Value
Holdings 1,151 stocks · $2.0B
| IBIT iShares Bitcoin Trust ETF | 6.11% | 2,347,889 | $124.6M | Reduce -38.6% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 1.68% | 117,912 | $34.1M | New |
| NVDA Nvidia Corp. | 1.33% | 201,404 | $27.0M | Add +0.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 1.24% | 321,633 | $25.3M | Add +84.1% |
| META Meta Platforms Inc. Class A | 1.09% | 37,970 | $22.2M | Reduce -19.6% |
| AMZN Amazon.com Inc. | 1.08% | 99,870 | $21.9M | Add +344.9% |
| NFLX Netflix Inc. | 1.07% | 24,458 | $21.8M | Reduce -7.7% |
| HPE Hewlett Packard Enterprise | 0.91% | 865,028 | $18.5M | Add +8.0% |
| PEP Pepsico Inc. | 0.89% | 119,244 | $18.1M | New |
| CME Cme Group Inc. | 0.85% | 75,000 | $17.4M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 0.84% | 90,062 | $17.0M | Reduce -28.0% |
| JNJ Johnson & Johnson | 0.79% | 111,325 | $16.1M | New |
| TIP iShares Tips Bond ETF | 0.77% | 147,812 | $15.7M | Add +198.6% |
| SO The Southern Co. | 0.74% | 182,761 | $15.0M | Add +133.4% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.72% | 42,709 | $14.6M | Add +18.3% |
| SPGI S&P Global Inc. | 0.69% | 28,191 | $14.0M | New |
| MMM 3M Co. | 0.69% | 108,686 | $14.0M | Reduce -1.6% |
| BA The Boeing Co. | 0.67% | 77,306 | $13.7M | New |
| XLF SS Financial Select Sector | 0.64% | 269,170 | $13.0M | Add +608.3% |
| PPL PPL Corp. | 0.57% | 360,429 | $11.7M | Add +734.9% |
| GOOG Alphabet Inc. Class C | 0.56% | 59,567 | $11.3M | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.55% | 104,900 | $11.2M | Reduce -17.9% |
| DUOL Duolingo | 0.55% | 34,349 | $11.1M | Add +47.3% |
| MNKD Mannkind Corp. | 0.50% | 1,590,761 | $10.2M | New |
| EMBJ Embraer SA-Spon ADR | 0.49% | 273,927 | $10.0M | Add +86.3% |
| EEM iShares MSCI Emerging Market | 0.49% | 240,000 | $10.0M | Add +128.6% |
| CIEN Ciena Corp. | 0.49% | 117,235 | $9.9M | Add +16.6% |
| GEV GE Vernova Inc. | 0.48% | 29,920 | $9.8M | Add +2393.3% |
| CARR Carrier Global Corp. | 0.48% | 142,538 | $9.7M | Reduce -18.9% |
| COHR Coherent Corp. | 0.47% | 101,120 | $9.6M | Add +30.1% |
| SU Suncor Energy Inc. | 0.46% | 262,430 | $9.4M | Add +320.0% |
| ZBRA Zebra Technologies Corp. Class A | 0.45% | 23,946 | $9.2M | Add +74.0% |
| MU Micron Technology Inc. | 0.45% | 109,537 | $9.2M | Reduce -12.2% |
| EXC Exelon Corp. | 0.44% | 235,760 | $8.9M | Add +492.9% |
| RGA Reinsurance Group of America | 0.43% | 41,225 | $8.8M | Add +9.8% |
| FLG Flagstar Bank NA | 0.43% | 936,446 | $8.7M | Add +70.4% |
| SCHW Schwab (charles) Corp. | 0.41% | 112,376 | $8.3M | Add +248.3% |
| CNQ Canadian Natural Resources | 0.40% | 266,118 | $8.2M | Add +70.4% |
| TXRH Texas Roadhouse Inc. | 0.39% | 43,582 | $7.9M | Add +0.8% |
| CEG Constellation Energy | 0.38% | 34,740 | $7.8M | Add +119.0% |
| EQH Equitable Holdings Inc. | 0.38% | 163,951 | $7.7M | Reduce -3.1% |
| TOL Toll Brothers Inc. | 0.38% | 61,029 | $7.7M | Add +150.9% |
| ETHA iShares Ethereum Trust ETF | 0.37% | 300,000 | $7.6M | No change |
| WMT Walmart Inc. | 0.37% | 83,748 | $7.6M | Reduce -70.2% |
