MMCAP International Inc. SPC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), MMCAP International Inc. SPC reported 62 stock positions worth $659.0 million. Its top holding was Uranium Energy (UEC) at 18.4% of the portfolio, followed by Algoma Steel (ASTL, 9.8%) and Moneylion (ML, 6.3%). Compared with Q3 2024, it opened 14 new positions, sold out of 15, added to 5 and reduced 18. The biggest buy was a new position in Moneylion (ML) and the biggest sale Uranium Energy (UEC, shares −41%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001304857
Portfolio Value
$659.0M (Q4 2024)
SEC Filing
0001062993-25-001658 ↗ filed Feb 4, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $763.4M Q1 2024 Q2 2024: $713.0M Q2 2024 Q3 2024: $714.2M Q3 2024 Q4 2024: $659.0M $659.0M Q4 2024 Q1 2025: $579.6M Q1 2025 Q2 2025: $814.6M Q2 2025 Q3 2025: $838.7M Q3 2025 Q4 2025: $983.0M Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 62 stocks · $659.0M
UEC Uranium Energy Corp. 18.43% 18,157,168 $121.5M Reduce -40.5%
ASTL Algoma Steel Group Inc. 9.83% 6,620,003 $64.7M Reduce -5.4%
ML Moneylion Inc. 6.29% 481,747 $41.4M New
ARIS Aris Mining Corp. filed as ARIS MNG CORP 6.04% 11,324,587 $39.8M No change
DNN Denison Mines Corp. 4.79% 17,523,786 $31.5M Reduce -17.3%
ALF Centurion Acquisition Corp. 3.79% 2,475,000 $25.0M No change
GPAT GP-Act III Acquisition-A 3.19% 2,075,000 $21.0M No change
URG Ur-Energy Inc. 3.16% 18,104,113 $20.8M Reduce -13.3%
CUB Lionheart Holdings Class A 3.03% 1,980,000 $20.0M No change
LPAA Launch One Acquisition Corp. 3.02% 1,980,000 $19.9M No change
BITF Bitfarms Ltd./Canada 3.02% 13,352,745 $19.9M Add +617.9%
SIMA Sim Acquisition Corp. I-A 3.02% 1,980,000 $19.9M No change
VLOSU M3-Brigade Acquisition V Cor 2.42% 1,575,000 $16.0M No change
CCIX Churchill Capital Corp. Ix 2.11% 1,350,000 $13.9M No change
POET Poet Technologies Inc. 1.73% 1,916,144 $11.4M Reduce -59.7%
AGCO Agco Corp. 1.54% 108,253 $10.1M Add +1.1%
CCIRU Cohen Circle Acquisition Cor 1.50% 980,000 $9.9M New
HONDU HCM II Acquisition Corp. 1.50% 980,000 $9.9M No change
SBXUF Silverbox Corp. IV 1.50% 980,000 $9.9M No change
LPBBU Launch Two Acquisition Corp. 1.49% 980,000 $9.8M New
HAYMAKER ACQUISITION CORP 4 1.47% 900,000 $9.7M No change
BWA Borgwarner Inc. 1.30% 269,758 $8.6M Add +11.8%
TONT Graf Global Corp. Class A 1.27% 830,000 $8.4M No change
EU Encore Energy Corp. 1.19% 2,301,509 $7.8M Add +64.2%
UUUU Energy Fuels Inc. 1.17% 1,503,811 $7.7M Reduce -10.3%
HIVE Hive Digital Technologies LT 1.03% 2,392,564 $6.8M Reduce -4.0%
CEP Cantor Equity Partners Inc. 0.95% 600,000 $6.2M No change
NOEMU CO2 Energy Transition Corp. 0.90% 590,000 $5.9M New
POLEU Andretti Acquisition Corp. II 0.88% 580,000 $5.8M No change
AN Autonation Inc. 0.86% 33,500 $5.7M New
JACS.U Jackson Acquisition Co. II 0.76% 500,000 $5.0M New
GM General Motors Co. 0.73% 90,000 $4.8M Add +5.9%
NTWOU Newbury Street II Acquisitio 0.68% 450,000 $4.5M New
SPKLF Spark I Acquisition Corp. 0.57% 350,000 $3.7M No change
PROF Profound Medical Corp. 0.56% 490,000 $3.7M New
CRON Cronos Group Inc. 0.53% 1,736,600 $3.5M Reduce -18.5%
TDACU Translational Development Ac 0.53% 350,000 $3.5M New
UROY Uranium Royalty Corp. 0.49% 1,468,180 $3.2M Reduce -14.6%
MT Arcelormittal-NY Registered 0.49% 138,350 $3.2M Reduce -54.1%
STLD Steel Dynamics Inc. 0.45% 26,000 $3.0M New
VACHU Voyager Acquisition Corp. 0.38% 250,000 $2.5M No change
