Hidden Lake Asset Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Hidden Lake Asset Management LP reported 37 stock positions worth $250.3 million . Its top holding was PDD (PDD) at 6.4% of the portfolio, followed by Coreweave Class A (CRWV, 5.9% ) and Roblox Class A (RBLX, 5.6% ). Compared with Q2 2025, it opened 29 new positions, sold out of 20, added to 1 and reduced 7. The biggest buy was a new position in PDD (PDD) and the biggest sale an exit from Reddit Class A (RDDT).
Location NEW YORK, NY
CIK 0001750312
Portfolio Value $250.3M (Q3 2025) Holdings 37 stocks · $250.3M 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 Q2 2025 PDD PDD Holdings Inc. 120,847 $16.0M New CRWV Coreweave Inc. Class A 108,247 $14.8M New RBLX Roblox Corp. Class A 100,917 $14.0M Reduce -22.4% WIX Wix.com Ltd. 77,336 $13.7M New AAPL Apple Inc. 50,555 $12.9M New SPOT Spotify Technology SA 16,343 $11.4M New SE Sea Ltd.-ADR 63,291 $11.3M Reduce -29.4% BE Bloom Energy Corp. Class A 120,915 $10.2M New CHWY Chewy Inc. Class A 241,381 $9.8M New DUOL Duolingo 29,456 $9.5M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 205,496 $8.0M Add +16.3% DASH DoorDash Inc. Class A 28,293 $7.7M New AMZN Amazon.com Inc. 33,597 $7.4M New GOOG Alphabet Inc. Class C 27,563 $6.7M New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 411,415 $6.6M New BIDU Baidu Inc. - Spon ADR 47,511 $6.3M New BABA Alibaba Group Holding-SP ADR 34,617 $6.2M New ETSY Etsy Inc. 92,767 $6.2M New VNET Vnet Group Inc.-ADR 594,859 $6.1M New AFRM Affirm Holdings Inc. 83,222 $6.1M Reduce -62.0% AVBP Arrivent Biopharma Inc. 314,036 $5.8M Reduce -48.3% APP AppLovin Corp. Class A 7,721 $5.5M New MDB Mongodb Inc. 17,689 $5.5M New PTON Peloton Interactive Inc. Class A 594,102 $5.3M New HUT Hut 8 Corp. 127,457 $4.4M New Z Zillow Group Inc. Class C 53,560 $4.1M New ESTC Elastic NV 44,564 $3.8M New GTLB Gitlab Inc. Class A 83,468 $3.8M New U Unity Software Inc. 93,863 $3.8M New OPRA Opera Ltd.-ADR 158,450 $3.3M New UWMC Uwm Holdings Corp. 440,785 $2.7M New RKT Rocket Cos Inc. Class A 126,172 $2.4M New BULL Webull Corp. 154,370 $2.3M New TEM Tempus AI Inc. Class A 23,095 $1.9M Reduce -39.9% LMND Lemonade Inc. 33,109 $1.8M Reduce -84.3% IREN Iren Ltd. filed as IREN LIMITED 37,284 $1.7M Reduce -87.2% OPEN Opendoor Technologies Inc. 191,248 $1.5M New
Options reported separately and not counted above: QQQ puts ($480.3M), AMZN calls ($30.7M), ARKK puts ($10.8M), NOW puts ($6.4M), APP calls ($3.6M).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ RDDT Reddit Inc. Class A Sold out 0.00% −8.59 CFLT Confluent Inc. Class A Sold out 0.00% −6.96 UPST Upstart Holdings Inc. Sold out 0.00% −5.96 MU Micron Technology Inc. Sold out 0.00% −5.46 AFRM Affirm Holdings Inc. Reduce -62.0% 2.43% −5.01 AVBP Arrivent Biopharma Inc. Reduce -48.3% 2.31% −4.18 FSLR First Solar Inc. Sold out 0.00% −3.98 LMND Lemonade Inc. Reduce -84.3% 0.71% −3.84 ARM Arm Holdings PLC-ADR Sold out 0.00% −3.71 CORZ Core Scientific Inc. Sold out 0.00% −3.65 SNOW Snowflake Inc. Sold out 0.00% −3.64 MSFT Microsoft Corp. Sold out 0.00% −2.94 RIOT Riot Platforms Inc. Sold out 0.00% −2.84 SE Sea Ltd.