| NOC Northrop Grumman Corp. | 0.36% | 15,665 | $7.4M | Reduce -34.2% |
| SFM Sprouts Farmers Market Inc. | 0.36% | 57,072 | $7.3M | Add +237.4% |
| CRH CRH PLC | 0.35% | 77,937 | $7.2M | Add +102.2% |
| PG The Procter & Gamble Co. | 0.34% | 41,015 | $6.9M | Add +78.3% |
| BP BP PLC-Spons ADR | 0.33% | 228,698 | $6.8M | Add +505.5% |
| FOUR SHIFT4 Payments Inc. Class A | 0.33% | 64,215 | $6.7M | Reduce -32.1% |
| GLW Corning Inc. | 0.32% | 138,263 | $6.6M | New |
| ICE Intercontinental Exchange Inc. | 0.32% | 43,136 | $6.4M | Add +288.8% |
| NCLH Norwegian Cruise Line Holdin | 0.31% | 249,104 | $6.4M | Add +155.8% |
| NWSA News Corp. Class A | 0.31% | 227,307 | $6.3M | Reduce -12.7% |
| STT State Street Corp. | 0.30% | 63,314 | $6.2M | Add +1081.2% |
| CSCO Cisco Systems Inc. | 0.30% | 104,870 | $6.2M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.30% | 211,244 | $6.2M | New |
| MFC Manulife Financial Corp. | 0.30% | 200,441 | $6.2M | Reduce -4.7% |
| XYZ Block Inc. | 0.30% | 72,159 | $6.1M | Reduce -26.2% |
| PYPL PayPal Holdings Inc. | 0.30% | 71,354 | $6.1M | Add +13.8% |
| ALL Allstate Corp. | 0.30% | 31,394 | $6.1M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.30% | 137,585 | $6.0M | Reduce -68.8% |
| LNG Cheniere Energy Inc. | 0.30% | 28,082 | $6.0M | New |
| NYT New York Times Co. Class A | 0.29% | 115,301 | $6.0M | Add +288.3% |
| RRC Range Resources Corp. | 0.29% | 164,509 | $5.9M | Add +1202.0% |
| UBER Uber Technologies Inc. | 0.29% | 97,351 | $5.9M | Reduce -1.1% |
| RBLX Roblox Corp. Class A | 0.28% | 98,094 | $5.7M | New |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.28% | 67,023 | $5.7M | Add +671.1% |
| TWLO Twilio Inc. Class A | 0.28% | 52,247 | $5.6M | Reduce -51.5% |
| HD Home Depot Inc. | 0.28% | 14,500 | $5.6M | Add +62.9% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.27% | 74,000 | $5.6M | Reduce -62.8% |
| KLAC KLA Corp. | 0.27% | 8,866 | $5.6M | Add +909.8% |
| STX Seagate Technology Holdings | 0.27% | 62,698 | $5.4M | Add +66.9% |
| EWBC East West Bancorp Inc. | 0.26% | 56,121 | $5.4M | Add +136.1% |
| CMS CMS Energy Corp. | 0.26% | 79,691 | $5.3M | Add +69.3% |
| LOW Lowe's Cos Inc. | 0.26% | 21,500 | $5.3M | New |
| CMI Cummins Inc. | 0.26% | 15,200 | $5.3M | Add +245.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.26% | 510,147 | $5.3M | Add +1600.5% |
| HBAN Huntington Bancshares Inc. | 0.26% | 323,669 | $5.3M | Add +2174.6% |
| SYF Synchrony Financial | 0.25% | 79,816 | $5.2M | Reduce -48.8% |
| ALLE Allegion PLC | 0.25% | 39,654 | $5.2M | Add +662.4% |
| CIVI Civitas Resources Inc. | 0.25% | 112,412 | $5.2M | Add +1959.6% |
| TXT Textron Inc. | 0.25% | 67,000 | $5.1M | Add +166.8% |
| VIK Viking Holdings Ltd. | 0.25% | 115,616 | $5.1M | Add +607.4% |
| MET Metlife Inc. | 0.25% | 62,196 | $5.1M | Reduce -62.0% |
| GM General Motors Co. | 0.25% | 94,859 | $5.1M | Add +3.7% |
| EWW iShares MSCI Mexico ETF | 0.24% | 106,000 | $5.0M | Add +1.6% |
| IBKR Interactive Brokers Gro Class A | 0.24% | 27,240 | $4.8M | Reduce -19.7% |
| MAS Masco Corp. | 0.23% | 65,085 | $4.7M | Add +35.0% |
