Mad River Investors
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), Mad River Investors reported 24 stock positions worth $236.0 million. Its top holding was Texas Pacific Land (TPL) at 53.4% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 10.3%) and Landbridge Co. LLC-A (LB, 7.1%). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 8 and reduced 12. The biggest buy was Hawaiian Electric Inds (HE, shares +911%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001384484
- Portfolio Value
- $236.0M (Q1 2025)
- SEC Filing
- 0001384484-25-000005 ↗ filed Apr 22, 2025
Holdings Value
Holdings 24 stocks · $236.0M
| TPL Texas Pacific Land Corp. | 53.43% | 95,183 | $126.1M | Reduce -0.8% |
| GBTC Grayscale Bitcoin Trust ETF | 10.28% | 372,481 | $24.3M | Reduce -3.5% |
| LB Landbridge Co. LLC-A | 7.14% | 234,253 | $16.9M | Add +0.3% |
| HE Hawaiian Electric Inds | 5.64% | 1,215,900 | $13.3M | Add +910.7% |
| WPM Wheaton Precious Metals Corp. | 4.86% | 147,793 | $11.5M | Add +0.2% |
| MSB Mesabi Trust | 3.42% | 296,457 | $8.1M | Add +0.5% |
| FBTC Fidelity Wise Origin Bitcoin | 2.29% | 75,053 | $5.4M | Reduce -1.6% |
| PBT Permian Basin Royalty Trust | 1.98% | 471,693 | $4.7M | Add +91.5% |
| FNV Franco-Nevada Corp. | 1.86% | 27,802 | $4.4M | Reduce -14.1% |
| CCL Carnival Corp. | 1.56% | 188,096 | $3.7M | Reduce -2.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.41% | 12,122 | $3.3M | No change |
| BTC Grayscale Bitcoin Mini ETF | 1.21% | 78,286 | $2.9M | Add +0.3% |
| ARIS WATER SOLUTIONS INC-A | 1.02% | 74,900 | $2.4M | New |
| CVEO Civeo Corp. | 0.77% | 79,497 | $1.8M | Reduce -63.3% |
| CBOE Cboe Global Markets Inc. | 0.60% | 6,215 | $1.4M | Add +0.2% |
| ICE Intercontinental Exchange Inc. | 0.55% | 7,520 | $1.3M | Add +0.7% |
| VIG Vanguard Dividend Apprec ETF | 0.51% | 6,200 | $1.2M | Reduce -31.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 1,900 | $1.0M | Reduce -71.8% |
| RLI Rli Corp. | 0.31% | 9,000 | $723K | Reduce -18.2% |
| SAND Sandstorm Gold Ltd. | 0.21% | 64,364 | $486K | Reduce -64.8% |
| EXP Eagle Materials Inc. | 0.20% | 2,106 | $467K | Reduce -60.8% |
| CACI Caci International Inc. Class A | 0.13% | 855 | $314K | Reduce -94.8% |
| RSP Invesco S&P 500 Equal Weight | 0.11% | 1,508 | $261K | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.10% | 2,400 | $237K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| GBTC Grayscale Bitcoin Trust ETF | Reduce -3.5% | 10.28% | −2.99 |
| CACI Caci International Inc. Class A | Reduce -94.8% | 0.13% | −2.93 |
| CVEO Civeo Corp. | Reduce -63.3% | 0.77% | −1.51 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -71.8% | 0.43% | −0.99 |
| CCL Carnival Corp. | Reduce -2.5% | 1.56% | −0.68 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -1.6% | 2.29% | −0.60 |
| EXP Eagle Materials Inc. | Reduce -60.8% | 0.20% | −0.42 |
| VIG Vanguard Dividend Apprec ETF | Reduce -31.6% | 0.51% | −0.32 |
| SAND Sandstorm Gold Ltd. | Reduce -64.8% | 0.21% | −0.27 |
| TRC Tejon Ranch Co. | Sold out | 0.00% | −0.21 |
| ACWX iShares MSCI Acwi Ex US ETF | Sold out | 0.00% | −0.19 |
| RLI Rli Corp. | Reduce -18.2% | 0.31% | −0.12 |
| RCG Renn Fund Inc. | Sold out | 0.00% | −0.03 |
| FNV Franco-Nevada Corp. | Reduce -14.1% | 1.86% | +0.09 |
| TPL Texas Pacific Land Corp. | Reduce -0.8% | 53.43% | +4.12 |
Portfolio Buys Q4 2024 → Q1 2025
| HE Hawaiian Electric Inds | Add +910.7% | 5.64% | +5.10 |
| ARIS WATER SOLUTIONS INC-A | New | 1.02% | +1.02 |
| WPM Wheaton Precious Metals Corp. | Add +0.2% | 4.86% | +1.01 |
| PBT Permian Basin Royalty Trust | Add +91.5% | 1.98% | +0.71 |
| LB Landbridge Co. LLC-A | Add +0.3% | 7.14% | +0.13 |
| CBOE Cboe Global Markets Inc. | Add +0.2% | 0.60% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +0.7% | 0.55% | +0.03 |
| BTC Grayscale Bitcoin Mini ETF | Add +0.3% | 1.21% | −0.31 |
| MSB Mesabi Trust | Add +0.5% | 3.42% | −0.44 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 29 | $267.4M | TPL, PBT, LB, HE, GBTC |
| Q1 2026 | 31 | $277.2M | TPL, PBT, HE, GBTC, LB |
| Q4 2025 | 34 | $219.4M | TPL, GBTC, PBT, HE, LB |
| Q3 2025 | 37 | $233.4M | TPL, GBTC, PBT, HE, LB |
| Q2 2025 | 23 | $223.2M | TPL, GBTC, LB, HE, PBT |
| Q1 2025 | 24 | $236.0M | TPL, GBTC, LB, HE, WPM |
| Q4 2024 | 26 | $215.2M | TPL, GBTC, LB, WPM, MSB |
| Q3 2024 | 26 | $180.3M | TPL, GBTC, LB, WPM, CACI |
| Q2 2024 | 27 | $149.3M | TPL, GBTC, WPM, CACI, CVEO |
| Q1 2024 | 27 | $144.1M | TPL, GBTC, WPM, CACI, CVEO |