K2 Principal Fund, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), K2 Principal Fund, L.P. reported 115 stock positions worth $230.9 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 4.6% of the portfolio, followed by First Solar (FSLR, 3.5%) and Mag Silver (MAG, 2.9%). Compared with Q1 2025, it opened 56 new positions, sold out of 38, added to 19 and reduced 21. The biggest buy was a new position in Mag Silver (MAG) and the biggest sale SPDR Gold Shares (GLD, shares −85%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001461790
Portfolio Value
$230.9M (Q2 2025)
SEC Filing
0001461790-25-000044 ↗ filed Aug 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $194.9M Q1 2024 Q2 2024: $188.6M Q2 2024 Q3 2024: $199.3M Q3 2024 Q4 2024: $202.7M Q4 2024 Q1 2025: $176.1M Q1 2025 Q2 2025: $230.9M $230.9M Q2 2025 Q3 2025: $278.7M Q3 2025 Q4 2025: $265.7M Q4 2025 Q1 2026: $328.1M Q1 2026 Q2 2026: $384.8M Q2 2026

Holdings 115 stocks · $230.9M
IBIT iShares Bitcoin Trust ETF 4.61% 174,000 $10.7M Reduce -22.7%
FSLR First Solar Inc. 3.46% 48,291 $8.0M Add +9.5%
MAG Mag Silver Corp. 2.95% 321,870 $6.8M New
CORZ Core Scientific Inc. 2.56% 346,591 $5.9M New
SPRY Ars Pharmaceuticals Inc. 2.40% 317,126 $5.5M Reduce -34.7%
NLOP Net Lease Office Property 2.04% 144,800 $4.7M Add +3.4%
ONEN One Nuclear Energy Inc. filed as HENNESSY CAP INVT CORP VII 1.99% 452,717 $4.6M Reduce -56.9%
HES Hess Corp. 1.97% 32,782 $4.5M Reduce -10.9%
CCIR Cohen Circle Acquisitio Class A 1.95% 410,086 $4.5M Add +23.0%
COLOMBIER ACQUISITION CORP 1.90% 283,990 $4.4M Add +105.9%
WLAC Willow Lane Acquisition Class A 1.83% 412,413 $4.2M Add +1.1%
TLN Talen Energy Corp. 1.78% 14,100 $4.1M Reduce -50.0%
JNPR Juniper Networks Inc. 1.73% 100,000 $4.0M New
GTEN Gores Holdings X Inc. Class A 1.73% 389,326 $4.0M New
RAC Rithm Acquisition Corp. Class A 1.53% 347,708 $3.5M Reduce -0.7%
JENA.U Jena Acquisition Corp. II 1.45% 325,200 $3.3M New
NETD Nabors Energy Transition C-A 1.44% 300,000 $3.3M No change
ARES ACQUISITION CORP II 1.38% 282,079 $3.2M Add +1406.7%
BEAG Bold Eagle Acquisition Cor-A 1.38% 303,575 $3.2M Reduce -8.1%
TACO Berto Acquisition Corp. 1.37% 304,536 $3.2M New
SRG Seritage Growth Prop- A 1.35% 1,015,786 $3.1M Add +2.5%
PTON Peloton Interactive Inc. Class A 1.35% 447,734 $3.1M Add +142.3%
CCCXU Churchill Capital Corp. X 1.34% 300,000 $3.1M New
UBER Uber Technologies Inc. 1.34% 33,048 $3.1M Reduce -4.0%
TIXT Telus International Cda Inc. 1.31% 835,087 $3.0M New
FLR Fluor Corp. 1.29% 58,200 $3.0M New
ALF Centurion Acquisition Corp. 1.29% 282,839 $3.0M New
GLD SPDR Gold Shares 1.29% 9,746 $3.0M Reduce -85.1%
SBXDF Silverbox Corp. IV-A 1.18% 249,209 $2.7M New
PCAPU Procap Acquisition Corp. 1.17% 251,303 $2.7M New
GOOG Alphabet Inc. Class C 1.15% 15,000 $2.7M New
CEPO Cantor Equity Partners I-A 1.12% 217,896 $2.6M Reduce -39.7%
FYBR Frontier Communications Pare 1.12% 71,074 $2.6M No change
PMTR Perimeter Acquis Corp. I Class A 1.09% 247,237 $2.5M New
BACCU Blue Acquisition Corp. 1.09% 249,900 $2.5M New
TACH Titan Acquisition Corp. Class A 1.07% 245,600 $2.5M New
RDAG Republic Digital Acquis Class A 1.06% 238,720 $2.4M New
GENI Genius Sports Ltd. 1.04% 230,364 $2.4M New
WENNU Wen Acquisition Corp. 1.04% 226,317 $2.4M New
DAAQ Digital Asset Acquisiti Class A 1.03% 226,951 $2.4M New
AMZN Amazon.com Inc. 1.01% 10,608 $2.3M Reduce -26.2%
CEPT Cantor Equity Partners Class A 1.00% 208,586 $2.3M New
IPCX Inflection Point Acquisiti-A 0.98% 223,166 $2.3M New
PDS Precision Drilling Corp. 0.97% 47,460 $2.2M Reduce -22.8%
