Ionic Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ionic Capital Management LLC reported 64 stock positions worth $53.7 million . Its top holding was Alight Class A (ALIT) at 6.0% of the portfolio, followed by Gxo Logistics (GXO, 5.9% ) and Atmus Filtration Technologie (ATMU, 5.2% ). Compared with Q4 2024, it opened 24 new positions, sold out of 15, added to 11 and reduced 19. The biggest buy was a new position in Penn Entertainment (PENN) and the biggest sale Dun & Bradstreet (DNB, shares −70% ).
Location NEW YORK, NY
CIK 0001386462
Portfolio Value $53.7M (Q1 2025) Holdings 64 stocks · $53.7M 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 Q4 2024 ALIT Alight Inc. Class A 543,256 $3.2M Reduce -32.6% GXO Gxo Logistics Inc. 81,449 $3.2M Reduce -17.1% ATMU Atmus Filtration Technologie 75,355 $2.8M Reduce -15.5% TNL Travel + Leisure Co. 57,589 $2.7M Reduce -16.6% KBR KBR Inc. 49,771 $2.5M Reduce -2.7% CSTM Constellium SE 218,566 $2.2M Reduce -22.3% FLEX Flex Ltd. 61,253 $2.0M Reduce -37.5% GMED Globus Medical Inc. Class A 25,296 $1.9M No change QQQX Nuveen Nasdaq 100 DYN Overwr 74,146 $1.8M No change GTM Zoominfo Technologies Inc. 151,694 $1.5M Reduce -13.3% PENN Penn Entertainment Inc. 84,662 $1.4M New SNX TD Synnex Corp. 13,100 $1.4M Add +29.7% CZR Caesars Entertainment Inc. 54,185 $1.4M Add +1.9% DNB Dun & Bradstreet Holdings Inc. 129,701 $1.2M Reduce -70.2% WIW Western Asst Infl-LNK Opp 129,740 $1.1M No change NVDA Nvidia Corp. 10,073 $1.1M Add +235.8% URI United Rentals Inc. 1,730 $1.1M Reduce -28.8% DIAX Nuveen Dow 30 Dynamic Overwr 72,407 $1.0M No change RH RH 4,400 $1.0M New ATI Ati Inc. 18,200 $947K Add +97.8% TDS Telephone and Data Systems 24,254 $940K Add +11.5% COHR Coherent Corp. 14,000 $909K Add +40.0% SIRI Sirius XM Holdings Inc. 39,470 $890K No change INTC Intel Corp. 37,191 $845K Reduce -11.8% ECG Everus Construction Group 22,303 $827K Add +23.9% FLS Flowserve Corp. 16,000 $781K New IQ Iqiyi Inc.-ADR 310,340 $701K New JOBY Joby Aviation Inc. 104,777 $631K Add +859.4% AIOT Powerfleet Inc. 99,846 $548K New X United States Steel Corp. 12,821 $542K Reduce -0.8% BABA Alibaba Group Holding-SP ADR 4,000 $529K New CORZ Core Scientific Inc. 70,000 $507K New ARM Arm Holdings PLC-ADR 4,700 $502K New BATRK Atlanta Braves Holdings in-C 11,689 $468K Add +34.5% LLY Eli Lilly & Co. 550 $454K New NCZ Virtus Convertible & Income 38,706 $447K No change MANU Manchester United PLC Class A 34,180 $447K No change AMZN Amazon.com Inc. 2,300 $438K Reduce -4.2% NBIS Nebius Group NV 19,100 $403K Add +27.3% VXX Ipath Series B S&P 500 Vix filed as BARCLAYS BANK PLC 7,815 $402K No change MSTR Strategy Inc. filed as MICROSTRATEGY INC 1,386 $400K Add +1.2% AZEK The Azek Co. Inc. 8,000 $391K New JHX James Hardie Ord 16,000 $377K New IBIT iShares Bitcoin Trust ETF 7,941 $372K Reduce -20.6% NCV Virtus Convertible & Income 28,013 $362K No change SMCI Super Micro Computer Inc. 10,521 $360K Reduce -15.8% CDE Coeur Mining Inc. 59,235 $351K New AMD Advanced Micro Devices 3,340 $343K Reduce -14.4% PLTR Palantir Technologies Inc. Class A 3,734 $315K New AD Array Digital Infrastructure filed as UNITED STATES CELLULAR CORP 4,408 $305K New CPRI Capri Holdings Ltd. 15,000 $296K New GDX Vaneck Gold Miners ETF 6,000 $276K New COIN Coinbase Global Inc. Class A 1,600 $276K Reduce -15.8% FLYW Flywire Corp.-Voting 24,471 $232K New TSLA Tesla Inc. 850 $220K Reduce -29.2% RCL Royal Caribbean Cruises Ltd. 1,036 $213K New BATRA Atlanta Braves Holdings in-A 4,819 $211K No change VIK Viking Holdings Ltd. 5,078 $202K New CCL Carnival Corp. 10,312 $201K New PSFE Paysafe Ltd. 12,368 $194K New AEVA Aeva Technologies Inc. 17,575 $123K New GATE Marblegate Acquisition Cor-A 3,753 $74K New SLND Southland Holdings Inc. 13,484 $40K Reduce -68.5% TIDAL TRUST II 1,000 $26K New
Options reported separately and not counted above: HYG puts ($358.1M), HYG calls ($188.5M), QQQ puts ($93.8M), AUR puts ($4.4M), X calls ($2.4M), CDE puts ($1.8M), WMT calls ($1.5M), ORCL calls ($1.4M), NFLX calls ($1.3M), SPOT calls ($1.3M), IQ puts ($1.2M), JOBY puts ($1.2M), and 28 more.