| NVS Novartis AG-Sponsored ADR | 0.23% | 48,193 | $4.7M | New |
| LEVI Levi Strauss & Co. Class A | 0.23% | 271,011 | $4.7M | Add +16.1% |
| FTI Technipfmc PLC | 0.23% | 159,494 | $4.6M | Reduce -51.5% |
| CCL Carnival Corp. | 0.22% | 181,997 | $4.5M | Add +29.0% |
| TT Trane Technologies PLC | 0.22% | 12,135 | $4.5M | Reduce -65.7% |
| C Citigroup Inc. | 0.22% | 63,593 | $4.5M | Reduce -79.0% |
| MAR Marriott International Class A | 0.22% | 15,900 | $4.4M | Add +32.4% |
| DOV Dover Corp. | 0.22% | 23,553 | $4.4M | Add +978.4% |
| TD Toronto-Dominion Bank | 0.21% | 81,236 | $4.3M | New |
| ACI Albertsons Cos Inc. Class A | 0.21% | 218,547 | $4.3M | Add +13.6% |
| SHEL Shell PLC-ADR | 0.21% | 68,311 | $4.3M | New |
Options reported separately and not counted above: MSTR puts ($2.2B), IWM puts ($727.3M), IBIT puts ($108.8M), SPY puts ($64.5M), BITO puts ($57.0M), MARA puts ($45.8M), BBIO puts ($19.2M), SPCE puts ($18.2M), ABR puts ($17.4M), IWM calls ($16.6M), PCT puts ($12.9M), RIVN puts ($12.8M), and 16 more.
Other holdings (20): bonds, preferreds, convertibles and warrants · $1.2B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28) | NOTE 3.250% 4/0 · principal | 67,181,000 | $169.3M | No change |
| BLOOM ENERGY CORP (BE 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 86,144,000 | $122.0M | Add +30.8% |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | 48,250,000 | $100.1M | Reduce -56.9% |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | 88,500,000 | $84.5M | Reduce -2.2% |
| PEABODY ENERGY CORP (BTU 3.25 03/01/28) | NOTE 3.250% 3/0 · principal | 65,510,000 | $83.2M | No change |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 75,500,000 | $79.1M | Add +25.8% |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 62,179,000 | $68.4M | Add +8.7% |
| NOVAVAX INC (NVAX 5 12/15/27) | NOTE 5.000%12/1 · principal | 67,827,000 | $68.1M | Add +3.1% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 69,794,000 | $62.5M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 55,741,000 | $58.4M | No change |
| TRANSOCEAN INTERNTNL LTD (RIG 4 12/15/25 *) | DEB 4.000%12/1 · principal | 41,576,000 | $44.0M | No change |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 51,757,000 | $43.6M | Add +3.0% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 38,262,000 | $36.2M | Add +146.8% |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | 37,067,000 | $34.7M | New |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 28,675,000 | $28.7M | Add +7.5% |
| PLUG POWER INC (PLUG 3.75 06/01/25) | NOTE 3.750% 6/0 · principal | 28,259,000 | $27.2M | No change |
| REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) | NOTE 1.750% 2/1 · principal | 26,429,000 | $25.4M | Reduce -27.4% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 25,388,000 | $24.5M | Reduce -3.8% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 21,500,000 | $22.8M | New |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | 21,000,000 | $20.2M | New |
Total filed on the 13F, all lines: $3.2B.
