Ionic Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ionic Capital Management LLC reported 87 stock positions worth $86.0 million. Its top holding was Constellium (CSTM) at 4.8% of the portfolio, followed by Travel + Leisure (TNL, 4.7%) and Gxo Logistics (GXO, 4.2%). Compared with Q3 2025, it opened 34 new positions, sold out of 14, added to 9 and reduced 32. The biggest buy was a new position in Invesco Senior Income Trust (VVR) and the biggest sale an exit from Infleqtion (INFQ).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001386462
- Portfolio Value
- $86.0M (Q4 2025)
- SEC Filing
- 0000929638-26-000662 ↗ filed Feb 17, 2026
Holdings Value
Holdings 87 stocks · $86.0M
| CSTM Constellium SE | 4.79% | 218,566 | $4.1M | No change |
| TNL Travel + Leisure Co. | 4.72% | 57,589 | $4.1M | No change |
| GXO Gxo Logistics Inc. | 4.20% | 68,582 | $3.6M | Reduce -12.6% |
| ATMU Atmus Filtration Technologie | 3.62% | 60,003 | $3.1M | Reduce -12.2% |
| FLEX Flex Ltd. | 3.46% | 49,253 | $3.0M | No change |
| AIOT Powerfleet Inc. | 3.22% | 519,977 | $2.8M | Add +46.5% |
| GMED Globus Medical Inc. Class A | 3.21% | 31,596 | $2.8M | Reduce -32.2% |
| GDX Vaneck Gold Miners ETF | 2.98% | 29,864 | $2.6M | Reduce -17.0% |
| RH RH | 2.90% | 13,900 | $2.5M | Add +29.9% |
| PRMB Primo Brands Corp. | 2.80% | 147,438 | $2.4M | Add +43.9% |
| YETI Yeti Holdings Inc. filed as YETI HLDGS INC | 2.54% | 49,500 | $2.2M | No change |
| VVR Invesco Senior Income Trust | 2.31% | 608,000 | $2.0M | New |
| FLS Flowserve Corp. | 2.18% | 27,000 | $1.9M | Reduce -22.9% |
| MU Micron Technology Inc. | 2.13% | 6,418 | $1.8M | Reduce -33.4% |
| QQQX Nuveen Nasdaq 100 DYN Overwr | 2.05% | 61,842 | $1.8M | Reduce -10.6% |
| CFLT Confluent Inc. Class A | 1.93% | 55,000 | $1.7M | New |
| MSFT Microsoft Corp. | 1.74% | 3,100 | $1.5M | New |
| COHR Coherent Corp. | 1.72% | 8,000 | $1.5M | Reduce -55.6% |
| WIW Western Asst Infl-LNK Opp | 1.70% | 170,464 | $1.5M | Add +9.1% |
| NVDA Nvidia Corp. | 1.69% | 7,791 | $1.5M | Reduce -1.8% |
| JHX James Hardie Ind PLC | 1.67% | 69,127 | $1.4M | Reduce -24.6% |
| GTM Zoominfo Technologies Inc. | 1.66% | 140,504 | $1.4M | Add +562.9% |
| SNX TD Synnex Corp. | 1.59% | 9,100 | $1.4M | No change |
| BABA Alibaba Group Holding-SP ADR | 1.53% | 8,994 | $1.3M | Reduce -9.7% |
| SOXX iShares Semiconductor ETF | 1.48% | 4,215 | $1.3M | Add +32.3% |
| GBTG Global Business Travel Group | 1.41% | 158,007 | $1.2M | Reduce -6.0% |
| SOLS Solstice Adv Materials Inc. | 1.38% | 24,500 | $1.2M | New |
| MAGS Roundhill Magnificent Seven | 1.36% | 17,762 | $1.2M | No change |
| DIAX Nuveen Dow 30 Dynamic Overwr | 1.28% | 72,133 | $1.1M | Reduce -0.4% |
| CHAC Crane Harbor Acqu Corp. Class A | 1.25% | 100,000 | $1.1M | New |
| AMD Advanced Micro Devices | 1.23% | 4,948 | $1.1M | Add +19.5% |
| AAPL Apple Inc. | 1.22% | 3,866 | $1.1M | Add +9.0% |
| AVGO Broadcom Inc. | 1.19% | 2,951 | $1.0M | Reduce -2.5% |
| WBD Warner Bros Discovery Inc. | 1.17% | 35,000 | $1.0M | New |
| PLTR Palantir Technologies Inc. Class A | 1.09% | 5,282 | $939K | No change |
| USA Liberty All Star Equity Fund | 0.91% | 125,000 | $785K | New |
| TSLA Tesla Inc. | 0.86% | 1,650 | $742K | No change |