GPC Genuine Parts Co. 0.31% 17,340 $2.0M Reduce -50.5%
JVSA Jvspac Acquisition Corp. Class A 0.18% 115,000 $1.2M No change
BTU Peabody Energy Corp. 0.17% 52,658 $1.1M Reduce -47.9%
LEGT Legato Merger Corp. III 0.16% 100,000 $1.0M No change
CRDL Cardiol Therapeutics Inc. Class A 0.15% 795,625 $1.0M No change
APTV Aptiv PLC 0.14% 15,000 $907K Reduce -58.1%
NXE Nexgen Energy Ltd. 0.10% 100,000 $660K Reduce -96.0%
ITRG Integra Resources Corp. 0.04% 311,960 $270K New
MUX McEwen Inc. 0.04% 31,754 $247K Reduce -62.5%
CGC Canopy Growth Corp. 0.02% 55,500 $152K No change
SATX Satixfy Communications Ltd. 0.02% 93,750 $143K No change
PETXQ Wag! Group Co. 0.02% 531,392 $127K Reduce -12.4%
RVSN Rail Vision Ltd. 0.01% 27,819 $59K No change
SVM Silvercorp Metals Inc. 0.01% 19,158 $58K No change
FUFU Bitfufu Inc. Class A 0.01% 9,497 $47K Reduce -22.6%
GREENLAND MINES LTD filed as KLOTHO NEUROSCIENCES INC 0.01% 80,000 $39K No change
ELONG POWER HOLDING LTD. 0.01% 28,000 $37K New
NIVF Newgenivf Group Ltd. Class A 0.00% 50,000 $20K No change
HWH INTL INC 0.00% 15,328 $10K Reduce -21.4%
JTAI Jet AI Inc. 0.00% 1,343 $6K New
NMHI Nature's Miracle Holding Inc. 0.00% 1,500 $3K New
Other holdings (77): bonds, preferreds, convertibles and warrants · $5.9M (not counted above)
SecurityClassShares / PrincipalValueChange
NESRW National Energy Service-CW23 *W EXP 06/06/202 3,595,203$1.4MNew
AFRIW Forafric Global PLC -CW27 *W EXP 06/09/202 518,900$617KNo change
OCSAW Oculis Holding AG -30 *W EXP 03/06/202 73,525$396KNo change
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 500,000$245KNo change
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 250,000$184KNo change
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 330,000$182KNo change
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 337,500$175KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 294,000$173KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 1,237,500$173KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 1,037,500$145KReduce -25.2%
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 990,000$134KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 500,000$110KNo change
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 990,000$109KNo change
BRACR Broad Capital Acquis-Right RIGHT 01/10/2027 750,000$108KNo change
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 990,000$107KNo change
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 447,622$94KNo change
WINVR Winvest Acquisition Corp.-RTS RIGHT 99/99/9999 905,000$80KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 330,000$79KNew
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 300,000$69KNo change
MARXR Mars Acquisition Corp.-Rights RIGHT 99/99/9999 175,000$67KNo change
WTMAR Welsbach Tech Metals Acq -RT RIGHT 12/22/2026 650,000$65KNo change
YOTAR Yotta Acquisition Corp. - RTS RIGHT 03/15/2027 925,000$65KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 450,000$63KNo change
SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 166,666$61KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 415,000$54KNo change
OABIW Omniab Inc. - CW26 *W EXP 99/99/999 158,333$54KNo change
YOTAW Yotta Acquisition Corp. -27 *W EXP 03/15/202 925,000$54KNo change
CSLRF Consilium Acquisition -Right RIGHT 99/99/9999 350,000$52KNo change
FASWF Stonebridge Acquisition-CW23 *W EXP 04/02/202 400,000$52KNo change