Portfolio Sells Q3 2024 → Q4 2024
| IBIT iShares Bitcoin Trust ETF | Reduce -38.6% | 6.11% | −1.31 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −1.18 |
| MSFT Microsoft Corp. | Reduce -84.5% | 0.19% | −1.17 |
| HES Hess Corp. | Sold out | 0.00% | −0.86 |
| WMT Walmart Inc. | Reduce -70.2% | 0.37% | −0.85 |
| C Citigroup Inc. | Reduce -79.0% | 0.22% | −0.80 |
| IXUS iShares Core Intl Stock ETF | Sold out | 0.00% | −0.74 |
| BSX Boston Scientific Corp. | Reduce -98.4% | 0.01% | −0.73 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.70 |
| XLI SS Industrial Select Sector | Sold out | 0.00% | −0.70 |
| BAC Bank of America Corp. | Reduce -68.8% | 0.30% | −0.64 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -62.8% | 0.27% | −0.59 |
| TT Trane Technologies PLC | Reduce -65.7% | 0.22% | −0.52 |
| MET Metlife Inc. | Reduce -62.0% | 0.25% | −0.47 |
| ZM Zoom Communications Inc. | Sold out | 0.00% | −0.46 |
| ETN Eaton Corp. PLC | Reduce -96.8% | 0.01% | −0.45 |
| LRCX Lam Research Corp. | Reduce -88.5% | 0.04% | −0.42 |
| ROST Ross Stores Inc. | Reduce -80.7% | 0.08% | −0.39 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.36 |
| META Meta Platforms Inc. Class A | Reduce -19.6% | 1.09% | −0.36 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.33 |
| AXP American Express Co. | Reduce -96.3% | 0.01% | −0.33 |
| IGF iShares Global Infrastructur | Sold out | 0.00% | −0.32 |
| WAB Wabtec Corp. | Reduce -70.5% | 0.13% | −0.32 |
| UHS Universal Health Services-B | Reduce -70.0% | 0.09% | −0.32 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.32 |
| NOC Northrop Grumman Corp. | Reduce -34.2% | 0.36% | −0.31 |
| DUK Duke Energy Corp. | Reduce -55.3% | 0.18% | −0.29 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.28 |
| HAS Hasbro Inc. | Sold out | 0.00% | −0.28 |
| CARR Carrier Global Corp. | Reduce -18.9% | 0.48% | −0.28 |
| GE General Electric | Reduce -49.4% | 0.19% | −0.28 |
| GOOGL Alphabet Inc. Class A | Reduce -28.0% | 0.84% | −0.28 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.27 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.27 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.27 |
| RSP Invesco S&P 500 Equal Weight | Reduce -51.5% | 0.20% | −0.26 |
| TMUS T-Mobile US Inc. | Reduce -88.1% | 0.03% | −0.26 |
| MU Micron Technology Inc. | Reduce -12.2% | 0.45% | −0.24 |
| ANET Arista Networks Inc. | Reduce -65.5% | 0.14% | −0.24 |
| FTI Technipfmc PLC | Reduce -51.5% | 0.23% | −0.24 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.23 |
| KR Kroger Co. | Sold out | 0.00% | −0.23 |
| BLD Topbuild Corp. | Sold out | 0.00% | −0.23 |
| HACK Amplify Cybersecurity ETF | Sold out | 0.00% | −0.23 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -17.9% | 0.55% | −0.22 |
| PRU Prudential Financial Inc. | Reduce -81.3% | 0.04% | −0.22 |
| MSI Motorola Solutions Inc. | Reduce -57.7% | 0.14% | −0.22 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.21 |