| HDRN Hadron Energy Inc. filed as GIGCAPITAL7 CORP | 0.86% | 70,000 | $738K | New |
| ALIT Alight Inc. Class A | 0.83% | 367,752 | $717K | Reduce -35.2% |
| META Meta Platforms Inc. Class A | 0.83% | 1,075 | $710K | Reduce -17.3% |
| DBRG Digitalbridge Group Inc. | 0.79% | 44,500 | $683K | New |
| AEM Agnico Eagle Mines Ltd. | 0.79% | 4,000 | $678K | New |
| BHF Brighthouse Financial Inc. | 0.73% | 9,750 | $632K | Reduce -11.4% |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | 0.73% | 42,861 | $630K | New |
| MANU Manchester United PLC Class A | 0.73% | 39,380 | $627K | Add +15.2% |
| NAK Northern Dynasty Minerals | 0.71% | 309,000 | $609K | Reduce -40.3% |
| HYT BlackRock Corp. Hi YLD | 0.67% | 65,000 | $579K | New |
| AVY Avery Dennison Corp. | 0.63% | 3,000 | $546K | New |
| GLW Corning Inc. | 0.61% | 6,000 | $525K | No change |
| NFJ Virtus DVD Intrst & PRM STR | 0.60% | 40,000 | $516K | New |
| CIFR Cipher Digital Inc. | 0.57% | 33,200 | $490K | Reduce -58.5% |
| UNF Unifirst Corp. | 0.56% | 2,500 | $482K | New |
| AMZN Amazon.com Inc. | 0.55% | 2,050 | $473K | No change |
| SPRO Spero Therapeutics Inc. | 0.53% | 195,939 | $457K | Reduce -6.1% |
| SIRI Sirius XM Holdings Inc. | 0.52% | 22,500 | $450K | Reduce -25.0% |
| SCHL Scholastic Corp. | 0.52% | 15,000 | $444K | New |
| IQ Iqiyi Inc.-ADR | 0.52% | 231,424 | $444K | New |
| WOLF Wolfspeed Inc. | 0.52% | 25,519 | $444K | New |
| BATRK Atlanta Braves Holdings in-C | 0.49% | 10,689 | $422K | Reduce -24.7% |
| ETHA iShares Ethereum Trust ETF | 0.49% | 18,672 | $419K | Reduce -36.5% |
| UNH Unitedhealth Group Inc. | 0.49% | 1,268 | $419K | New |
| KGC Kinross Gold Corp. | 0.47% | 14,500 | $408K | New |
| CEPT Cantor Equity Partners Class A | 0.46% | 35,000 | $394K | New |
| CORZ Core Scientific Inc. | 0.42% | 25,000 | $364K | New |
| CZR Caesars Entertainment Inc. | 0.41% | 15,000 | $351K | Reduce -75.0% |
| XZO Exzeo Group Inc. | 0.38% | 13,519 | $328K | New |
| BLDR Builders Firstsource Inc. | 0.36% | 3,000 | $309K | Reduce -66.7% |
| SSTK Shutterstock Inc. | 0.34% | 15,381 | $294K | New |
| BBAI Bigbear.ai Holdings Inc. | 0.34% | 54,000 | $292K | New |
| COIN Coinbase Global Inc. Class A | 0.33% | 1,252 | $283K | Reduce -16.2% |
| BATRA Atlanta Braves Holdings in-A | 0.31% | 6,191 | $263K | Reduce -9.2% |
| BE Bloom Energy Corp. Class A | 0.30% | 2,987 | $260K | New |
| GETY Getty Images Holdings Inc. | 0.29% | 185,000 | $248K | New |
| USO United States Oil Fund LP | 0.28% | 3,528 | $244K | New |
| CRWV Coreweave Inc. Class A | 0.27% | 3,292 | $236K | Reduce -53.0% |
| CRCL Circle Internet Group Inc. | 0.27% | 2,928 | $232K | New |
| MSTR Strategy Inc. | 0.25% | 1,419 | $216K | Reduce -29.1% |
| HYI Western Asset High Yield Opp | 0.25% | 19,113 | $213K | New |
| SBET Sharplink Inc. | 0.21% | 19,875 | $178K | Reduce -61.8% |
| PENN Penn Entertainment Inc. | 0.17% | 10,000 | $148K | Reduce -75.0% |
| FCX Freeport-McMoran Inc. | 0.15% | 2,500 | $127K | New |
| BED BATH & BEYOND INC | 0.11% | 145,121 | $96K | New |
| OPEN Opendoor Technologies Inc. | 0.08% | 12,000 | $70K | Reduce -34.2% |
| GEN Gen Digital Inc. | 0.04% | 1,116 | $30K | No change |
