Graham Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Graham Capital Management, L.P. reported 1,139 stock positions worth $2.0 billion. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 3.8% of the portfolio, followed by Amazon.com (AMZN, 2.8%) and Meta Platforms Class A (META, 2.4%). Compared with Q3 2025, it opened 430 new positions, sold out of 437, added to 358 and reduced 346. The biggest buy was iShares MSCI Canada ETF (EWC, shares +525%) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- ROWAYTON, CT
- CIK
- 0001315421
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001140361-26-005576 ↗ filed Feb 17, 2026
Holdings Value
Holdings 1,139 stocks · $2.0B
| IBIT iShares Bitcoin Trust ETF | 3.78% | 1,547,855 | $76.9M | Reduce -33.1% |
| AMZN Amazon.com Inc. | 2.80% | 246,872 | $57.0M | Add +48.1% |
| META Meta Platforms Inc. Class A | 2.44% | 75,237 | $49.7M | Add +89.7% |
| EWC iShares MSCI Canada ETF | 2.14% | 806,849 | $43.5M | Add +525.5% |
| NVDA Nvidia Corp. | 2.04% | 222,279 | $41.5M | Add +134.4% |
| NFLX Netflix Inc. | 1.82% | 393,923 | $36.9M | Add +844.2% |
| CIFR Cipher Digital Inc. | 1.64% | 2,258,042 | $33.3M | New |
| UPS United Parcel Service Class B | 1.47% | 301,414 | $29.9M | Add +1271.3% |
| C Citigroup Inc. | 1.38% | 241,094 | $28.1M | Add +115.8% |
| MU Micron Technology Inc. | 1.35% | 96,114 | $27.4M | Add +15.3% |
| BA The Boeing Co. | 1.26% | 118,056 | $25.6M | Add +52.1% |
| FSLR First Solar Inc. | 1.26% | 98,074 | $25.6M | Add +64.5% |
| GOOG Alphabet Inc. Class C | 1.24% | 80,654 | $25.3M | Add +58.8% |
| CRM Salesforce Inc. | 1.09% | 83,752 | $22.2M | Add +241.4% |
| CME Cme Group Inc. | 1.07% | 80,032 | $21.9M | Add +4.3% |
| MCD McDonald's Corp. | 1.03% | 68,737 | $21.0M | Add +249.4% |
| EOSE Eos Energy Enterprises Inc. | 1.01% | 1,791,515 | $20.5M | New |
| KWEB Kranesh Csi China Internet | 0.93% | 555,390 | $18.9M | Add +240.4% |
| BLOOM ENERGY CORP (BE 3 06/01/28) | 0.83% | 194,563 | $16.9M | New |
| OPEN Opendoor Technologies Inc. | 0.79% | 2,768,208 | $16.1M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.79% | 377,830 | $16.1M | Reduce -70.3% |
| EMBJ Embraer SA-Spon ADR | 0.78% | 245,272 | $15.8M | Add +27.6% |
| OIH Vaneck Oil Services ETF | 0.67% | 48,000 | $13.7M | New |
| INTC Intel Corp. | 0.67% | 367,124 | $13.5M | New |
| FXI iShares China Large-Cap ETF | 0.63% | 333,000 | $12.8M | Add +65.7% |
| MSFT Microsoft Corp. | 0.58% | 24,483 | $11.8M | Add +144.7% |
| VZ Verizon Communications Inc. | 0.57% | 284,227 | $11.6M | New |