| KSS Kohls Corp. | Sold out | 0.00% | −0.21 |
Portfolio Buys Q3 2024 → Q4 2024
| MSTR Strategy Inc. | New | 1.68% | +1.68 |
| PEP Pepsico Inc. | New | 0.89% | +0.89 |
| AMZN Amazon.com Inc. | Add +344.9% | 1.08% | +0.85 |
| JNJ Johnson & Johnson | New | 0.79% | +0.79 |
| SPGI S&P Global Inc. | New | 0.69% | +0.69 |
| BA The Boeing Co. | New | 0.67% | +0.67 |
| XLF SS Financial Select Sector | Add +608.3% | 0.64% | +0.55 |
| MNKD Mannkind Corp. | New | 0.50% | +0.50 |
| PPL PPL Corp. | Add +734.9% | 0.57% | +0.50 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +84.1% | 1.24% | +0.49 |
| TIP iShares Tips Bond ETF | Add +198.6% | 0.77% | +0.48 |
| GEV GE Vernova Inc. | Add +2393.3% | 0.48% | +0.47 |
| SO The Southern Co. | Add +133.4% | 0.74% | +0.36 |
| EXC Exelon Corp. | Add +492.9% | 0.44% | +0.35 |
| SU Suncor Energy Inc. | Add +320.0% | 0.46% | +0.34 |
| GLW Corning Inc. | New | 0.32% | +0.32 |
| CSCO Cisco Systems Inc. | New | 0.30% | +0.30 |
| VICI Vici Properties Inc. | New | 0.30% | +0.30 |
| ALL Allstate Corp. | New | 0.30% | +0.30 |
| LNG Cheniere Energy Inc. | New | 0.30% | +0.30 |
| SCHW Schwab (charles) Corp. | Add +248.3% | 0.41% | +0.30 |
| STT State Street Corp. | Add +1081.2% | 0.30% | +0.28 |
| RBLX Roblox Corp. Class A | New | 0.28% | +0.28 |
| RRC Range Resources Corp. | Add +1202.0% | 0.29% | +0.27 |
| BP BP PLC-Spons ADR | Add +505.5% | 0.33% | +0.27 |
| LOW Lowe's Cos Inc. | New | 0.26% | +0.26 |
| SFM Sprouts Farmers Market Inc. | Add +237.4% | 0.36% | +0.26 |
| HBAN Huntington Bancshares Inc. | Add +2174.6% | 0.26% | +0.25 |
| CIVI Civitas Resources Inc. | Add +1959.6% | 0.25% | +0.24 |
| KLAC KLA Corp. | Add +909.8% | 0.27% | +0.24 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +1600.5% | 0.26% | +0.24 |
| EEM iShares MSCI Emerging Market | Add +128.6% | 0.49% | +0.23 |
| NVS Novartis AG-Sponsored ADR | New | 0.23% | +0.23 |
| IFF Intl Flavors & Fragrances | Add +671.1% | 0.28% | +0.23 |
| ICE Intercontinental Exchange Inc. | Add +288.8% | 0.32% | +0.22 |
| VIK Viking Holdings Ltd. | Add +607.4% | 0.25% | +0.22 |
| EMBJ Embraer SA-Spon ADR | Add +86.3% | 0.49% | +0.21 |
| ALLE Allegion PLC | Add +662.4% | 0.25% | +0.21 |
| TD Toronto-Dominion Bank | New | 0.21% | +0.21 |
| SHEL Shell PLC-ADR | New | 0.21% | +0.21 |
| NCLH Norwegian Cruise Line Holdin | Add +155.8% | 0.31% | +0.21 |
| NYT New York Times Co. Class A | Add +288.3% | 0.29% | +0.21 |
| IT Gartner Inc. | New | 0.20% | +0.20 |
| AME Ametek Inc. | New | 0.20% | +0.20 |
| USFD US Foods Holding Corp. | New | 0.20% | +0.20 |
| X United States Steel Corp. | New | 0.20% | +0.20 |
| DOV Dover Corp. | Add +978.4% | 0.22% | +0.19 |
| FLS Flowserve Corp. | New | 0.19% | +0.19 |
| DUOL Duolingo | Add +47.3% | 0.55% | +0.19 |
| JCI Johnson Controls Internation | New | 0.19% | +0.19 |
Options Activity Q3 2024 → Q4 2024