HAYMAKER ACQUISITION CORP 4 0.96% 199,800 $2.2M New
APP AppLovin Corp. Class A 0.93% 6,167 $2.2M New
CRAQ Cal Redwood Acquisit Class A 0.93% 215,031 $2.1M New
SIMA Sim Acquisition Corp. I-A 0.93% 205,292 $2.1M New
BRR Columbus Circle Capital Co. Class A 0.92% 200,000 $2.1M New
CAEP Cantor Equity Partners III-A 0.91% 200,000 $2.1M New
OACC Oaktree Acquisition Corp. I-A 0.88% 195,292 $2.0M No change
GFR Greenfire Resources Ltd. 0.86% 447,600 $2.0M Add +336.3%
TMS Teamshares Inc. filed as LIVE OAK ACQUISITION CORP V 0.83% 178,100 $1.9M Reduce -28.8%
WIX Wix.com Ltd. 0.82% 12,004 $1.9M New
FTW Eqv Ventures Acquisition C-A 0.79% 174,421 $1.8M No change
BTI British American Tob-SP ADR 0.78% 38,200 $1.8M New
AXINU Axiom Intelligence Acquisiti 0.77% 177,159 $1.8M New
RTAC Renatus Tactical Acquisiti-A 0.74% 145,320 $1.7M New
XPOF Xponential Fitness Inc. Class A 0.72% 221,043 $1.7M Add +145.6%
ATII Archimedes Tech Spac Partner 0.71% 160,170 $1.6M Reduce -49.9%
SAND Sandstorm Gold Ltd. 0.69% 170,000 $1.6M New
PKST Peakstone Realty Trust 0.67% 116,697 $1.5M Add +72.9%
FERA Fifth Era Acquisition Corp. Class A 0.66% 150,000 $1.5M New
LWACU Lightwave Acquisition Corp. 0.65% 150,000 $1.5M New
DKS Dick's Sporting Goods Inc. 0.64% 7,500 $1.5M New
FL Foot Locker Inc. 0.64% 60,000 $1.5M New
FLYYQ Spirit Aviation Holdings Inc. 0.62% 287,976 $1.4M New
AVGO Broadcom Inc. 0.58% 4,854 $1.3M Add +19.2%
MCGAU Yorkville Acquisition Corp. 0.56% 115,000 $1.3M New
AGS Playags Inc. 0.54% 99,918 $1.2M No change
MU Micron Technology Inc. 0.53% 10,000 $1.2M New
CCIX Churchill Capital Corp. Ix 0.52% 114,350 $1.2M Add +56.4%
IMO Imperial Oil Ltd. 0.52% 15,000 $1.2M New
VFC VF Corp. 0.51% 100,000 $1.2M New
AACB Artius II Acquisition Inc. Class A 0.49% 112,006 $1.1M No change
DRDB Roman DBDR Acquisition Corp. 0.48% 107,090 $1.1M No change
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 0.46% 100,000 $1.1M No change
CIEN Ciena Corp. 0.46% 13,013 $1.1M No change
DHI D.R. Horton Inc. 0.45% 8,000 $1.0M New
AIOT Powerfleet Inc. 0.45% 238,417 $1.0M New
JBS JBS NV-A 0.44% 69,944 $1.0M New
KCHVU Kochav Defense Acquisition C 0.44% 100,000 $1.0M New
OYSEU Oyster Enterprises II Acquis 0.44% 100,000 $1.0M New
SZZL Sizzle Acquisition Corp. Class A 0.44% 100,000 $1.0M New
CUB Lionheart Holdings Class A 0.38% 83,943 $881K New
RUN Sunrun Inc. 0.29% 81,639 $668K New
SLV iShares Silver Trust 0.28% 19,400 $637K Reduce -81.1%
NVDA Nvidia Corp. 0.27% 4,000 $632K Reduce -33.3%
CHPG Championsgate Acquisitio-A 0.27% 62,780 $628K New
WTGUU Wintergreen Acquisition Corp. 0.26% 59,000 $595K New
TVAIU Thayer Ventures Acquisition 0.26% 58,271 $592K New
BBU Brookfield Business PT-Unit 0.25% 22,500 $583K Reduce -53.0%
VBNK Versabank 0.24% 48,682 $555K Add +16.0%
LEGT Legato Merger Corp. III 0.23% 49,748 $531K Add +260.6%
MRK Merck & Co. Inc. 0.19% 5,684 $450K Reduce -51.8%
ADX Adams Diversified Equity 0.15% 16,182 $351K Add +2.3%
ASGI Abrdn Global Infrastructure 0.13% 15,000 $306K No change
FACTU Fact II Acquisition Corp. 0.13% 30,000 $300K No change
RVT Royce Small-Cap Trust Inc. 0.13% 19,490 $293K Add +2.0%
BDJ BlackRock Enhanced Eqty DVD 0.13% 32,984 $293K No change

Show all 115 holdings

Options reported separately and not counted above: GLD calls ($32.0M), BTI calls ($18.5M), HYG puts ($16.1M), IBIT puts ($15.3M), SLV calls ($10.8M), GLD puts ($8.8M), IBIT calls ($8.7M), VTWO puts ($5.5M), LYV calls ($5.1M), OMC calls ($4.3M), TLT calls ($3.5M), HHH calls ($3.5M), and 36 more.

Other holdings (133): bonds, preferreds, convertibles and warrants · $118.5M (not counted above)