| GLXY Galaxy Digital Inc. Class A | 0.01% | 500 | $11K | New |
| VISIONWAVE HOLDINGS INC | 0.00% | 100 | $926 | New |
| ETHU 2X Ether ETF | 0.00% | 4 | $219 | No change |
Options reported separately and not counted above: HYG puts ($370.9M), IWM puts ($73.8M), IWM calls ($73.8M), EEM calls ($54.7M), QQQ puts ($30.7M), QQQ calls ($30.7M), EWZ puts ($22.2M), GEN puts ($3.9M), PL puts ($3.0M), CRM calls ($2.6M), XOM calls ($2.0M), XOM puts ($2.0M), and 16 more.
Other holdings (32): bonds, preferreds, convertibles and warrants · $15.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 3,500,000 | $3.3M | No change |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 3,500,000 | $3.2M | New |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | 3,000,000 | $2.8M | New |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 28,772 | $2.3M | Reduce -31.8% |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | 2,000,000 | $1.7M | New |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 62,410 | $282K | No change |
| VWAVW Visionwave Holdings Inc. | *W EXP 07/14/203 | 221,898 | $260K | Add +83.4% |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | 101,015 | $155K | New |
| TMCWW TMC the Metals Co. Inc. -CW25I | *W EXP 09/09/202 | 112,693 | $145K | Reduce -42.0% |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | 538,267 | $121K | Reduce -16.4% |
| LVWR.WS Livewire Group Inc.-27 | *W EXP 09/26/202 | 1,522,201 | $95K | No change |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | 81,329 | $93K | Add +368.5% |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | 163,972 | $82K | Reduce -22.4% |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 134,194 | $57K | Add +392.1% |
| NIOBW Niocorp Developments Ltd. -28 | *W EXP 03/17/202 | 29,581 | $55K | Reduce -85.0% |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | 197,268 | $53K | No change |
| GCTS.WS Concord Acq Class A -CW28 | *W EXP 03/01/202 | 673,000 | $51K | No change |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 55,874 | $50K | Add +9105.6% |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | 15,022 | $41K | New |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | 84,427 | $34K | Reduce -29.4% |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 60,600 | $32K | New |
| LANWF Lanvin Group Holdings Ltd.-27 | *W EXP 01/14/202 | 1,917,304 | $30K | No change |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | 72,936 | $29K | New |
| NUAIW New Era Helium Inc. -29 | *W EXP 12/06/202 | 31,068 | $25K | New |
| ABVWF Above Food Ingredients- 29 | *W EXP 06/28/202 | 67,755 | $24K | New |
| SLND.WS Legato Merger Corp. II -CW23 | *W EXP 02/14/202 | 253,240 | $22K | Reduce -5.8% |
| HPAIW Helport AI Ltd. -29 | *W EXP 03/31/202 | 82,640 | $13K | No change |
| NXATW K Wave Media Ltd.-28 | *W EXP 05/14/203 | 400,000 | $12K | No change |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | 24,038 | $10K | New |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | 65,132 | $7K | New |
| BRLSW Oxus Acquisition Corp. -CW23 | *W EXP 02/07/202 | 70,000 | $4K | No change |
| RNWWW Renew Energy Global -CW26 | *W EXP 08/21/202 | 200,000 | $1K | No change |
Total filed on the 13F, all lines: $101.0M.