| PG The Procter & Gamble Co. | 0.56% | 79,619 | $11.4M | Add +726.7% |
| RSP Invesco S&P 500 Equal Weight | 0.55% | 58,800 | $11.3M | Reduce -9.5% |
| HD Home Depot Inc. | 0.55% | 32,408 | $11.2M | Add +67.0% |
| COF Capital One Financial Corp. | 0.53% | 44,664 | $10.8M | New |
| TER Teradyne Inc. | 0.53% | 55,151 | $10.7M | Reduce -41.2% |
| ADP Automatic Data Processing | 0.51% | 39,971 | $10.3M | New |
| ADBE Adobe Inc. | 0.50% | 28,824 | $10.1M | Add +106.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.49% | 65,468 | $10.1M | New |
| V Visa Inc. Class A | 0.48% | 28,032 | $9.8M | Add +53.4% |
| JPM JPMorgan Chase & Co. | 0.48% | 30,000 | $9.7M | Add +33.3% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.45% | 242,729 | $9.2M | New |
| XHB SS SPDR S&P Homebldrs ETF | 0.44% | 87,200 | $9.0M | New |
| IGV iShares Expanded Tech-Softwa | 0.43% | 82,500 | $8.7M | New |
| AVGO Broadcom Inc. | 0.43% | 25,000 | $8.7M | Add +925.0% |
| MO Altria Group Inc. | 0.42% | 146,797 | $8.5M | Add +3.5% |
| IEX Idex Corp. | 0.41% | 47,105 | $8.4M | Add +2499.6% |
| CMS CMS Energy Corp. | 0.41% | 118,748 | $8.3M | Reduce -8.8% |
| SRLN SS Blackstone Sr Loan ETF | 0.41% | 200,000 | $8.3M | New |
| MELI MercadoLibre Inc. | 0.39% | 3,898 | $7.9M | Reduce -21.5% |
| BBIO Bridgebio Pharma Inc. | 0.38% | 101,051 | $7.7M | Reduce -63.7% |
| GIS General Mills Inc. | 0.38% | 165,515 | $7.7M | Reduce -0.2% |
| XLV SS Health Care Select Sector | 0.38% | 49,500 | $7.7M | New |
| XOM Exxon Mobil Corp. | 0.38% | 63,585 | $7.7M | Reduce -29.2% |
| CHKP Check Point Software Tech | 0.37% | 40,770 | $7.6M | Add +373.2% |
| AME Ametek Inc. | 0.36% | 35,810 | $7.4M | Reduce -14.9% |
| COR Cencora Inc. | 0.36% | 21,715 | $7.3M | Add +95.6% |
| WMT Walmart Inc. | 0.35% | 64,020 | $7.1M | Add +327.6% |
| ALL Allstate Corp. | 0.35% | 34,011 | $7.1M | Add +47.8% |
| BCI Abrdn Bloomberg All Commodit filed as ABRDN ETFS | 0.34% | 350,000 | $6.8M | New |
| UBER Uber Technologies Inc. | 0.33% | 82,491 | $6.7M | Reduce -19.0% |
| ETHA iShares Ethereum Trust ETF | 0.33% | 300,000 | $6.7M | Reduce -43.1% |
| ETN Eaton Corp. PLC | 0.33% | 21,042 | $6.7M | New |
| DG Dollar General Corp. | 0.33% | 50,000 | $6.6M | Reduce -56.5% |
| CTAS Cintas Corp. | 0.33% | 35,285 | $6.6M | Add +490.7% |
| RL Ralph Lauren Corp. | 0.32% | 18,178 | $6.4M | Add +658.7% |
| MET Metlife Inc. | 0.30% | 77,510 | $6.1M | New |
| SABR Sabre Corp. | 0.30% | 4,451,200 | $6.1M | New |
| CNI Canadian Natl Railway Co. | 0.29% | 59,880 | $5.9M | Add +1541.0% |
| PRU Prudential Financial Inc. | 0.29% | 52,320 | $5.9M | New |