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 69,810$51KNo change
AMODW Insight Acquisition Co. -CW23 *W EXP 12/13/202 588,000$50KNew
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 675,000$42KNew
GRMLW Anew Medical Inc. *W EXP 06/21/202 800,000$37KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 650,000$35KNo change
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 115,000$34KNo change
HUBCW Hub Cyber Security Ltd.-28 *W EXP 02/27/202 898,991$34KNo change
BUJAR Bukit Jalil Global Acquisiti RIGHT 12/30/2024 250,000$25KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 500,000$25KNo change
RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 150,000$23KNo change
GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 735,000$22KNo change
FOXXW 1OXX *W EXP 09/26/202 160,000$22KNew
HUDAR Hudson Acquisition I Corp.-RT RIGHT 99/99/9999 99,502$22KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 195,575$20KNo change
DFLIW Chardan Nextech Acquisi-CW27 *W EXP 10/07/202 675,000$19KNo change
KITTW Cleantech Acquisition Corpcw *W EXP 03/15/202 500,000$19KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 214,067$18KNo change
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 175,000$18KNo change
AQUNR Aquaron Acquisition Corp.-RTS RIGHT 07/15/2026 100,000$17KNo change
NIVFW Newgenivf Group Ltd.-28 *W EXP 04/03/202 375,000$17KNo change
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 200,000$15KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 257,500$14KNew
CSLWF Consilium Acquisition -27 *W EXP 99/99/999 175,000$14KNo change
PPYAW Papaya Growth Opportuni-CW23 *W EXP 12/31/202 675,000$14KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 150,000$14KNo change
PETWQ Wag! Group Co. *W EXP 07/30/202 975,750$12KNo change
WINVW Winvest Acquisition -CW23 *W EXP 08/09/202 784,175$11KNo change
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 500,000$10KNo change
PBMWW Psyence Biomedical Ltd. *W EXP 01/22/202 600,000$9KNo change
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 50,000$8KNo change
ZCARW Zoomcar Holdings Inc. *W EXP 05/31/202 400,000$8KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 150,000$7KNo change
MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 175,250$7KNo change
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 125,000$7KNo change
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 400,000$6KNo change
BENFW Beneficient Co. Group -28 *W EXP 06/07/202 750,000$6KNo change
TETWF Technology & Telecommuni -27 *W EXP 04/15/202 325,000$6KNo change
EGUVF Evergreen Corporation -CW27 *W EXP 02/08/202 200,000$6KNo change
OCEAW Aesther Healthcare Acq -CW23 *W EXP 02/14/202 200,000$5KNo change
BUJAW Bukit Jalil Global Acquis-28 *W EXP 12/30/202 125,000$4KNo change
CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 700,000$4KNo change
PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 352,409$4KNo change
NMHIW Nature's Miracle Cali - 29 *W EXP 02/15/202 225,000$3KNo change
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 200,000$3KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 375,000$3KNo change
SVUWF Srivaru Holding Ltd.-28 *W EXP 12/08/202 325,000$3KNo change
APLMW Apollomics Inc.-27 *W EXP 04/01/202 250,000$2KNo change
OIOWW Esgl Holdings Ltd.-28 *W EXP 08/02/202 154,750$2KNo change

Total filed on the 13F, all lines: $664.9M.