-ADR Reduce -29.4% 4.52% −2.53 COIN Coinbase Global Inc. Class A Sold out 0.00% −2.47 EQT Eqt Corp. Sold out 0.00% −2.35 W Wayfair Inc. Class A Sold out 0.00% −1.87 AMD Advanced Micro Devices Sold out 0.00% −1.74 HOOD Robinhood Markets Inc. Class A Sold out 0.00% −1.69 IREN Iren Ltd. Reduce -87.2% 0.70% −1.39 RBLX Roblox Corp. Class A Reduce -22.4% 5.58% −1.14 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.11 RKLB Rocket Lab Corp. Sold out 0.00% −0.84 NVDA Nvidia Corp. Sold out 0.00% −0.76 TRUP Trupanion Inc. Sold out 0.00% −0.71 IMSR Terrestrial Energy Inc. Sold out 0.00% −0.54 TEM Tempus AI Inc. Class A Reduce -39.9% 0.74% −0.45
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. New 6.38% +6.38 CRWV Coreweave Inc. Class A New 5.92% +5.92 WIX Wix.com Ltd. New 5.49% +5.49 AAPL Apple Inc. New 5.14% +5.14 SPOT Spotify Technology SA New 4.56% +4.56 BE Bloom Energy Corp. Class A New 4.08% +4.08 CHWY Chewy Inc. Class A New 3.90% +3.90 DUOL Duolingo New 3.79% +3.79 DASH DoorDash Inc. Class A New 3.07% +3.07 AMZN Amazon.com Inc. New 2.95% +2.95 GOOG Alphabet Inc. Class C New 2.68% +2.68 NU Nu Holdings Ltd./Cayman Isl-A New 2.63% +2.63 BIDU Baidu Inc. - Spon ADR New 2.50% +2.50 BABA Alibaba Group Holding-SP ADR New 2.47% +2.47 ETSY Etsy Inc. New 2.46% +2.46 VNET Vnet Group Inc.-ADR New 2.45% +2.45 APP AppLovin Corp. Class A New 2.22% +2.22 MDB Mongodb Inc. New 2.19% +2.19 PTON Peloton Interactive Inc. Class A New 2.14% +2.14 HUT Hut 8 Corp. New 1.77% +1.77 Z Zillow Group Inc. Class C New 1.65% +1.65 ESTC Elastic NV New 1.50% +1.50 GTLB Gitlab Inc. Class A New 1.50% +1.50 U Unity Software Inc. New 1.50% +1.50 OPRA Opera Ltd.-ADR New 1.31% +1.31 UWMC Uwm Holdings Corp. New 1.07% +1.07 RKT Rocket Cos Inc. Class A New 0.98% +0.98 BULL Webull Corp. New 0.91% +0.91 OPEN Opendoor Technologies Inc. New 0.61% +0.61 GDS GDS Holdings Ltd. - ADR Add +16.3% 3.18% +0.52
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +1042.9% 800,000 $480.3M IWM iShares Russell 2000 ETF put Sold out 330,000 $71.2Mbefore exit AMZN Amazon.com Inc. call New 140,000 $30.7M CORZ Core Scientific Inc. call Sold out 867,200 $14.8Mbefore exit ARKK ARK Innovation ETF put New 125,000 $10.8M RDDT Reddit Inc. Class A call Sold out 70,000 $10.5Mbefore exit HOOD Robinhood Markets Inc. Class A call Sold out 105,000 $9.8Mbefore exit NOW ServiceNow Inc. put New 7,000 $6.4M RKLB Rocket Lab Corp. call Sold out 150,000 $5.4Mbefore exit RIOT Riot Platforms Inc. call Sold out 460,000 $5.2Mbefore exit LMND Lemonade Inc. call Sold out 115,000 $5.0Mbefore exit APP AppLovin Corp. Class A call New 5,000 $3.6M FSLR First Solar Inc. call Sold out 20,000 $3.3Mbefore exit
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