| NTRA Natera Inc. | 0.29% | 25,747 | $5.9M | Add +729.8% |
| CAT Caterpillar Inc. | 0.28% | 10,000 | $5.7M | New |
| RTX RTX Corp. | 0.28% | 30,890 | $5.7M | Add +348.3% |
| GD General Dynamics Corp. | 0.28% | 16,802 | $5.7M | Add +29.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 8,000 | $5.5M | Reduce -48.9% |
| T AT&T Inc. | 0.26% | 215,797 | $5.4M | Add +590.5% |
| CMCSA Comcast Corp. Class A | 0.26% | 178,840 | $5.3M | Reduce -35.1% |
| SBUX Starbucks Corp. | 0.25% | 61,493 | $5.2M | Add +809.3% |
| RMD Resmed Inc. | 0.25% | 21,477 | $5.2M | Add +179.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.25% | 302,035 | $5.1M | Reduce -33.6% |
| FIX Comfort Systems USA Inc. | 0.24% | 5,277 | $4.9M | Add +50.3% |
| RSG Republic Services Inc. | 0.24% | 23,100 | $4.9M | New |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.24% | 41,456 | $4.8M | Add +91.5% |
| HSAI Hesai Group | 0.23% | 204,871 | $4.6M | New |
| AYI Acuity Inc. | 0.22% | 12,694 | $4.6M | Add +70.4% |
| FLS Flowserve Corp. | 0.22% | 65,494 | $4.5M | New |
| APH Amphenol Corp. Class A | 0.22% | 33,595 | $4.5M | Reduce -36.2% |
| AGNC AGNC Investment Corp. | 0.22% | 420,443 | $4.5M | Add +11.0% |
| MCK McKesson Corp. | 0.22% | 5,370 | $4.4M | Add +6.8% |
| FDX FedEx Corp. | 0.22% | 15,224 | $4.4M | New |
| URI United Rentals Inc. | 0.22% | 5,420 | $4.4M | Reduce -21.4% |
| LIN Linde PLC | 0.21% | 10,207 | $4.4M | Add +58.7% |
| AAPL Apple Inc. | 0.21% | 16,000 | $4.3M | Add +17.2% |
| FTV Fortive Corp. | 0.21% | 77,318 | $4.3M | New |
| XLI SS Industrial Select Sector | 0.21% | 27,500 | $4.3M | Reduce -82.8% |
| RAL Ralliant Corp. | 0.21% | 83,512 | $4.3M | New |
| VMC Vulcan Materials Co. | 0.21% | 14,750 | $4.2M | New |
| PWR Quanta Services Inc. | 0.20% | 9,792 | $4.1M | Add +153.3% |
| APG Api Group Corp. | 0.20% | 107,747 | $4.1M | Reduce -17.6% |
| MNST Monster Beverage Corp. | 0.20% | 53,188 | $4.1M | Reduce -20.8% |
| FCX Freeport-McMoran Inc. | 0.20% | 79,802 | $4.1M | Add +116.6% |
| GM General Motors Co. | 0.20% | 49,744 | $4.0M | Add +39.0% |
| ZM Zoom Communications Inc. | 0.20% | 46,720 | $4.0M | Add +149.4% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.20% | 105,000 | $4.0M | New |
Options reported separately and not counted above: MSTR puts ($632.2M), QQQ puts ($116.7M), IBIT puts ($107.3M), FBTC puts ($88.9M), CLMT puts ($51.9M), TLT puts ($39.2M), GME puts ($33.6M), HYG puts ($32.3M), EOSE puts ($30.4M), BITO puts ($30.4M), KWEB calls ($29.5M), PCT puts ($22.4M), and 16 more.