SecurityClassShares / PrincipalValueChange
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal 14,137$14.1MAdd +182.7%
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 10,000$14.1MReduce -9.1%
DROPBOX INC (DBX 0 03/01/26) NOTE 3/0 · principal 13,859$13.7MNo change
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal 10,000$9.7MNew
NICE LTD (NICEIT 0 09/15/25) NOTE 9/1 · principal 9,321$9.2MNo change
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal 7,000$9.2MNew
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 5,000$7.7MNew
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 7,473$7.1MNew
ON SEMICONDUCTOR CORP (ON 0 05/01/27) NOTE 5/0 · principal 5,000$5.9MNo change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 4,000$4.8MNo change
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 3,000$3.1MNo change
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 3,000$3.0MNew
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal 4,000$2.9MNew
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 107,092$1.2MAdd +170.0%
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 143,630$1.2MNew
IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 32,071$1.0MReduce -25.3%
NNAVW Nextnav Inc. *W EXP 99/99/999 133,725$849KReduce -22.6%
Colombier Acquisition - 29 *W EXP 11/24/202 168,211$631KReduce -15.5%
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 349,119$611KReduce -44.5%
JOBY.WS Joby Aviation Inc. -CW25 *W EXP 08/10/202 217,107$521KReduce -4.4%
ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 690,879$428KNo change
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 177,489$417KReduce -53.6%
EQV VENTURES ACQUISITION *W EXP 07/01/203 530,857$388KNo change
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 183,586$367KAdd +35.6%
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 990,295$347KAdd +0.2%
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 308,753$340KAdd +19.2%
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 1,086,931$326KAdd +0.0%
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 380,780$270KReduce -2.4%
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 150,000$249KNew
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 630,559$227KAdd +10.2%
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 228,980$195KNew
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 376,983$181KReduce -0.1%
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 298,680$155KNo change
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 500,907$155KReduce -3.9%
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 509,029$153KReduce -3.8%
SKYH.WS Yellowstone Acquisit A -CW25 *W EXP 01/25/202 73,619$125KReduce -1.9%
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 249,454$125KReduce -28.8%
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 152,268$122KNew
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 359,330$119KReduce -13.1%
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 296,022$115KReduce -20.5%
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 415,615$112KReduce -5.3%
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 401,917$109KReduce -1.2%
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 267,954$107KReduce -29.8%
ATIIW Archimedes Tech-30 *W EXP 10/15/202 259,895$107KAdd +62.5%
USA RARE EARTH INC *W EXP 03/13/203 44,142$105KReduce -66.1%
STRATA CRITICAL MEDICAL INC *W EXP 05/07/202 497,069$104KAdd +4.2%
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 320,150$96KAdd +3.9%
