Kepos Capital LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Kepos Capital LP reported 19 stock positions worth $16.2 million. Its top holding was Cme (CME) at 50.7% of the portfolio, followed by Coincheck (CNCK, 4.1%) and Eqv Ventures Acquisition C-A (FTW, 3.9%). Compared with Q3 2025, it opened 1 new position, sold out of 4 and reduced 2. The biggest buy was a new position in Coincheck (CNCK) and the biggest sale an exit from Hadron Energy (HDRN).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001512020
Portfolio Value
$16.2M (Q4 2025)
SEC Filing
0001512020-26-000003 ↗ filed Feb 12, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $386.8M Q1 2024 Q2 2024: $256.6M Q2 2024 Q3 2024: $227.3M Q3 2024 Q4 2024: $114.7M Q4 2024 Q1 2025: $119.1M Q1 2025 Q2 2025: $72.0M Q2 2025 Q3 2025: $17.0M Q3 2025 Q4 2025: $16.2M $16.2M Q4 2025 Q1 2026: $59.8M Q1 2026 Q2 2026: $70.8M Q2 2026

Holdings 19 stocks · $16.2M
CME Cme Group Inc. 50.68% 30,000 $8.2M No change
CNCK Coincheck Group NV 4.09% 262,145 $661K New
FTW Eqv Ventures Acquisition C-A 3.89% 60,000 $629K No change
NTWO Newbury Street II Ac Class A 3.55% 55,000 $574K No change
CUB Lionheart Holdings Class A 3.29% 50,000 $532K No change
POLE Andretti Acquisition Corp. Class A 3.25% 50,000 $526K No change
ALDF Aldel Financial II Inc. 3.25% 50,000 $525K No change
LPBB Launch Two Acquisition Class A 3.25% 50,000 $525K No change
PLMK Plum Acquisition Corp. IV 3.24% 50,000 $523K No change
KFII K&F Growth Acquisition Cor-A 3.20% 50,000 $517K No change
GPAT GP-Act III Acquisition-A 2.81% 42,500 $454K No change
ALF Centurion Acquisition Corp. 2.80% 42,500 $453K No change
FACT Fact II Acquisition Corp. 2.80% 43,500 $453K No change
TONT Graf Global Corp. Class A 2.00% 30,000 $323K No change
VACH Voyager Acquisition Corp. 1.98% 30,000 $320K No change
SIMA Sim Acquisition Corp. I-A 1.97% 30,000 $318K No change
RFAI RF Acquisition Corp. II 1.96% 29,057 $316K Reduce -3.1%
LEGT Legato Merger Corp. III 1.01% 15,000 $163K Reduce -50.0%
OACC Oaktree Acquisition Corp. I-A 0.98% 15,000 $159K No change
Other holdings (18): bonds, preferreds, convertibles and warrants · $1.5M (not counted above)
SecurityClassShares / PrincipalValueChange
DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 795,550$485KNo change
ALDFW Aldel Financial II Inc. - 29 *W EXP 09/26/203 443,729$244KNo change
EQV VENTURES ACQUISITION *W EXP 07/01/203 400,000$192KReduce -2.0%
FACTW Fact II Acquisition Corp. -29 *W EXP 11/26/203 466,100$163KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 389,150$139KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 373,000$99KNo change
DAVEW Dave Inc. -CW27 *W EXP 01/05/202 66,307$60KNo change
BDMDW Baird Medical Investment -28 *W EXP 10/01/202 416,479$25KNo change
COOTW Australian Oilseeds Holdi-29 *W EXP 03/22/202 800,000$13KReduce -29.2%
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 195,000$9KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 333,309$8KNo change
KTTAW Pasithea Therapeutics -CW26 *W EXP 08/12/202 334,600$5KNo change
MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 7,400,000$3KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 100,000$3KNo change
CLNNW Clene Inc. -CW25 *W EXP 12/30/202 886,592$2KNo change
SWVLW Pivotal Holdings Corp. -CW27 *W EXP 99/99/999 133,333$1KNo change
ZAPWF Zapp Electric Vehicles -28 *W EXP 99/99/999 220,866$1KNo change
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 26,780$0No change

Total filed on the 13F, all lines: $17.6M.

Portfolio Sells Q3 2025 → Q4 2025
HDRN Hadron Energy Inc. Sold out 0.00% −3.10
ONEN One Nuclear Energy Inc. Sold out 0.00% −2.99
FRNM Freenome Inc. Sold out 0.00% −1.87
VCIC Vine Hill Capital Class A Sold out 0.00% −0.94
LEGT Legato Merger Corp. III Reduce -50.0% 1.01% −0.89
RFAI RF Acquisition Corp. II Reduce -3.1% 1.96% +0.07

Portfolio Buys Q3 2025 → Q4 2025
CNCK Coincheck Group NV New 4.09% +4.09

Notes & Other Activity Q3 2025 → Q4 2025
HDRNW GIGCAPITAL7 Corp.-A - 29 *W EXP 08/29/202 Sold out 800,000 $360Kbefore exit
EQV VENTURES ACQUISITION *W EXP 07/01/203 Reduce -2.0% 400,000 $192K
COOTW Australian Oilseeds Holdi-29 *W EXP 03/22/202 Reduce -29.2% 800,000 $13K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 104$70.8MCME, CGCFU, FTHA, PTOR, DMII
Q1 2026 95$59.8MCME, PTOR, DMIIU, CTAAU, XSLL
Q4 2025 19$16.2MCME, CNCK, FTW, NTWO, CUB
Q3 2025 22$17.0MCME, FTW, NTWO, HDRN, CUB
Q2 2025 25$72.0MHDRN, DRDB, FACT, FTW, CME
Q1 2025 30$119.1MDRDB, HDRN, FTW, GSRT, FACT
Q4 2024 34$114.7MDRDBU, HDRN, FTW, GSRTU, FACTU
Q3 2024 192$227.3MHES, HDRN, FTW.U, POLEU, QDEL
Q2 2024 193$256.6MHES, BA, QDEL, LW, SVIIF
Q1 2024 215$386.8MPXD, GOOG, RSP, SCRM, WDC