Portfolio Sells Q3 2025 → Q4 2025
| INFQ Infleqtion Inc. | Sold out | 0.00% | −2.01 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −1.75 |
| CZR Caesars Entertainment Inc. | Reduce -75.0% | 0.41% | −1.62 |
| ALIT Alight Inc. Class A | Reduce -35.2% | 0.83% | −1.48 |
| TDS Telephone and Data Systems | Sold out | 0.00% | −1.44 |
| AMCR Amcor PLC | Sold out | 0.00% | −1.24 |
| BLDR Builders Firstsource Inc. | Reduce -66.7% | 0.36% | −1.01 |
| GXO Gxo Logistics Inc. | Reduce -12.6% | 4.20% | −1.00 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.99 |
| CRWV Coreweave Inc. Class A | Reduce -53.0% | 0.27% | −0.93 |
| LION Lionsgate Studios Corp. | Sold out | 0.00% | −0.91 |
| SBET Sharplink Inc. | Reduce -61.8% | 0.21% | −0.90 |
| PENN Penn Entertainment Inc. | Reduce -75.0% | 0.17% | −0.79 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.74 |
| COHR Coherent Corp. | Reduce -55.6% | 1.72% | −0.71 |
| BABA Alibaba Group Holding-SP ADR | Reduce -9.7% | 1.53% | −0.70 |
| CIFR Cipher Digital Inc. | Reduce -58.5% | 0.57% | −0.69 |
| ETHA iShares Ethereum Trust ETF | Reduce -36.5% | 0.49% | −0.67 |
| GSRT GSR III Acquisition Corp. | Sold out | 0.00% | −0.65 |
| LWAY Lifeway Foods Inc. | Sold out | 0.00% | −0.63 |
| MSTR Strategy Inc. | Reduce -29.1% | 0.25% | −0.56 |
| JHX James Hardie Ind PLC | Reduce -24.6% | 1.67% | −0.54 |
| GDX Vaneck Gold Miners ETF | Reduce -17.0% | 2.98% | −0.47 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −0.38 |
| META Meta Platforms Inc. Class A | Reduce -17.3% | 0.83% | −0.37 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Sold out | 0.00% | −0.36 |
| SIRI Sirius XM Holdings Inc. | Reduce -25.0% | 0.52% | −0.35 |
| QQQX Nuveen Nasdaq 100 DYN Overwr | Reduce -10.6% | 2.05% | −0.33 |
| ASTS Ast Spacemobile Inc. | Sold out | 0.00% | −0.31 |
| COIN Coinbase Global Inc. Class A | Reduce -16.2% | 0.33% | −0.30 |
| GBTG Global Business Travel Group | Reduce -6.0% | 1.41% | −0.29 |
| RKT Rocket Cos Inc. Class A | Sold out | 0.00% | −0.27 |
| BATRK Atlanta Braves Holdings in-C | Reduce -24.7% | 0.49% | −0.25 |
| ATMU Atmus Filtration Technologie | Reduce -12.2% | 3.62% | −0.24 |
| AUR Aurora Innovation Inc. | Sold out | 0.00% | −0.22 |
| NVDA Nvidia Corp. | Reduce -1.8% | 1.69% | −0.16 |
| FLS Flowserve Corp. | Reduce -22.9% | 2.18% | −0.15 |
| GMED Globus Medical Inc. Class A | Reduce -32.2% | 3.21% | −0.13 |
| OPEN Opendoor Technologies Inc. | Reduce -34.2% | 0.08% | −0.10 |
| BATRA Atlanta Braves Holdings in-A | Reduce -9.2% | 0.31% | −0.08 |
| DIAX Nuveen Dow 30 Dynamic Overwr | Reduce -0.4% | 1.28% | −0.07 |
| NAK Northern Dynasty Minerals | Reduce -40.3% | 0.71% | −0.07 |
| AVGO Broadcom Inc. | Reduce -2.5% | 1.19% | −0.06 |