Other holdings (25): bonds, preferreds, convertibles and warrants · $34.2M (not counted above) Security Class Shares / Principal Value Change WAYFAIR INC (W 1 08/15/26) NOTE 1.000% 8/1 · principal 6,800,000 $6.4M Add +17.2% MARA HOLDINGS INC (MARA 1 12/01/26) NOTE 1.000%12/0 · principal 6,050,000 $5.5M No change SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal 5,622,000 $4.8M No change LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 5,000,000 $4.6M No change ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 4,000,000 $3.4M New STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 37,693 $3.2M New GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 962,534 $1.7M Reduce -14.3% AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 746,369 $1.1M Reduce -13.1% KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 20,000 $988K New MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 1,050,000 $973K No change ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 20,000 $964K No change ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 134,395 $214K New GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 1,190,045 $190K No change NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 250,000 $76K New CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 18,958 $72K Reduce -93.5% GBGWF Global Blue Group Holding AG *W EXP 08/28/202 2,130,088 $47K No change SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 274,981 $44K No change GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 573,000 $41K New ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 100,000 $37K No change BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 40,450 $33K New LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 747,561 $15K No change BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 70,000 $8K New LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 266,430 $6K No change HOLLEY INC *W EXP 11/30/202 84,067 $4K New MSSWF Metal SKY Star Acq -CW27 *W EXP 03/31/202 108,948 $1K No change
Total filed on the 13F, all lines: $87.9M.
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ DNB Dun & Bradstreet Holdings Inc. Reduce -70.2% 2.16% −5.64 PRGO Perrigo Co. PLC Sold out 0.00% −4.51 MAGN Magnera Corp. Sold out 0.00% −2.55 ELAN Elanco Animal Health Inc. Sold out 0.00% −2.21 ALIT Alight Inc. Class A Reduce -32.6% 6.00% −2.04 FLEX Flex Ltd. Reduce -37.5% 3.78% −1.65 DDOG Datadog Inc. Class A Sold out 0.00% −1.54 LBRDA Liberty Broadband-A Sold out 0.00% −1.43 META Meta Platforms Inc. Class A Sold out 0.00% −1.01 ALLY Ally Financial Inc. Sold out 0.00% −0.80 LUCK Lucky Strike Entertainment C Sold out 0.00% −0.77 BCX BlackRock Resources & Commod Sold out 0.00% −0.70 JOF Japan Smaller Capitalization Sold out 0.00% −0.63 RIVN Rivian Automotive Inc. Class A Sold out 0.00% −0.58 EVGO Evgo Inc. Sold out 0.00% −0.56 URI United Rentals Inc. Reduce -28.8% 2.02% −0.45 SOC Sable Offshore Corp. Sold out 0.00% −0.34 TSLA Tesla Inc. Reduce -29.2% 0.41% −0.29 DCH Dauch Corporation Sold out 0.00% −0.28 GXO Gxo Logistics Inc. Reduce -17.1% 5.93% −0.23 COIN Coinbase Global Inc. Class A Reduce -15.8% 0.51% −0.17 ASTS Ast Spacemobile Inc. Sold out 0.00% −0.13 SLND Southland Holdings Inc. Reduce -68.5% 0.08% −0.13 IBIT iShares Bitcoin Trust ETF Reduce -20.6% 0.69% −0.07 