Hidden Lake Asset Management LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Hidden Lake Asset Management LP reported 28 stock positions worth $203.5 million . Its top holding was Reddit Class A (RDDT) at 8.6% of the portfolio, followed by Affirm (AFRM, 7.4% ) and Sea Ltd.-ADR (SE, 7.0% ). Compared with Q1 2025, it opened 15 new positions, sold out of 12, added to 9 and reduced 4. The biggest buy was a new position in Reddit Class A (RDDT) and the biggest sale Sea Ltd.-ADR (SE, shares −22% ).
Location NEW YORK, NY
CIK 0001750312
Portfolio Value $203.5M (Q2 2025) Holdings 28 stocks · $203.5M 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 RDDT Reddit Inc. Class A 116,050 $17.5M New AFRM Affirm Holdings Inc. 218,969 $15.1M Add +561.9% SE Sea Ltd.-ADR 89,680 $14.3M Reduce -21.9% CFLT Confluent Inc. Class A 567,677 $14.2M Add +92.0% RBLX Roblox Corp. Class A 130,090 $13.7M Add +6.8% AVBP Arrivent Biopharma Inc. 606,851 $13.2M Add +138.6% UPST Upstart Holdings Inc. 187,345 $12.1M Add +592.3% MU Micron Technology Inc. 90,175 $11.1M Add +51.4% LMND Lemonade Inc. 211,070 $9.2M New FSLR First Solar Inc. 48,905 $8.1M New ARM Arm Holdings PLC-ADR 46,620 $7.5M New CORZ Core Scientific Inc. 434,554 $7.4M Reduce -19.3% SNOW Snowflake Inc. 33,080 $7.4M Reduce -41.0% MSFT Microsoft Corp. 12,020 $6.0M New RIOT Riot Platforms Inc. 512,210 $5.8M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 176,690 $5.4M Add +110.1% COIN Coinbase Global Inc. Class A 14,365 $5.0M New EQT Eqt Corp. 82,025 $4.8M Add +129.8% IREN Iren Ltd. filed as IREN LIMITED 291,150 $4.2M New W Wayfair Inc. Class A 74,474 $3.8M New AMD Advanced Micro Devices 24,990 $3.5M New HOOD Robinhood Markets Inc. Class A 36,749 $3.4M Add +36.9% TEM Tempus AI Inc. Class A 38,410 $2.4M New TSM Taiwan Semiconductor-SP ADR 9,965 $2.3M Reduce -39.8% RKLB Rocket Lab Corp. 47,788 $1.7M New NVDA Nvidia Corp. 9,830 $1.6M New TRUP Trupanion Inc. 26,126 $1.4M New IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 99,370 $1.1M New
Options reported separately and not counted above: IWM puts ($71.2M), QQQ puts ($38.6M), CORZ calls ($14.8M), RDDT calls ($10.5M), HOOD calls ($9.8M), RKLB calls ($5.4M), RIOT calls ($5.2M), LMND calls ($5.0M), FSLR calls ($3.3M).
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 ▲ SE Sea Ltd.-ADR Reduce -21.9% 7.05% −7.73 U Unity Software Inc. Sold out 0.00% −7.56 DKNG Draftkings Inc. Class A Sold out 0.00% −5.87 JD Jd.com Inc.-ADR Sold out 0.00% −5.74 GTLB Gitlab Inc. Class A Sold out 0.00% −4.88 SNOW Snowflake Inc. Reduce -41.0% 3.64% −4.45 HUT Hut 8 Corp. Sold out 0.00% −3.24 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −3.11 ADI Analog Devices Inc. Sold out 0.00% −2.44 FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −1.67 TSM Taiwan Semiconductor-SP ADR Reduce -39.8% 1.11% −1.60 TAL Tal Education Group- ADR Sold out 0.00% −1.43 KPLT Katapult Holdings Inc. Sold out 0.00% −1.25 API Agora Inc.-ADR Sold out 0.00% −1.22 WULF Terawulf Inc. Sold out 0.00% −0.82 CORZ Core Scientific Inc. Reduce -19.3% 3.65% −0.20
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 ▼ RDDT Reddit Inc. Class A New 8.59% +8.59 AFRM Affirm Holdings Inc. Add +561.9% 7.44% +5.97 UPST Upstart Holdings Inc. Add +592.3% 5.96% +4.73 LMND Lemonade Inc. New 4.54% +4.54 FSLR First Solar Inc. New 3.98% +3.98 ARM Arm Holdings PLC-ADR New 3.71% +3.71 MSFT Microsoft Corp. New 2.94% +2.94 RIOT Riot Platforms Inc. New 2.84% +2.84 COIN Coinbase Global Inc. Class A New 2.47% +2.47 IREN Iren Ltd. New 2.08% +2.08 W Wayfair Inc. Class A New 1.87% +1.87 AVBP Arrivent Biopharma Inc. Add +138.6% 6.49% +1.85 AMD Advanced Micro Devices New 1.74% +1.74 TEM Tempus AI Inc. Class A New 1.20% +1.20 RKLB Rocket Lab Corp. New 0.84% +0.84 NVDA Nvidia Corp. New 0.76% +0.76 TRUP Trupanion Inc. New 0.71% +0.71 HOOD Robinhood Markets Inc. Class A Add +36.9% 1.69% +0.59 GDS GDS Holdings Ltd. - ADR Add +110.1% 2.65% +0.55 IMSR Terrestrial Energy Inc. New 0.54% +0.54 EQT Eqt Corp. Add +129.8% 2.35% +0.47 MU Micron Technology Inc. Add +51.4% 5.46% +0.36 CFLT Confluent Inc. Class A Add +92.0% 6.96% +0.12 RBLX Roblox Corp. Class A Add +6.8% 6.73% −0.28
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put New 330,000 $71.2M QQQ Invesco QQQ Trust Series 1 put Reduce -22.2% 70,000 $38.6M CORZ Core Scientific Inc. call New 867,200 $14.8M RDDT Reddit Inc. Class A call New 70,000 $10.5M HOOD Robinhood Markets Inc. Class A call New 105,000 $9.8M NU Nu Holdings Ltd./Cayman Isl-A call Sold out 650,000 $6.7Mbefore exit RKLB Rocket Lab Corp. call New 150,000 $5.4M RIOT Riot Platforms Inc. call New 460,000 $5.2M LMND Lemonade Inc. call New 115,000 $5.0M BIDU Baidu Inc. - Spon ADR call Sold out 47,500 $4.4Mbefore exit FSLR First Solar Inc. call New 20,000 $3.3M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 15 $146.7M AMD, STX, AMAT, SNOW, STM Q1 2026 20 $150.9M W, U, EQIX, AMD, VNET Q4 2025 30 $183.5M AMZN, SE, NVDA, UPST, GRAB Q3 2025 37 $250.3M PDD, CRWV, RBLX, WIX, AAPL Q2 2025 28 $203.5M RDDT, AFRM, SE, CFLT, RBLX Q1 2025 25 $101.4M SE, SNOW, U, RBLX, CFLT Q4 2024 28 $146.5M SE, UPST, CRM, WULF, HOOD Q3 2024 24 $112.6M SE, AFRM, WULF, LVS, TSM Q2 2024 26 $117.3M SE, JD, PYPL, JMIA, MRVL Q1 2024 18 $106.0M SE, NXH, PYPL, MRVL, JD