| BHF Brighthouse Financial Inc. | Reduce -11.4% | 0.73% | +0.00 |
| SPRO Spero Therapeutics Inc. | Reduce -6.1% | 0.53% | +0.04 |
| MU Micron Technology Inc. | Reduce -33.4% | 2.13% | +0.11 |
Portfolio Buys Q3 2025 → Q4 2025
| VVR Invesco Senior Income Trust | New | 2.31% | +2.31 |
| CFLT Confluent Inc. Class A | New | 1.93% | +1.93 |
| MSFT Microsoft Corp. | New | 1.74% | +1.74 |
| SOLS Solstice Adv Materials Inc. | New | 1.38% | +1.38 |
| GTM Zoominfo Technologies Inc. | Add +562.9% | 1.66% | +1.37 |
| CHAC Crane Harbor Acqu Corp. Class A | New | 1.25% | +1.25 |
| WBD Warner Bros Discovery Inc. | New | 1.17% | +1.17 |
| USA Liberty All Star Equity Fund | New | 0.91% | +0.91 |
| AIOT Powerfleet Inc. | Add +46.5% | 3.22% | +0.89 |
| HDRN Hadron Energy Inc. | New | 0.86% | +0.86 |
| DBRG Digitalbridge Group Inc. | New | 0.79% | +0.79 |
| AEM Agnico Eagle Mines Ltd. | New | 0.79% | +0.79 |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | New | 0.73% | +0.73 |
| HYT BlackRock Corp. Hi YLD | New | 0.67% | +0.67 |
| AVY Avery Dennison Corp. | New | 0.63% | +0.63 |
| NFJ Virtus DVD Intrst & PRM STR | New | 0.60% | +0.60 |
| UNF Unifirst Corp. | New | 0.56% | +0.56 |
| SCHL Scholastic Corp. | New | 0.52% | +0.52 |
| IQ Iqiyi Inc.-ADR | New | 0.52% | +0.52 |
| WOLF Wolfspeed Inc. | New | 0.52% | +0.52 |
| UNH Unitedhealth Group Inc. | New | 0.49% | +0.49 |
| KGC Kinross Gold Corp. | New | 0.47% | +0.47 |
| CEPT Cantor Equity Partners Class A | New | 0.46% | +0.46 |
| CORZ Core Scientific Inc. | New | 0.42% | +0.42 |
| SOXX iShares Semiconductor ETF | Add +32.3% | 1.48% | +0.39 |
| AMD Advanced Micro Devices | Add +19.5% | 1.23% | +0.39 |
| XZO Exzeo Group Inc. | New | 0.38% | +0.38 |
| SSTK Shutterstock Inc. | New | 0.34% | +0.34 |
| BBAI Bigbear.ai Holdings Inc. | New | 0.34% | +0.34 |
| BE Bloom Energy Corp. Class A | New | 0.30% | +0.30 |
| GETY Getty Images Holdings Inc. | New | 0.29% | +0.29 |
| USO United States Oil Fund LP | New | 0.28% | +0.28 |
| CRCL Circle Internet Group Inc. | New | 0.27% | +0.27 |
| HYI Western Asset High Yield Opp | New | 0.25% | +0.25 |
| RH RH | Add +29.9% | 2.90% | +0.17 |
| FCX Freeport-McMoran Inc. | New | 0.15% | +0.15 |
| BED BATH & BEYOND INC | New | 0.11% | +0.11 |
| AAPL Apple Inc. | Add +9.0% | 1.22% | +0.09 |
| MANU Manchester United PLC Class A | Add +15.2% | 0.73% | +0.08 |
| GLXY Galaxy Digital Inc. Class A | New | 0.01% | +0.01 |
| VISIONWAVE HOLDINGS INC | New | 0.00% | +0.00 |
| PRMB Primo Brands Corp. | Add +43.9% | 2.80% | −0.03 |
| WIW Western Asst Infl-LNK Opp | Add +9.1% | 1.70% | −0.04 |
Options Activity Q3 2025 → Q4 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Reduce -12.4% | 4,600,000 | $370.9M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Sold out | 1,000,000 | $81.2Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Add +50.0% | 300,000 | $73.8M |