Other holdings (22): bonds, preferreds, convertibles and warrants · $871.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| APPLIED DIGITAL CORP (APLD 2.75 06/01/30) | NOTE 2.750% 6/0 · principal | 63,738,000 | $171.7M | New |
| SUNRUN INC (RUN 4 03/01/30) | NOTE 4.000% 3/0 · principal | 52,940,000 | $74.9M | Add +12.5% |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | 68,167,000 | $68.9M | Add +8.9% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 59,794,000 | $67.1M | No change |
| GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) | NOTE 5.250%11/0 · principal | 58,308,000 | $61.4M | New |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | 59,500,000 | $60.9M | Add +1.7% |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | 35,496,000 | $60.2M | Add +76.4% |
| GROUPON INC (GRPN 4.875 06/30/30 UNRS) | NOTE 4.875% 6/3 · principal | 65,471,000 | $58.2M | Add +55.6% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 22,241,000 | $42.0M | Reduce -13.6% |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | 47,300,000 | $40.0M | New |
| CLEANSPARK INC (CLSK 0 06/15/30) | NOTE 6/1 · principal | 34,519,000 | $35.8M | New |
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | 36,029,000 | $28.4M | New |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750% 1/1 · principal | 23,067,000 | $26.5M | Add +361.8% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 20,638,000 | $20.5M | No change |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | 18,233,000 | $19.8M | New |
| T1 ENERGY INC (TE 5.25 12/01/30) | NOTE 5.250%12/0 · principal | 10,500,000 | $13.4M | New |
| GREEN PLAINS INC | DEBT 5.250%11/0 · principal | 9,350,000 | $9.8M | New |
| BEYOND MEAT INC (BYND 7 10/15/30) | DEBT 10/1 · principal | 7,970,000 | $6.1M | New |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 6,126,000 | $5.9M | Reduce -86.6% |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 92,869 | $84K | New |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 92,869 | $48K | New |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 79,421 | $32K | New |
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q3 2025 → Q4 2025
| IBIT iShares Bitcoin Trust ETF | Reduce -33.1% | 3.78% | −4.46 |
| GDX Vaneck Gold Miners ETF | Reduce -96.9% | 0.11% | −3.30 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -70.3% | 0.79% | −2.24 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −1.80 |
| XLI SS Industrial Select Sector | Reduce -82.8% | 0.21% | −1.14 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.77 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.73 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.63 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.61 |
| ETHA iShares Ethereum Trust ETF | Reduce -43.1% | 0.33% | −0.58 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.50 |
| EZA iShares MSCI South Africa Et | Sold out | 0.00% | −0.49 |
| KO The Coca-Cola Co. | Reduce -70.4% | 0.17% | −0.44 |
| GTES Gates Industrial Corp. UK Ltd. | Sold out | 0.00% | −0.42 |
| BBIO Bridgebio Pharma Inc. | Reduce -63.7% | 0.38% | −0.41 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.39 |
| BX Blackstone Inc. | Reduce -55.7% | 0.19% | −0.33 |
| EME Emcor Group Inc. | Sold out | 0.00% | −0.33 |
| DG Dollar General Corp. | Reduce -56.5% | 0.33% | −0.32 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.32 |
| MLM Martin Marietta Materials | Reduce -95.8% | 0.01% | −0.31 |