| MSTR Strategy Inc. | put | Add +10.9% | 7,723,000 | $2.2B |
| IWM iShares Russell 2000 ETF | put | Reduce -13.6% | 3,291,400 | $727.3M |
| IBIT iShares Bitcoin Trust ETF | put | New | 2,050,300 | $108.8M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 1,100,000 | $88.3Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -45.0% | 110,000 | $64.5M |
| BITO Proshares Bitcoin ETF-Usd | put | New | 2,500,000 | $57.0M |
| MARA Mara Holdings Inc. | put | Add +24.4% | 2,731,000 | $45.8M |
| EEM iShares MSCI Emerging Market | call | Sold out | 950,000 | $43.6Mbefore exit |
| SAVEQ Spirit Airlines Inc. | put | Sold out | 17,461,900 | $41.9Mbefore exit |
| GDXJ Vaneck Junior Gold Miners | put | Sold out | 640,000 | $31.2Mbefore exit |
| SIL Global X Silver Miners ETF | put | Sold out | 570,000 | $20.0Mbefore exit |
| BBIO Bridgebio Pharma Inc. | put | Add +2.6% | 698,900 | $19.2M |
| ABR Arbor Realty Trust Inc. | put | Add +18.9% | 1,257,500 | $17.4M |
| IWM iShares Russell 2000 ETF | call | New | 75,000 | $16.6M |
| PCT Purecycle Technologies Inc. | put | Reduce -11.9% | 1,254,700 | $12.9M |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | Reduce -87.1% | 110,000 | $11.8M |
| GDX Vaneck Gold Miners ETF | put | Sold out | 241,000 | $9.6Mbefore exit |
| LCID Lucid Group Inc. | put | Reduce -19.2% | 2,949,700 | $8.9M |
| EPD Enterprise Products Partners | call | Sold out | 300,000 | $8.7Mbefore exit |
| GDXJ Vaneck Junior Gold Miners | call | Reduce -85.1% | 200,000 | $8.6M |
| EFA iShares MSCI Eafe ETF | call | Sold out | 100,000 | $8.4Mbefore exit |
| GDX Vaneck Gold Miners ETF | call | Reduce -32.8% | 225,000 | $7.6M |
| MP MP Materials Corp. | put | Sold out | 422,800 | $7.5Mbefore exit |
| PLUG Plug Power Inc. | put | Add +16.2% | 2,980,700 | $6.3M |
| XLV SS Health Care Select Sector | call | Reduce -85.3% | 44,000 | $6.1M |
| BBAI Bigbear.ai Holdings Inc. | put | New | 1,299,500 | $5.8M |
| NOVAQ Sunnova Energy International | put | Sold out | 588,200 | $5.7Mbefore exit |
| GLD SPDR Gold Shares | call | New | 20,000 | $4.8M |
| OPK Opko Health Inc. | put | Reduce -26.7% | 1,577,900 | $2.3M |
| MAXNQ Maxeon Solar Technologie | put | New | 289,000 | $2.2M |
| RVNC Revance Therapeutics Inc. | put | Sold out | 418,200 | $2.2Mbefore exit |
| SMCI Super Micro Computer Inc. | call | New | 50,000 | $1.5M |
| RVNC Revance Therapeutics Inc. | call | Add +4900.0% | 400,000 | $1.2M |
| SAVEQ Spirit Airlines Inc. | call | Sold out | 500,000 | $1.2Mbefore exit |
| PGY Pagaya Technologies Ltd. Class A | put | Add +4.2% | 124,000 | $1.2M |
| MAXNQ Maxeon Solar Technologie | put | Sold out | 1,863,900 | $180Kbefore exit |
| DJT Trump Media & Technology Gro | put | Sold out | 10,000 | $161Kbefore exit |
| META Meta Platforms Inc. Class A | call | Sold out | 200 | $114Kbefore exit |
| NVDA Nvidia Corp. | call | Reduce -99.2% | 400 | $54K |