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 326,246$88KNew
BACQR Inflection Point Acquisition RIGHT 11/04/2026 250,000$88KReduce -49.1%
TMSWW Live Oak Acquisition Co.-CW29 *W EXP 99/99/999 125,000$88KNo change
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 377,983$87KAdd +2.7%
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 123,618$79KNew
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 223,166$78KNew
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 192,506$77KNew
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 306,680$77KNew
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 1,277,536$77KNo change
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 37,429$76KNew
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 121,067$76KNew
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 303,953$76KAdd +9.9%
TDACW Translational Dev -A -CW26 *W EXP 12/18/202 295,689$68KNo change
CHACR Crane Harbor Acquisition-RTS RIGHT 04/17/2030 244,013$66KNew
GTENW Gores Holdings X Inc.-31 *W EXP 05/02/203 100,956$60KNew
RAC.WS Rithm Acquisition Corp. - 30 *W EXP 99/99/999 116,000$57KReduce -0.5%
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 103,595$52KNo change
MLACR Mountain Lake Acquisition Co. RIGHT 11/15/2028 366,649$51KReduce -0.0%
GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 79,780$51KReduce -2.5%
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 159,445$51KAdd +2.4%
TACHW Titan Acquisition Corp -30 *W EXP 05/16/203 136,650$51KNew
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 264,020$50KNo change
SVIWF Spring Valley Acquisition-Aw *W EXP 02/25/202 348,041$49KNo change
IPEXR Inflection Point Acquisition RIGHT 99/99/9999 178,617$48KNew
VCICW Vine Hill Capital Class A-2 *W EXP 07/01/203 193,134$46KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 162,657$44KAdd +398.1%
CHARR Charlton Aria Acquisi-Rights RIGHT 12/31/2026 291,752$44KReduce -2.8%
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 198,760$42KReduce -25.4%
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 420,241$38KReduce -8.1%
SVCCW Stellar V Capital Corp.-Class-29 *W EXP 10/15/202 169,960$37KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 136,000$37KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 121,798$37KNew
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 39,058$34KNo change
VEEAW Plum Acquisition I A -CW28 *W EXP 09/13/202 228,890$32KNo change
SZZLR Sizzle Acquisition Corp. -RTS RIGHT 04/02/2030 153,273$31KNew
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 190,000$29KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 140,174$28KNo change
AACBR Artius II Acquisition Inc. RIGHT 11/27/2029 112,006$27KNo change
GCTS.WS Concord Acq Class A -CW28 *W EXP 03/01/202 183,091$18KNo change
NPWR.WS Rice Acquisition Corp. II-CW *W EXP 06/08/202 46,181$15KAdd +24.5%
PELOTON INTERACTIVE INC (PTON 0 02/15/26) NOTE 2/1 · principal 15,679$15KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 500,340$15KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 118,722$14KReduce -60.4%
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 14,500$14KAdd +52.6%
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 100,000$14KNo change
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 14,000$13KNo change
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 14,387$13KNew
SPHERE ENTERTAINMENT CO (SPHR 3.5 12/01/28) NOTE 3.500%12/0 · principal 8,500$12KNo change