CSTM Constellium SE Reduce -22.3% 4.11% −0.06 TNL Travel + Leisure Co. Reduce -16.6% 4.97% −0.05 AMD Advanced Micro Devices Reduce -14.4% 0.64% −0.04 AMZN Amazon.com Inc. Reduce -4.2% 0.82% +0.06 SMCI Super Micro Computer Inc. Reduce -15.8% 0.67% +0.12 ATMU Atmus Filtration Technologie Reduce -15.5% 5.16% +0.12 GTM Zoominfo Technologies Inc. Reduce -13.3% 2.83% +0.18 KBR KBR Inc. Reduce -2.7% 4.62% +0.35 INTC Intel Corp. Reduce -11.8% 1.57% +0.35 X United States Steel Corp. Reduce -0.8% 1.01% +0.38
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ PENN Penn Entertainment Inc. New 2.57% +2.57 RH RH New 1.92% +1.92 FLS Flowserve Corp. New 1.46% +1.46 NVDA Nvidia Corp. Add +235.8% 2.03% +1.45 IQ Iqiyi Inc.-ADR New 1.31% +1.31 JOBY Joby Aviation Inc. Add +859.4% 1.18% +1.05 ATI Ati Inc. Add +97.8% 1.76% +1.04 AIOT Powerfleet Inc. New 1.02% +1.02 BABA Alibaba Group Holding-SP ADR New 0.99% +0.99 CORZ Core Scientific Inc. New 0.94% +0.94 ARM Arm Holdings PLC-ADR New 0.94% +0.94 LLY Eli Lilly & Co. New 0.85% +0.85 SNX TD Synnex Corp. Add +29.7% 2.54% +0.83 AZEK The Azek Co. Inc. New 0.73% +0.73 JHX James Hardie Ord New 0.70% +0.70 TDS Telephone and Data Systems Add +11.5% 1.75% +0.68 CDE Coeur Mining Inc. New 0.65% +0.65 PLTR Palantir Technologies Inc. Class A New 0.59% +0.59 AD Array Digital Infrastructure New 0.57% +0.57 CPRI Capri Holdings Ltd. New 0.55% +0.55 GDX Vaneck Gold Miners ETF New 0.51% +0.51 FLYW Flywire Corp.-Voting New 0.43% +0.43 RCL Royal Caribbean Cruises Ltd. New 0.40% +0.40 BATRK Atlanta Braves Holdings in-C Add +34.5% 0.87% +0.39 VIK Viking Holdings Ltd. New 0.38% +0.38 CCL Carnival Corp. New 0.38% +0.38 PSFE Paysafe Ltd. New 0.36% +0.36 COHR Coherent Corp. Add +40.0% 1.69% +0.33 AEVA Aeva Technologies Inc. New 0.23% +0.23 MSTR Strategy Inc. Add +1.2% 0.74% +0.17 NBIS Nebius Group NV Add +27.3% 0.75% +0.15 GATE Marblegate Acquisition Cor-A New 0.14% +0.14 TIDAL TRUST II New 0.05% +0.05 CZR Caesars Entertainment Inc. Add +1.9% 2.52% −0.04 ECG Everus Construction Group Add +23.9% 1.54% −0.16
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -25.2% 4,539,800 $358.1M HYG Ishr Ibx Usd Hiyld CB ETF-Ui call Reduce -40.8% 2,389,800 $188.5M QQQ Invesco QQQ Trust Series 1 put New 200,000 $93.8M QQQ Invesco QQQ Trust Series 1 call Sold out 50,000 $25.6Mbefore exit EEM iShares MSCI Emerging Market put Sold out 250,000 $10.5Mbefore exit EEM iShares MSCI Emerging Market call Sold out 250,000 $10.5Mbefore exit AUR Aurora Innovation Inc. put Add +30.0% 650,000 $4.4M X United States Steel Corp. call Reduce -48.2% 55,700 $2.4M NEM Newmont Corp. call Sold out 57,400 $2.1Mbefore exit ZIM Zim Integrated Shipping Serv call Sold out 99,100 $2.1Mbefore exit CDE Coeur Mining Inc. put New 300,000 $1.8M WMT Walmart Inc. call New 18,000 $1.5M FXI iShares China Large-Cap ETF put Sold out 50,000 $1.5Mbefore exit ORCL Oracle Corp. call New 10,100 $1.4M AVGO Broadcom Inc. put Sold out 6,000 $1.4Mbefore exit NFLX Netflix Inc. call New 1,400 $1.3M SPOT Spotify Technology SA call New 2,300 $1.3M IQ Iqiyi Inc.