Hidden Lake Asset Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Hidden Lake Asset Management LP reported 30 stock positions worth $183.5 million . Its top holding was Amazon.com (AMZN) at 14.1% of the portfolio, followed by Sea Ltd.-ADR (SE, 9.6% ) and Nvidia (NVDA, 8.8% ). Compared with Q3 2025, it opened 15 new positions, sold out of 22, added to 7 and reduced 8. The biggest buy was Amazon.com (AMZN, shares +233% ) and the biggest sale an exit from PDD (PDD).
Location NEW YORK, NY
CIK 0001750312
Portfolio Value $183.5M (Q4 2025) Holdings 30 stocks · $183.5M 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 Q3 2025 AMZN Amazon.com Inc. 111,986 $25.8M Add +233.3% SE Sea Ltd.-ADR 137,916 $17.6M Add +117.9% NVDA Nvidia Corp. 86,287 $16.1M New UPST Upstart Holdings Inc. 316,586 $13.8M New GRAB Grab Holdings Ltd. Class A 2,296,054 $11.5M New FIGR Figure Technology Solut Class A 188,038 $7.7M New BABA Alibaba Group Holding-SP ADR 51,654 $7.6M Add +49.2% ETSY Etsy Inc. 130,850 $7.3M Add +41.0% WULF Terawulf Inc. 594,476 $6.8M New LITE Lumentum Holdings Inc. 15,868 $5.8M New ECHO Echostar Corp. Class A 51,891 $5.6M New U Unity Software Inc. 106,946 $4.7M Add +13.9% VNET Vnet Group Inc.-ADR 549,205 $4.6M Reduce -7.7% LMND Lemonade Inc. 63,032 $4.5M Add +90.4% DKNG Draftkings Inc. Class A 118,205 $4.1M New EBAY eBay Inc. 45,211 $3.9M New RKT Rocket Cos Inc. Class A 183,869 $3.6M Add +45.7% BE Bloom Energy Corp. Class A 38,091 $3.3M Reduce -68.5% ASTS Ast Spacemobile Inc. 45,031 $3.3M New ROKU Roku Inc. 29,675 $3.2M New AVBP Arrivent Biopharma Inc. 152,448 $3.1M Reduce -51.5% GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 87,877 $3.1M Reduce -57.2% HUT Hut 8 Corp. 64,710 $3.0M Reduce -49.2% BIDU Baidu Inc. - Spon ADR 21,282 $2.8M Reduce -55.2% SNPS Synopsys Inc. 5,191 $2.4M New PATH Uipath Inc. Class A 115,159 $1.9M New ZETA Zeta Global Holdings Corp. Class A 92,337 $1.9M New RBLX Roblox Corp. Class A 20,119 $1.6M Reduce -80.1% APP AppLovin Corp. Class A 2,275 $1.5M Reduce -70.5% W Wayfair Inc. Class A 13,419 $1.3M New
Options reported separately and not counted above: SPY puts ($204.6M), PATH calls ($4.1M), DKNG calls ($3.2M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ PDD PDD Holdings Inc. Sold out 0.00% −6.38 CRWV Coreweave Inc. Class A Sold out 0.00% −5.92 WIX Wix.com Ltd. Sold out 0.00% −5.49 AAPL Apple Inc. Sold out 0.00% −5.14 RBLX Roblox Corp. Class A Reduce -80.1% 0.89% −4.70 SPOT Spotify Technology SA Sold out 0.00% −4.56 CHWY Chewy Inc. Class A Sold out 0.00% −3.90 DUOL Duolingo Sold out 0.00% −3.79 DASH DoorDash Inc. Class A Sold out 0.00% −3.07 GOOG Alphabet Inc. Class C Sold out 0.00% −2.68 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −2.63 AFRM Affirm Holdings Inc. Sold out 0.00% −2.43 BE Bloom Energy Corp. Class A Reduce -68.5% 1.80% −2.28 MDB Mongodb Inc. Sold out 0.00% −2.19 PTON Peloton Interactive Inc. Class A Sold out 0.00% −2.14 Z Zillow Group Inc. Class C Sold out 0.00% −1.65 GDS GDS Holdings Ltd. - ADR Reduce -57.2% 1.67% −1.51 ESTC Elastic NV Sold out 0.00% −1.50 GTLB Gitlab Inc. Class A Sold out 0.00% −1.50 APP AppLovin Corp. Class A Reduce -70.5% 0.84% −1.38 OPRA Opera Ltd.-ADR Sold out 0.00% −1.31 UWMC Uwm Holdings Corp. Sold out 0.00% −1.07 BIDU Baidu Inc. - Spon ADR Reduce -55.2% 1.52% −0.99 BULL Webull Corp. Sold out 0.00% −0.91 TEM Tempus AI Inc. Class A Sold out 0.00% −0.74 IREN Iren Ltd. Sold out 0.00% −0.70 AVBP Arrivent Biopharma Inc. Reduce -51.5% 1.67% −0.64 OPEN Opendoor Technologies Inc. Sold out 0.00% −0.61 HUT Hut 8 Corp. Reduce -49.2% 1.62% −0.15 VNET Vnet Group Inc.-ADR Reduce -7.7% 2.53% +0.08
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ AMZN Amazon.com Inc. Add +233.3% 14.09% +11.14 NVDA Nvidia Corp. New 8.77% +8.77 UPST Upstart Holdings Inc. New 7.54% +7.54 GRAB Grab Holdings Ltd. Class A New 6.24% +6.24 SE Sea Ltd.-ADR Add +117.9% 9.59% +5.07 FIGR Figure Technology Solut Class A New 4.19% +4.19 WULF Terawulf Inc. New 3.72% +3.72 LITE Lumentum Holdings Inc. New 3.19% +3.19 ECHO Echostar Corp. Class A New 3.07% +3.07 DKNG Draftkings Inc. Class A New 2.22% +2.22 EBAY eBay Inc. New 2.15% +2.15 ASTS Ast Spacemobile Inc. New 1.78% +1.78 ROKU Roku Inc. New 1.75% +1.75 LMND Lemonade Inc. Add +90.4% 2.45% +1.74 BABA Alibaba Group Holding-SP ADR Add +49.2% 4.13% +1.65 ETSY Etsy Inc. Add +41.0% 3.95% +1.49 SNPS Synopsys Inc. New 1.33% +1.33 U Unity Software Inc. Add +13.9% 2.57% +1.07 PATH Uipath Inc. Class A New 1.03% +1.03 ZETA Zeta Global Holdings Corp. Class A New 1.02% +1.02 RKT Rocket Cos Inc. Class A Add +45.7% 1.94% +0.96 W Wayfair Inc. Class A New 0.73% +0.73
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Sold out 800,000 $480.3Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put New 300,000 $204.6M AMZN Amazon.com Inc. call Sold out 140,000 $30.7Mbefore exit ARKK ARK Innovation ETF put Sold out 125,000 $10.8Mbefore exit NOW ServiceNow Inc. put Sold out 35,000 $6.4Mbefore exit PATH Uipath Inc. Class A call New 250,000 $4.1M APP AppLovin Corp. Class A call Sold out 5,000 $3.6Mbefore exit DKNG Draftkings Inc. Class A call New 93,500 $3.2M
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