| TEL Te Connectivity PLC | Reduce -82.6% | 0.06% | −0.30 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -48.9% | 0.27% | −0.30 |
| PNR Pentair PLC | Sold out | 0.00% | −0.28 |
| ICLN iShares Global Clean Energy | Sold out | 0.00% | −0.28 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.27 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.27 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.27 |
| HON Honeywell International Inc. | Reduce -62.6% | 0.11% | −0.25 |
| MELI MercadoLibre Inc. | Reduce -21.5% | 0.39% | −0.25 |
| PCAP Procap Acquisition Corp. Class A | Sold out | 0.00% | −0.25 |
| NVT Nvent Electric PLC | Reduce -84.5% | 0.04% | −0.24 |
| D Dominion Energy Inc. | Reduce -81.9% | 0.04% | −0.24 |
| BSX Boston Scientific Corp. | Reduce -61.4% | 0.12% | −0.23 |
| CEPT Cantor Equity Partners Class A | Sold out | 0.00% | −0.23 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.23 |
| CW Curtiss-Wright Corp. | Reduce -90.4% | 0.02% | −0.22 |
| OSCR Oscar Health Inc. Class A | Reduce -77.7% | 0.04% | −0.22 |
| ALLE Allegion PLC | Sold out | 0.00% | −0.22 |
| MSM MSC Industrial Direct Co. Class A | Sold out | 0.00% | −0.22 |
| UBER Uber Technologies Inc. | Reduce -19.0% | 0.33% | −0.22 |
| SOFI Sofi Technologies Inc. | Reduce -91.3% | 0.02% | −0.21 |
| CMCSA Comcast Corp. Class A | Reduce -35.1% | 0.26% | −0.21 |
| AWI Armstrong World Industries | Reduce -73.3% | 0.06% | −0.21 |
| XME SS SPDR S&P Metals Mining | Sold out | 0.00% | −0.20 |
| VNT Vontier Corp. | Sold out | 0.00% | −0.20 |
| LAMR Lamar Advertising Co. Class A | Sold out | 0.00% | −0.20 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.20 |
| CHE Chemed Corp. | Reduce -80.5% | 0.04% | −0.19 |
| CMI Cummins Inc. | Reduce -53.9% | 0.19% | −0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| EWC iShares MSCI Canada ETF | Add +525.5% | 2.14% | +1.78 |
| CIFR Cipher Digital Inc. | New | 1.64% | +1.64 |
| NFLX Netflix Inc. | Add +844.2% | 1.82% | +1.54 |
| UPS United Parcel Service Class B | Add +1271.3% | 1.47% | +1.37 |
| NVDA Nvidia Corp. | Add +134.4% | 2.04% | +1.07 |
| EOSE Eos Energy Enterprises Inc. | New | 1.01% | +1.01 |
| META Meta Platforms Inc. Class A | Add +89.7% | 2.44% | +0.85 |
| BLOOM ENERGY CORP (BE 3 06/01/28) | New | 0.83% | +0.83 |
| AMZN Amazon.com Inc. | Add +48.1% | 2.80% | +0.80 |
| OPEN Opendoor Technologies Inc. | New | 0.79% | +0.79 |
| CRM Salesforce Inc. | Add +241.4% | 1.09% | +0.77 |
| C Citigroup Inc. | Add +115.8% | 1.38% | +0.76 |
| MCD McDonald's Corp. | Add +249.4% | 1.03% | +0.71 |
| OIH Vaneck Oil Services ETF | New | 0.67% | +0.67 |
| INTC Intel Corp. | New | 0.67% | +0.67 |
| MU Micron Technology Inc. | Add +15.3% | 1.35% | +0.58 |
| VZ Verizon Communications Inc. | New | 0.57% | +0.57 |
| GOOG Alphabet Inc. Class C | Add +58.8% | 1.24% | +0.57 |
| KWEB Kranesh Csi China Internet | Add +240.4% | 0.93% | +0.55 |
| FSLR First Solar Inc. | Add +64.5% | 1.26% | +0.54 |
| COF Capital One Financial Corp. | New | 0.53% | +0.53 |
| ADP Automatic Data Processing | New | 0.51% | +0.51 |
| TJX TJX Companies Inc. | New | 0.49% | +0.49 |
| PG The Procter & Gamble Co. | Add +726.7% | 0.56% | +0.48 |
| IREN Iren Ltd. | New | 0.45% | +0.45 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.44% | +0.44 |
| IGV iShares Expanded Tech-Softwa | New | 0.43% | +0.43 |
| SRLN SS Blackstone Sr Loan ETF | New | 0.41% | +0.41 |
| IEX Idex Corp. | Add +2499.6% | 0.41% | +0.40 |