XBPEW CF Acquisition Viii A -CW27 *W EXP 11/30/202 233,305$12KNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 125,000$11KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 224,607$11KNo change
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 7,000$11KAdd +16.7%
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 70,297$11KReduce -73.1%
BLACKBERRY LTD (BBCN 3 02/15/29) NOTE 3.000% 2/1 · principal 7,000$10KNo change
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 74,888$10KNew
SNAP INC (SNAP 0.75 08/01/26) NOTE 0.750% 8/0 · principal 10,000$10KNew
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 10,000$10KNo change
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 10,000$9KNo change
CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 103,560$9KReduce -1.4%
RAPID7 INC (RPD 0.25 03/15/27) NOTE 0.250% 3/1 · principal 10,000$9KNo change
FASTLY INC (FSLY 0 03/15/26) NOTE 3/1 · principal 9,249$9KNo change
APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal 9,000$8KAdd +12.5%
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 55,589$8KReduce -7.1%
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26) NOTE 3.250% 6/1 · principal 7,344$8KNo change
BSLKW Golden Arrow Merger A -CW26 *W EXP 08/13/202 261,977$8KReduce -12.7%
SEATW Vivid Seats Inc. -CW26 *W EXP 10/18/202 53,525$7KReduce -67.1%
PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) NOTE 2.750% 5/1 · principal 7,000$7KAdd +16.7%
CENTURY ALUMINUM COMPANY (CENX 2.75 05/01/28) NOTE 2.750% 5/0 · principal 5,750$7KNo change
SOLARIS ENERGY INFRASTRU (SEI 4.75 05/01/30) NOTE 4.750% 5/0 · principal 4,750$6KNew
CHPGR Championsgate Acquisition Co. RIGHT 05/14/2030 62,780$6KNew
BLACKLINE INC (BL 0 03/15/26) NOTE 3/1 · principal 6,000$6KNo change
MARA HOLDINGS INC (MARA 1 12/01/26) NOTE 1.000%12/0 · principal 6,000$5KAdd +200.0%
PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) NOTE 1.500%10/1 · principal 4,000$5KReduce -20.0%
GOPRO INC (GPRO 1.25 11/15/25) NOTE 1.250%11/1 · principal 5,000$5KNo change
IBACR Ib Acquisition Corp.-RTS RIGHT 09/28/2026 110,178$4KReduce -26.6%
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 5,095$4KNo change
ATMCW Alphatime Acquisition Cor-28 *W EXP 03/01/202 141,606$4KNo change
UPWORK INC (UPWK 0.25 08/15/26) NOTE 0.250% 8/1 · principal 4,000$4KNo change
PROS HOLDINGS INC (PRO 2.25 09/15/27) NOTE 2.250% 9/1 · principal 4,000$4KNo change
RFAIR RF Acquisition Corp. II RIGHT 05/01/2026 50,000$4KNo change
DTSQR DT Cloud Star Acquisition Co. RIGHT 07/09/2029 31,225$3KReduce -68.5%
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 12,500$3KNo change
GUARDANT HEALTH INC (GH 0 11/15/27) NOTE 11/1 · principal 3,000$3KNew
ESHAR Esh Acquisition Corp. - Right RIGHT 06/13/2028 26,807$2KReduce -71.1%
BENTLEY SYSTEMS (BSY 0.375 07/01/27) NOTE 0.375% 7/0 · principal 2,000$2KNo change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 55,548$2KNo change

Total filed on the 13F, all lines: $349.4M.

Portfolio Sells Q1 2025 → Q2 2025
GLD SPDR Gold Shares Reduce -85.1% 1.29% −9.39
ONEN One Nuclear Energy Inc. Reduce -56.9% 1.99% −3.90
SEI Solaris Energy Infrastructur Sold out 0.00% −3.35
SVCC Stellar V Capital Corp. Class A Sold out 0.00% −1.93
NHICU Newhold Investment Corp. III Sold out 0.00% −1.78
SLV iShares Silver Trust Reduce -81.1% 0.28% −1.53
TLN Talen Energy Corp. Reduce -50.0% 1.78% −1.42
HES Hess Corp. Reduce -10.9% 1.97% −1.37
IBIT iShares Bitcoin Trust ETF Reduce -22.7% 4.61% −1.37
WDC Western Digital Corp. Sold out 0.00% −1.36
SKGR SK Growth Opportunities Co. Class A Sold out 0.00% −1.20
ATII Archimedes Tech Spac Partner Reduce -49.9% 0.71% −1.12