| IWM iShares Russell 2000 ETF | call | Add +50.0% | 300,000 | $73.8M |
| EEM iShares MSCI Emerging Market | call | Reduce -71.4% | 1,000,000 | $54.7M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 50,000 | $30.7M |
| QQQ Invesco QQQ Trust Series 1 | call | New | 50,000 | $30.7M |
| EWZ iShares MSCI Brazil ETF | call | Sold out | 500,000 | $15.5Mbefore exit |
| PL Planet Labs PBC | put | Add +49.0% | 152,000 | $3.0M |
| CRM Salesforce Inc. | call | New | 10,000 | $2.6M |
| GME Gamestop Corp. Class A | put | Sold out | 75,000 | $2.0Mbefore exit |
| XOM Exxon Mobil Corp. | call | New | 17,000 | $2.0M |
| XOM Exxon Mobil Corp. | put | New | 17,000 | $2.0M |
| INTC Intel Corp. | call | Reduce -17.4% | 53,700 | $2.0M |
| CDE Coeur Mining Inc. | put | Reduce -66.7% | 100,000 | $1.8M |
| CFLT Confluent Inc. Class A | call | Reduce -9.7% | 58,700 | $1.8M |
| CORZ Core Scientific Inc. | call | Sold out | 85,000 | $1.5Mbefore exit |
| WOLF Wolfspeed Inc. | call | Sold out | 50,000 | $1.4Mbefore exit |
| GOOGL Alphabet Inc. Class A | call | Sold out | 5,800 | $1.4Mbefore exit |
| GME Gamestop Corp. Class A | call | New | 56,900 | $1.1M |
| SBSW Sibanye-Stillwater Ltd.-ADR | put | Sold out | 100,000 | $1.1Mbefore exit |
| FCX Freeport-McMoran Inc. | call | Reduce -52.4% | 21,400 | $1.1M |
| AUR Aurora Innovation Inc. | put | Sold out | 200,000 | $1.1Mbefore exit |
| AMAT Applied Materials Inc. | put | Sold out | 4,700 | $962Kbefore exit |
| JD Jd.com Inc.-ADR | call | Sold out | 25,800 | $902Kbefore exit |
| MARA Mara Holdings Inc. | call | New | 100,000 | $898K |
| LRCX Lam Research Corp. | put | Sold out | 6,300 | $844Kbefore exit |
| PDD PDD Holdings Inc. | call | Sold out | 6,300 | $833Kbefore exit |
| COMP Compass Inc. Class A | call | Sold out | 100,000 | $803Kbefore exit |
| CAMT Camtek Ltd. | put | Sold out | 7,500 | $788Kbefore exit |
| GLXY Galaxy Digital Inc. Class A | call | New | 35,000 | $783K |
| ASML ASML Holding NV-NY Reg SHS | put | Sold out | 800 | $774Kbefore exit |
| BABA Alibaba Group Holding-SP ADR | call | Sold out | 4,300 | $769Kbefore exit |
| GDX Vaneck Gold Miners ETF | call | Sold out | 10,000 | $764Kbefore exit |
| BIDU Baidu Inc. - Spon ADR | call | Sold out | 5,500 | $725Kbefore exit |
| IQ Iqiyi Inc.-ADR | put | Add +19.3% | 363,500 | $698K |
| IQ Iqiyi Inc.-ADR | call | New | 350,000 | $672K |
| DOLE Dole PLC | call | Sold out | 50,000 | $672Kbefore exit |
| KDP Keurig Dr Pepper Inc. | call | Sold out | 25,000 | $638Kbefore exit |
| AMCR Amcor PLC | call | Sold out | 70,000 | $573Kbefore exit |
| KGC Kinross Gold Corp. | put | New | 20,000 | $563K |