-ADR put New 536,200 $1.2M JOBY Joby Aviation Inc. put Add +13.9% 200,000 $1.2M TEAM Atlassian Corp. Class A call New 5,400 $1.1M CRM Salesforce Inc. call New 4,200 $1.1M SNOW Snowflake Inc. call New 7,400 $1.1M INTC Intel Corp. call New 45,000 $1.0M U Unity Software Inc. call New 50,000 $980K DDOG Datadog Inc. Class A call New 9,800 $972K ASTS Ast Spacemobile Inc. call Sold out 45,000 $950Kbefore exit BABA Alibaba Group Holding-SP ADR call Reduce -89.1% 6,600 $873K RDW Redwire Corp. put Sold out 51,700 $851Kbefore exit NVDA Nvidia Corp. call New 7,500 $813K NVDA Nvidia Corp. put New 7,500 $813K EVGO Evgo Inc. put Sold out 200,000 $810Kbefore exit CAVA Cava Group Inc. call New 8,000 $756K ZIM Zim Integrated Shipping Serv put Sold out 35,000 $751Kbefore exit META Meta Platforms Inc. Class A call New 1,300 $749K NBIS Nebius Group NV call Reduce -1.4% 34,500 $728K PDD PDD Holdings Inc. call Reduce -85.0% 6,000 $710K AEVA Aeva Technologies Inc. put New 100,000 $700K AUR Aurora Innovation Inc. call Reduce -42.9% 100,000 $673K PTON Peloton Interactive Inc. Class A call Sold out 65,000 $566Kbefore exit RXRX Recursion Pharmaceuticals-A call New 100,000 $529K AVGO Broadcom Inc. call Reduce -48.3% 3,100 $519K FLYW Flywire Corp.-Voting put New 50,000 $475K GRRR Gorilla Technology Group Inc. put Sold out 25,000 $452Kbefore exit DCH Dauch Corporation put Sold out 75,500 $440Kbefore exit CDE Coeur Mining Inc. call New 73,700 $436K PSFE Paysafe Ltd. put New 25,000 $392K MARA Mara Holdings Inc. call New 32,500 $374K TIGR Up Fintech Holding Ltd. - ADR call New 40,000 $344K TIDAL TRUST II put New 10,300 $266K PSFE Paysafe Ltd. call New 15,000 $235K
Showing the first 50 of 54.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ WAYFAIR INC (W 1 08/15/26) NOTE 1.000% 8/1 · principal Add +17.2% 6,800,000 $6.4M ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal New 4,000,000 $3.4M STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF New 37,693 $3.2M DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal Sold out 3,500,000 $3.1Mbefore exit CONFLUENT INC (CFLT 0 01/15/27) NOTE 1/1 · principal Sold out 2,500,000 $2.3Mbefore exit GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 Reduce -14.3% 962,534 $1.7M AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 Reduce -13.1% 746,369 $1.1M KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D New 20,000 $988K ACHR.WS Archer Aviation Inc. -CW26 *W EXP 09/16/202 Sold out 69,000 $222Kbefore exit ABLLW East Resources Acquis -CW27 *W EXP 06/30/202 New 134,395 $214K NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 New 250,000 $76K CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Reduce -93.5% 18,958 $72K SEATW Vivid Seats Inc. -CW26 *W EXP 10/18/202 Sold out 124,297 $44Kbefore exit GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 New 573,000 $41K BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 New 40,450 $33K BRLSW Oxus Acquisition Corp. -CW23 *W EXP 02/07/202 New 70,000 $8K HOLLEY INC *W EXP 11/30/202 New 84,067 $4K CHEER HLDG INC *W EXP 02/13/202 Sold out 2,188,580 $3Kbefore 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 81 $93.0M FLEX, AKAM, TNL, CSTM, META Q1 2026 100 $99.5M IWM, QQQ, CSTM, TNL, FLEX Q4 2025 87 $86.0M CSTM, TNL, GXO, ATMU, FLEX Q3 2025 67 $79.8M GXO, TNL, CSTM, ATMU, FLEX Q2 2025 80 $65.2M GXO, FLEX, ALIT, TNL, CSTM Q1 2025 64 $53.7M ALIT, GXO, ATMU, TNL, KBR Q4 2024 55 $69.4M ALIT, DNB, GXO, FLEX, ATMU Q3 2024 66 $112.2M ALIT, PRGO, TNL, CSTM, GXO Q2 2024 74 $125.2M TNL, CSTM, PRGO, ALIT, FLEX Q1 2024 59 $118.8M ALIT, CSTM, TNL, LUCK, FLEX