PLMK Plum Acquisition Corp. IV Sold out 0.00% −1.12
FNV Franco-Nevada Corp. Sold out 0.00% −1.07
SPRY Ars Pharmaceuticals Inc. Reduce -34.7% 2.40% −1.07
CEPO Cantor Equity Partners I-A Reduce -39.7% 1.12% −0.98
PPTA Perpetua Resources Corp. Sold out 0.00% −0.87
FACT Fact II Acquisition Corp. Sold out 0.00% −0.85
JACS Jackson Acquisition Co. Class A Sold out 0.00% −0.78
VRN Veren Inc. Sold out 0.00% −0.74
DIS The Walt Disney Co. Sold out 0.00% −0.70
TFII Tfi International Inc. Sold out 0.00% −0.68
PDS Precision Drilling Corp. Reduce -22.8% 0.97% −0.66
TMS Teamshares Inc. Reduce -28.8% 0.83% −0.61
KEYS Keysight Technologies Inc. Sold out 0.00% −0.57
MLAC Mountain Lake Acquisition-A Sold out 0.00% −0.57
GSHRU Gesher Acquisition Corp. II Sold out 0.00% −0.56
SOC Sable Offshore Corp. Sold out 0.00% −0.56
NXPI NXP Semiconductors NV Sold out 0.00% −0.55
AMZN Amazon.com Inc. Reduce -26.2% 1.01% −0.54
BEAG Bold Eagle Acquisition Cor-A Reduce -8.1% 1.38% −0.53
CEP Cantor Equity Partners Inc. Sold out 0.00% −0.48
RAC Rithm Acquisition Corp. Class A Reduce -0.7% 1.53% −0.47
TGLS Tecnoglass Holdings Inc. Sold out 0.00% −0.46
PAR Par Technology Corp. Sold out 0.00% −0.44
MRK Merck & Co. Inc. Reduce -51.8% 0.19% −0.41
BBU Brookfield Business PT-Unit Reduce -53.0% 0.25% −0.38
RMBS Rambus Inc. Sold out 0.00% −0.34
NHI Natl Health Investors Inc. Sold out 0.00% −0.34
CERT Certara Inc. Sold out 0.00% −0.33
NBIS Nebius Group NV Sold out 0.00% −0.31
ALDF Aldel Financial II Inc. Sold out 0.00% −0.28
CEVA Ceva Inc. Sold out 0.00% −0.28
KGC Kinross Gold Corp. Sold out 0.00% −0.24
DYNC Dynamix Corp. Sold out 0.00% −0.23
BMEZ BlackRock HLTH Sci TRM TR II Sold out 0.00% −0.18
W Wayfair Inc. Class A Sold out 0.00% −0.16
PTA Cohen & Steers Tax-Advantage Sold out 0.00% −0.13
DMYY DMY Squared Technology GR-A Sold out 0.00% −0.13
QBTS D-Wave Quantum Inc. Sold out 0.00% −0.10

Portfolio Buys Q1 2025 → Q2 2025
MAG Mag Silver Corp. New 2.95% +2.95
CORZ Core Scientific Inc. New 2.56% +2.56
JNPR Juniper Networks Inc. New 1.73% +1.73
GTEN Gores Holdings X Inc. Class A New 1.73% +1.73
JENA.U Jena Acquisition Corp. II New 1.45% +1.45
TACO Berto Acquisition Corp. New 1.37% +1.37
CCCXU Churchill Capital Corp. X New 1.34% +1.34
TIXT Telus International Cda Inc. New 1.31% +1.31
FLR Fluor Corp. New 1.29% +1.29
ALF Centurion Acquisition Corp. New 1.29% +1.29
ARES ACQUISITION CORP II Add +1406.7% 1.38% +1.27
SBXDF Silverbox Corp. IV-A New 1.18% +1.18
PCAPU Procap Acquisition Corp. New 1.17% +1.17
GOOG Alphabet Inc. Class C New 1.15% +1.15
PMTR Perimeter Acquis Corp. I Class A New 1.09% +1.09
BACCU Blue Acquisition Corp. New 1.09% +1.09
TACH Titan Acquisition Corp. Class A New 1.07% +1.07
COLOMBIER ACQUISITION CORP Add +105.9% 1.90% +1.07
RDAG Republic Digital Acquis Class A New 1.06% +1.06
GENI Genius Sports Ltd. New 1.04% +1.04
WENNU Wen Acquisition Corp. New 1.04% +1.04
DAAQ Digital Asset Acquisiti Class A New 1.03% +1.03
CEPT Cantor Equity Partners Class A New 1.00% +1.00
IPCX Inflection Point Acquisiti-A New 0.98% +0.98
HAYMAKER ACQUISITION CORP 4 New 0.96% +0.96
APP AppLovin Corp. Class A New 0.93% +0.93
CRAQ Cal Redwood Acquisit Class A New 0.93% +0.93
SIMA Sim Acquisition Corp. I-A New 0.93% +0.93
BRR Columbus Circle Capital Co. Class A New 0.92% +0.92
CAEP Cantor Equity Partners III-A New 0.91% +0.91
WIX Wix.com Ltd. New 0.82% +0.82
BTI British American Tob-SP ADR New 0.78% +0.78
AXINU Axiom Intelligence Acquisiti New 0.77% +0.77
RTAC Renatus Tactical Acquisiti-A New 0.74% +0.74
SAND Sandstorm Gold Ltd. New 0.69% +0.69