| EVGO Evgo Inc. | call | Sold out | 100,000 | $473Kbefore exit |
| MSTR Strategy Inc. | put | Reduce -24.2% | 2,500 | $380K |
| BLDR Builders Firstsource Inc. | call | New | 3,500 | $360K |
| SMLR Semler Scientific Inc. | call | Sold out | 11,500 | $345Kbefore exit |
| STUB Stubhub Holdings Inc. Class A | call | New | 25,000 | $338K |
| NB Niocorp Developments Ltd. | put | Sold out | 50,000 | $334Kbefore exit |
| TIDAL TRUST II | put | Sold out | 9,500 | $203Kbefore exit |
| XXI Twenty One Capital Inc. Class A | call | New | 20,000 | $175K |
| CRWV Coreweave Inc. Class A | call | Sold out | 600 | $82Kbefore 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
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | New | 3,500,000 | $3.2M |
| VARONIS SYSTEM INC (VRNS 1 09/15/29) | NOTE 1.000% 9/1 · principal | New | 3,000,000 | $2.8M |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | Reduce -31.8% | 28,772 | $2.3M |
| MARA HOLDINGS INC (MARA 0 06/01/31) | NOTE 6/0 · principal | New | 2,000,000 | $1.7M |
| JOBY.WS Joby Aviation Inc. -CW25 | *W EXP 08/10/202 | Sold out | 52,415 | $314Kbefore exit |
| VWAVW Visionwave Holdings Inc. | *W EXP 07/14/203 | Add +83.4% | 221,898 | $260K |
| PCTTW Purecycle Techno-CW26 | *W EXP 03/17/202 | Sold out | 75,205 | $254Kbefore exit |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 09/25/203 | New | 101,015 | $155K |
| TMCWW TMC the Metals Co. Inc. -CW25I | *W EXP 09/09/202 | Reduce -42.0% | 112,693 | $145K |
| AUROW Aurora Innovation Inc. -CW28 | *W EXP 11/03/202 | Reduce -16.4% | 538,267 | $121K |
| ACHR.WS Archer Aviation Inc. -CW26 | *W EXP 09/16/202 | Add +368.5% | 81,329 | $93K |
| NPWR.WS Rice Acquisition Corp. II-CW | *W EXP 06/08/202 | Reduce -22.4% | 163,972 | $82K |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | Add +392.1% | 134,194 | $57K |
| NIOBW Niocorp Developments Ltd. -28 | *W EXP 03/17/202 | Reduce -85.0% | 29,581 | $55K |
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | Add +9105.6% | 55,874 | $50K |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | New | 15,022 | $41K |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | Reduce -29.4% | 84,427 | $34K |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 60,600 | $32K |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 72,936 | $29K |
| NUAIW New Era Helium Inc. -29 | *W EXP 12/06/202 | New | 31,068 | $25K |
| ABVWF Above Food Ingredients- 29 | *W EXP 06/28/202 | New | 67,755 | $24K |
| SLND.WS Legato Merger Corp. II -CW23 | *W EXP 02/14/202 | Reduce -5.8% | 253,240 | $22K |
| HDRNW GIGCAPITAL7 Corp.-A - 29 | *W EXP 08/29/202 | New | 24,038 | $10K |
| BTMWQ Bitcoin Depot Inc.-CW23 | *W EXP 06/30/202 | New | 65,132 | $7K |
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 |