| AMD Advanced Micro Devices | call | Sold out | 300 | $49Kbefore 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 2024 → Q4 2024
| BLOOM ENERGY CORP (BE 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | Add +30.8% | 86,144,000 | $122.0M |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | Reduce -56.9% | 48,250,000 | $100.1M |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | Reduce -2.2% | 88,500,000 | $84.5M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | Add +25.8% | 75,500,000 | $79.1M |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | Add +8.7% | 62,179,000 | $68.4M |
| NOVAVAX INC (NVAX 5 12/15/27) | NOTE 5.000%12/1 · principal | Add +3.1% | 67,827,000 | $68.1M |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | New | 69,794,000 | $62.5M |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | Add +3.0% | 51,757,000 | $43.6M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Add +146.8% | 38,262,000 | $36.2M |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | New | 37,067,000 | $34.7M |
| MANNKIND CORP (MNKD 2.5 03/01/26) | NOTE 2.500% 3/0 · principal | Sold out | 21,900,000 | $29.2Mbefore exit |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | Add +7.5% | 28,675,000 | $28.7M |
| BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29) | NOTE 8.500% 8/1 · principal | Sold out | 23,830,000 | $28.4Mbefore exit |
| REVANCE THERAPEUTICS INC (RVNC 1.75 02/15/27) | NOTE 1.750% 2/1 · principal | Reduce -27.4% | 26,429,000 | $25.4M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Reduce -3.8% | 25,388,000 | $24.5M |
| SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) | NOTE 2.625% 2/1 · principal | Sold out | 35,495,000 | $23.2Mbefore exit |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 21,500,000 | $22.8M |
| GROUPON INC (GRPN 6.25 03/15/27 *) | NOTE 6.250% 3/1 · principal | New | 21,000,000 | $20.2M |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | Sold out | 21,000,000 | $18.8Mbefore exit |
| ZILLOW GROUP INC (Z 1.375 09/01/26) | NOTE 1.375% 9/0 · principal | Sold out | 11,053,000 | $16.4Mbefore exit |
| SPIRIT AIRLINES INC (SAVE 1 05/15/26) | NOTE 1.000% 5/1 · principal | Sold out | 9,000,000 | $2.8Mbefore 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 | 1,134 | $2.6B | NVDA, AMZN, GOOG, C, HYG |
| Q1 2026 | 1,056 | $2.2B | AMZN, NVDA, GOOG, EWY, C |
| Q4 2025 | 1,139 | $2.0B | IBIT, AMZN, META, EWC, NVDA |
| Q3 2025 | 1,146 | $1.8B | IBIT, GDX, XLU, AMZN, VTV |
| Q2 2025 | 1,220 | $3.3B | PERMIAN RESOURC OPTG LLC (PR 3.25 04/01/28), IBIT, COINBASE GLOBAL INC (COIN 0.5 06/01/26), PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30), NOVAVAX INC (NVAX 5 12/15/27) |
| Q1 2025 | 1,197 | $2.2B | IBIT, XLU, C, CME, META |
| Q4 2024 | 1,151 | $2.0B | IBIT, MSTR, NVDA, HYG, META |
| Q3 2024 | 1,008 | $1.9B | IBIT, META, MSFT, NVDA, WMT |
| Q2 2024 | 952 | $1.6B | IBIT, MSTR, META, HES, KO |
| Q1 2024 | 976 | $1.9B | IBIT, DG, AMZN, MSFT, MSTR |