PTON Peloton Interactive Inc. Class A Add +142.3% 1.35% +0.68
FERA Fifth Era Acquisition Corp. Class A New 0.66% +0.66
LWACU Lightwave Acquisition Corp. New 0.65% +0.65
DKS Dick's Sporting Goods Inc. New 0.64% +0.64
FL Foot Locker Inc. New 0.64% +0.64
FLYYQ Spirit Aviation Holdings Inc. New 0.62% +0.62
MCGAU Yorkville Acquisition Corp. New 0.56% +0.56
MU Micron Technology Inc. New 0.53% +0.53
GFR Greenfire Resources Ltd. Add +336.3% 0.86% +0.52
IMO Imperial Oil Ltd. New 0.52% +0.52
VFC VF Corp. New 0.51% +0.51
DHI D.R. Horton Inc. New 0.45% +0.45
AIOT Powerfleet Inc. New 0.45% +0.45
JBS JBS NV-A New 0.44% +0.44
KCHVU Kochav Defense Acquisition C New 0.44% +0.44

Options Activity Q1 2025 → Q2 2025
GLD SPDR Gold Shares call Add +50.0% 105,000 $32.0M
BTI British American Tob-SP ADR call New 390,000 $18.5M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 200,000 $16.1M
IBIT iShares Bitcoin Trust ETF put Add +1150.0% 250,000 $15.3M
GOOG Alphabet Inc. Class C call Sold out 92,000 $14.4Mbefore exit
SLV iShares Silver Trust call Add +1540.0% 328,000 $10.8M
GLD SPDR Gold Shares put Reduce -10.8% 29,000 $8.8M
IBIT iShares Bitcoin Trust ETF call Add +137.5% 142,500 $8.7M
VTWO Vanguard Russell 2000 ETF put New 62,500 $5.5M
ARKK ARK Innovation ETF put Sold out 110,000 $5.2Mbefore exit
LYV Live Nation Entertainment Inc. call New 34,000 $5.1M
IONQ Ionq Inc. put Sold out 200,000 $4.4Mbefore exit
OMC Omnicom Group call New 60,100 $4.3M
TLN Talen Energy Corp. put Sold out 20,000 $4.0Mbefore exit
TLT iShares 20+ Year Treasury BD call New 40,000 $3.5M
HHH Howard Hughes Holdings Inc. call New 52,000 $3.5M
CORZ Core Scientific Inc. call New 200,000 $3.4M
INVH Invitation Homes Inc. put New 100,000 $3.3M
FCX Freeport-McMoran Inc. call Add +275.0% 75,000 $3.3M
OMC Omnicom Group put Sold out 37,000 $3.1Mbefore exit
CORZ Core Scientific Inc. put New 175,000 $3.0M
VOO Vanguard S&P 500 ETF put Reduce -66.7% 5,000 $2.8M
FNV Franco-Nevada Corp. call Sold out 17,500 $2.8Mbefore exit
DOO BRP Inc./Ca- Sub Voting put Sold out 80,000 $2.7Mbefore exit
CIEN Ciena Corp. call Sold out 40,000 $2.4Mbefore exit
ABNB Airbnb Inc. Class A put Sold out 20,000 $2.4Mbefore exit
CVNA Carvana Co. call Sold out 11,000 $2.3Mbefore exit
GLXY Galaxy Digital Inc. Class A put New 75,000 $2.2M
AAPL Apple Inc. put Sold out 10,000 $2.2Mbefore exit
IJR iShares Core S&P Small-Cap E put Reduce -33.3% 20,000 $2.2M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui call New 25,000 $2.0M
IMO Imperial Oil Ltd. call New 25,000 $2.0M
AIQ Global X Art Intel & Tech put Sold out 50,000 $1.8Mbefore exit
BA The Boeing Co. put Sold out 10,000 $1.7Mbefore exit
BTU Peabody Energy Corp. call New 125,000 $1.7M
CRWV Coreweave Inc. Class A put New 10,000 $1.6M
ENPH Enphase Energy Inc. put New 40,000 $1.6M
SLV iShares Silver Trust put Sold out 50,000 $1.5Mbefore exit
PEP Pepsico Inc. put Sold out 10,000 $1.5Mbefore exit
GRND Grindr Inc. put Sold out 80,000 $1.4Mbefore exit
DBX Dropbox Inc. Class A put New 50,000 $1.4M
VOO Vanguard S&P 500 ETF call Reduce -80.0% 2,500 $1.4M
OC Owens Corning call New 10,000 $1.4M
MGA Magna International Inc. call Sold out 40,000 $1.4Mbefore exit
SEI Solaris Energy Infrastructur put Sold out 60,000 $1.3Mbefore exit
ARES Ares Management Corp. Class A call New 7,000 $1.2M
HCC Warrior Met Coal Inc. call Sold out 25,000 $1.2Mbefore exit
INSP Inspire Medical Systems Inc. call Add +122.0% 9,100 $1.2M
ASTS Ast Spacemobile Inc. call New 25,000 $1.2M
UPS United Parcel Service Class B put Sold out 10,000 $1.1Mbefore exit

Showing the first 50 of 93.