| AVGO Broadcom Inc. | Add +925.0% | 0.43% | +0.38 |
| XLV SS Health Care Select Sector | New | 0.38% | +0.38 |
| BA The Boeing Co. | Add +52.1% | 1.26% | +0.34 |
| BCI Abrdn Bloomberg All Commodit | New | 0.34% | +0.34 |
| ETN Eaton Corp. PLC | New | 0.33% | +0.33 |
| MET Metlife Inc. | New | 0.30% | +0.30 |
| MSFT Microsoft Corp. | Add +144.7% | 0.58% | +0.30 |
| SABR Sabre Corp. | New | 0.30% | +0.30 |
| PRU Prudential Financial Inc. | New | 0.29% | +0.29 |
| CAT Caterpillar Inc. | New | 0.28% | +0.28 |
| RL Ralph Lauren Corp. | Add +658.7% | 0.32% | +0.28 |
| CHKP Check Point Software Tech | Add +373.2% | 0.37% | +0.27 |
| CNI Canadian Natl Railway Co. | Add +1541.0% | 0.29% | +0.27 |
| WMT Walmart Inc. | Add +327.6% | 0.35% | +0.27 |
| NTRA Natera Inc. | Add +729.8% | 0.29% | +0.26 |
| CTAS Cintas Corp. | Add +490.7% | 0.33% | +0.26 |
| RSG Republic Services Inc. | New | 0.24% | +0.24 |
| ADBE Adobe Inc. | Add +106.7% | 0.50% | +0.23 |
| HSAI Hesai Group | New | 0.23% | +0.23 |
| FLS Flowserve Corp. | New | 0.22% | +0.22 |
| SBUX Starbucks Corp. | Add +809.3% | 0.25% | +0.22 |
Options Activity Q3 2025 → Q4 2025
| IWM iShares Russell 2000 ETF | put | Sold out | 3,897,000 | $942.9Mbefore exit |
| MSTR Strategy Inc. | put | Reduce -1.8% | 4,160,600 | $632.2M |
| IWM iShares Russell 2000 ETF | call | Sold out | 588,200 | $142.3Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -5.0% | 190,000 | $116.7M |
| IBIT iShares Bitcoin Trust ETF | put | Reduce -9.1% | 2,161,700 | $107.3M |
| MARA Mara Holdings Inc. | put | Sold out | 2,731,000 | $49.9Mbefore exit |
| TLT iShares 20+ Year Treasury BD | put | Add +350.0% | 450,000 | $39.2M |
| SLV iShares Silver Trust | call | Sold out | 900,000 | $38.1Mbefore exit |
| EEM iShares MSCI Emerging Market | call | Sold out | 700,000 | $37.4Mbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -33.3% | 400,000 | $32.3M |
| RUN Sunrun Inc. | put | Sold out | 1,764,700 | $30.5Mbefore exit |
| EOSE Eos Energy Enterprises Inc. | put | Reduce -65.7% | 2,655,100 | $30.4M |
| KWEB Kranesh Csi China Internet | call | Add +21525.0% | 865,000 | $29.5M |
| PCT Purecycle Technologies Inc. | put | Add +3.8% | 2,609,600 | $22.4M |
| BYND Beyond Meat Inc. | put | Sold out | 11,293,500 | $21.3Mbefore exit |
| OPEN Opendoor Technologies Inc. | put | Sold out | 2,410,800 | $19.2Mbefore exit |
| NVAX Novavax Inc. | put | Reduce -0.8% | 2,530,600 | $17.0M |
| PLUG Plug Power Inc. | put | Sold out | 6,903,100 | $16.1Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -90.0% | 20,000 | $13.6M |
| FDX FedEx Corp. | put | Sold out | 50,000 | $11.8Mbefore exit |
| AAPL Apple Inc. | put | Sold out | 45,000 | $11.5Mbefore exit |
| GDX Vaneck Gold Miners ETF | call | Sold out | 100,000 | $7.6Mbefore exit |
| BTDR Bitdeer Technologies Group-A | put | Sold out | 430,700 | $7.4Mbefore exit |
| KRE SS SPDR S&P Regional Bank | put | Sold out | 100,000 | $6.3Mbefore exit |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | put | New | 50,000 | $5.5M |
| AMZN Amazon.com Inc. | put | Sold out | 20,000 | $4.4Mbefore exit |
| TLRY Tilray Brands Inc. | call | New | 405,400 | $3.7M |
| LCID Lucid Group Inc. | put | Reduce -37.8% | 343,320 | $3.6M |
| BITF Bitfarms Ltd./Canada | call | Sold out | 1,176,500 | $3.3Mbefore exit |
| XLU St Sr Utl SL SE SPDR ETF-Usd | call | Sold out | 50,000 | $2.2Mbefore exit |
| RBLX Roblox Corp. Class A | call | New | 25,000 | $2.0M |
| TSLA Tesla Inc. | call | New | 4,500 | $2.0M |