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) NOTE 6.500% 7/0 · principal Add +182.7% 14,137 $14.1M
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal Reduce -9.1% 10,000 $14.1M
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal New 10,000 $9.7M
COINBASE GLOBAL INC (COIN 0.25 04/01/30) NOTE 0.250% 4/0 · principal New 7,000 $9.2M
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal New 5,000 $7.7M
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal New 7,473 $7.1M
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal New 3,000 $3.0M
SUNRUN INC (RUN 4 03/01/30) NOTE 4.000% 3/0 · principal New 4,000 $2.9M
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 Add +170.0% 107,092 $1.2M
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 New 143,630 $1.2M
IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 Reduce -25.3% 32,071 $1.0M
NNAVW Nextnav Inc. *W EXP 99/99/999 Reduce -22.6% 133,725 $849K
Colombier Acquisition - 29 *W EXP 11/24/202 Reduce -15.5% 168,211 $631K
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 Reduce -44.5% 349,119 $611K
JOBY.WS Joby Aviation Inc. -CW25 *W EXP 08/10/202 Reduce -4.4% 217,107 $521K
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 Reduce -53.6% 177,489 $417K
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 Add +35.6% 183,586 $367K
SKGRW SK Growth Opportunities -29 *W EXP 06/28/202 Sold out 539,612 $351Kbefore exit
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 Add +0.2% 990,295 $347K
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 Add +19.2% 308,753 $340K
HVIIR Hennessy Capital Investment RIGHT 01/17/2030 Add +0.0% 1,086,931 $326K
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 Reduce -2.4% 380,780 $270K
BRRWW Columbus Circle Capital -30 *W EXP 05/16/203 New 150,000 $249K
WLACW Willow Lane Acquisition - 29 *W EXP 10/31/203 Add +10.2% 630,559 $227K
DAAQW Digital Asset Acquisition-30 *W EXP 04/01/203 New 228,980 $195K
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 Reduce -0.1% 376,983 $181K
BEAGR Bold Eagle Acquisition Corp. RIGHT 10/11/2029 Reduce -3.9% 500,907 $155K
MACIW Melar Acquisition Corp. I -29 *W EXP 06/01/203 Reduce -3.8% 509,029 $153K
SKYH.WS Yellowstone Acquisit A -CW25 *W EXP 01/25/202 Reduce -1.9% 73,619 $125K
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 Reduce -28.8% 249,454 $125K
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 New 152,268 $122K
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 Reduce -13.1% 359,330 $119K
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 Reduce -20.5% 296,022 $115K
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 Reduce -5.3% 415,615 $112K
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 Reduce -1.2% 401,917 $109K
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 Reduce -29.8% 267,954 $107K
ATIIW Archimedes Tech-30 *W EXP 10/15/202 Add +62.5% 259,895 $107K
USA RARE EARTH INC *W EXP 03/13/203 Reduce -66.1% 44,142 $105K
STRATA CRITICAL MEDICAL INC *W EXP 05/07/202 Add +4.2% 497,069 $104K
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 Add +3.9% 320,150 $96K
CRAQR Cal Redwood Acquisition Corp. RIGHT 05/15/2030 New 326,246 $88K
BACQR Inflection Point Acquisition RIGHT 11/04/2026 Reduce -49.1% 250,000 $88K
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 Add +2.7% 377,983 $87K
PMTRW Perimeter Acquis Corp. I -30 *W EXP 05/13/203 New 123,618 $79K
IPCXR Inflection Point Acquisition RIGHT 04/25/2030 New 223,166 $78K
TGE.WS Generation Essentials - 30 *W EXP 02/15/202 New 192,506 $77K
FERAR Fifth Era Acquisition Corp. I RIGHT 02/21/2030 New 306,680 $77K
RTACW Renatus Tactical Acqu - 30 *W EXP 05/15/203 New 37,429 $76K
RDAGW Republic Digital Acqu - 30 *W EXP 05/01/203 New 121,067 $76K
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 Add +9.9% 303,953 $76K

Showing the first 50 of 144.

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 189$384.8MPFSI, GLD, GOOG, SUNC, DCH
Q1 2026 188$328.1MGOOG, PFSI, DCH, SUNC, FSLR
Q4 2025 161$265.7MBTI, XPOF, DCH, SUNC, FSLR
Q3 2025 126$278.7MGLD, CORZ, OPEN, SPRY, SLV
Q2 2025 115$230.9MIBIT, FSLR, MAG, CORZ, SPRY
Q1 2025 97$176.1MGLD, IBIT, ONEN, SPRY, SEI
Q4 2024 95$202.7MIBIT, IAU, WLAC, SEI, DYNC
Q3 2024 114$199.3MIAU, VACHU, IBIT, HONDU, VCICU
Q2 2024 111$188.6MSPRY, IAU, IBIT, ALFUU, CUBWU
Q1 2024 124$194.9MSPRY, IAU, IBIT, COOP, PXD