| PPTA Perpetua Resources Corp. | call | Sold out | 100,000 | $2.0Mbefore exit |
| NFE New Fortress Energy Inc. | put | Sold out | 676,200 | $1.5Mbefore exit |
| PLTR Palantir Technologies Inc. Class A | put | New | 7,000 | $1.2M |
| ORCL Oracle Corp. | call | New | 5,500 | $1.1M |
| ONDS Ondas Inc. | call | New | 100,000 | $976K |
| SLB SLB Ltd. | call | New | 25,000 | $960K |
| STRIVE INC | put | Sold out | 357,000 | $893Kbefore exit |
| SPCE Virgin Galactic Holdings Inc. | put | Reduce -83.2% | 234,700 | $753K |
| EBAY eBay Inc. | call | Sold out | 4,000 | $364Kbefore exit |
| SNOW Snowflake Inc. | put | Sold out | 900 | $203Kbefore exit |
| FSLR First Solar Inc. | call | Sold out | 400 | $88Kbefore exit |
| ORCL Oracle Corp. | put | Sold out | 200 | $56Kbefore exit |
| UPST Upstart Holdings Inc. | put | Sold out | 1,000 | $51Kbefore exit |
| SEI Solaris Energy Infrastructur | call | Sold out | 1,200 | $48Kbefore exit |
| KSS Kohls Corp. | put | Sold out | 2,000 | $31Kbefore 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
| BLOOM ENERGY CORP (BE 3 06/01/29) | NOTE 3.000% 6/0 · principal | Sold out | 51,510,000 | $213.7Mbefore exit |
| APPLIED DIGITAL CORP (APLD 2.75 06/01/30) | NOTE 2.750% 6/0 · principal | New | 63,738,000 | $171.7M |
| BLOOM ENERGY CORP (BE 3 06/01/28) | NOTE 3.000% 6/0 · principal | Sold out | 36,170,000 | $164.2Mbefore exit |
| SUNRUN INC (RUN 4 03/01/30) | NOTE 4.000% 3/0 · principal | Add +12.5% | 52,940,000 | $74.9M |
| PURECYCLE TECHNOLOGIES (PCT 7.25 08/15/30) | NOTE 7.250% 8/1 · principal | Add +8.9% | 68,167,000 | $68.9M |
| GREEN PLAINS INC (GPRE 5.25 11/01/30 UNRS) | NOTE 5.250%11/0 · principal | New | 58,308,000 | $61.4M |
| TILRAY BRANDS INC (TLRY 5.2 06/15/27) | NOTE 5.200% 6/1 · principal | Add +1.7% | 59,500,000 | $60.9M |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | Add +76.4% | 35,496,000 | $60.2M |
| GROUPON INC (GRPN 4.875 06/30/30 UNRS) | NOTE 4.875% 6/3 · principal | Add +55.6% | 65,471,000 | $58.2M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Reduce -13.6% | 22,241,000 | $42.0M |
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | New | 47,300,000 | $40.0M |
| CLEANSPARK INC (CLSK 0 06/15/30) | NOTE 6/1 · principal | New | 34,519,000 | $35.8M |
| MARA HOLDINGS INC (MARA 0 03/01/30) | NOTE 3/0 · principal | New | 36,029,000 | $28.4M |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750% 1/1 · principal | Add +361.8% | 23,067,000 | $26.5M |
| GROUPON INC | DEBT 4.875% 6/3 · principal | Sold out | 28,383,000 | $26.4Mbefore exit |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Sold out | 22,238,000 | $25.1Mbefore exit |
| SOLARIS ENERGY INFRASTRU (SEI 0.25 10/01/31) | NOTE 0.250%10/0 · principal | New | 18,233,000 | $19.8M |
| T1 ENERGY INC (TE 5.25 12/01/30) | NOTE 5.250%12/0 · principal | New | 10,500,000 | $13.4M |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Sold out | 60,730,000 | $12.3Mbefore exit |
| GREEN PLAINS INC | DEBT 5.250%11/0 · principal | New | 9,350,000 | $9.8M |
| BEYOND MEAT INC (BYND 7 10/15/30) | DEBT 10/1 · principal | New | 7,970,000 | $6.1M |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | Reduce -86.6% | 6,126,000 | $5.9M |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 92,869 | $84K |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 92,869 | $48K |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 79,421 | $32K |
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 |