Portfolio Sells Q3 2024 → Q4 2024
UEC Uranium Energy Corp. Reduce -40.5% 18.43% −8.10
NXE Nexgen Energy Ltd. Reduce -96.0% 0.10% −2.21
POET Poet Technologies Inc. Reduce -59.7% 1.73% −1.23
IAUX I-80 Gold Corp. Sold out 0.00% −1.14
USAR USA Rare Earth Inc. Sold out 0.00% −0.75
RYZ Ryerson Holding Corp. Sold out 0.00% −0.68
DNN Denison Mines Corp. Reduce -17.3% 4.79% −0.64
MT Arcelormittal-NY Registered Reduce -54.1% 0.49% −0.62
MOS The Mosaic Co. Sold out 0.00% −0.53
GPC Genuine Parts Co. Reduce -50.5% 0.31% −0.38
URG Ur-Energy Inc. Reduce -13.3% 3.16% −0.32
OKLO Oklo Inc. Sold out 0.00% −0.28
APTV Aptiv PLC Reduce -58.1% 0.14% −0.22
TMTC TMT Acquisition Corp. Class A Sold out 0.00% −0.22
BTU Peabody Energy Corp. Reduce -47.9% 0.17% −0.21
ASTL Algoma Steel Group Inc. Reduce -5.4% 9.83% −0.20
CRON Cronos Group Inc. Reduce -18.5% 0.53% −0.12
UUUU Energy Fuels Inc. Reduce -10.3% 1.17% −0.12
ASPI Asp Isotopes Inc. Sold out 0.00% −0.11
UROY Uranium Royalty Corp. Reduce -14.6% 0.49% −0.10
MUX McEwen Inc. Reduce -62.5% 0.04% −0.07
HIVE Hive Digital Technologies LT Reduce -4.0% 1.03% −0.06
PETXQ Wag! Group Co. Reduce -12.4% 0.02% −0.05
GRYPHON DIGITAL MNG INC Sold out 0.00% −0.04
BURTECH ACQUISITION CORP Sold out 0.00% −0.02
ALTI Alti Global Inc. Sold out 0.00% −0.01
JETAI INC Sold out 0.00% −0.00
ABPWW Atlantic Coastal Aqstn Corp. Sold out 0.00% −0.00
AMODW Insight Acquisition Corp. Sold out 0.00% −0.00
GFR Greenfire Resources Ltd. Sold out 0.00% −0.00
HWH INTL INC Reduce -21.4% 0.00% −0.00
NMHI Nature's Miracle California Sold out 0.00% −0.00
FUFU Bitfufu Inc. Class A Reduce -22.6% 0.01% +0.00

Portfolio Buys Q3 2024 → Q4 2024
ML Moneylion Inc. New 6.29% +6.29
BITF Bitfarms Ltd./Canada Add +617.9% 3.02% +2.47
CCIRU Cohen Circle Acquisition Cor New 1.50% +1.50
LPBBU Launch Two Acquisition Corp. New 1.49% +1.49
NOEMU CO2 Energy Transition Corp. New 0.90% +0.90
AN Autonation Inc. New 0.86% +0.86
JACS.U Jackson Acquisition Co. II New 0.76% +0.76
NTWOU Newbury Street II Acquisitio New 0.68% +0.68
PROF Profound Medical Corp. New 0.56% +0.56
TDACU Translational Development Ac New 0.53% +0.53
STLD Steel Dynamics Inc. New 0.45% +0.45
EU Encore Energy Corp. Add +64.2% 1.19% +0.40
GM General Motors Co. Add +5.9% 0.73% +0.19
BWA Borgwarner Inc. Add +11.8% 1.30% +0.08
AGCO Agco Corp. Add +1.1% 1.54% +0.07
ITRG Integra Resources Corp. New 0.04% +0.04
ELONG POWER HOLDING LTD. New 0.01% +0.01
JTAI Jet AI Inc. New 0.00% +0.00
NMHI Nature's Miracle Holding Inc. New 0.00% +0.00

Notes & Other Activity Q3 2024 → Q4 2024
NESRW National Energy Service-CW23 *W EXP 06/06/202 New 3,595,203 $1.4M
SABLE OFFSHORE CORP *W EXP 02/14/202 Sold out 75,000 $908Kbefore exit
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 Reduce -25.2% 1,037,500 $145K
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 New 330,000 $79K
GLLIR Globalink Investment Inc.-RTS RIGHT 12/06/2026 Sold out 540,000 $65Kbefore exit
AILWQ Arrowroot Acquisition -CW26 *W EXP 04/16/202 Sold out 232,402 $62Kbefore exit
AMODW Insight Acquisition Co. -CW23 *W EXP 12/13/202 New 588,000 $50K
MCAGR Mountain Crest Acquisiti-RTS RIGHT 08/30/2022 Sold out 450,000 $47Kbefore exit
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 New 675,000 $42K
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 Sold out 140,000 $38Kbefore exit
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 Sold out 490,000 $38Kbefore exit
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 Sold out 175,000 $35Kbefore exit
IGTAR Inception Growth Acq Ltd. -RT RIGHT 12/08/2026 Sold out 250,000 $30Kbefore exit
CFFSW CF Acquisition Vii A -CW27 *W EXP 03/16/202 Sold out 445,733 $25Kbefore exit
FOXXW 1OXX *W EXP 09/26/202 New 160,000 $22K
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 New 257,500 $14K
GLLIW Globalink Investment -CW23 *W EXP 12/03/202 Sold out 540,000 $14Kbefore exit
KACRF Kairous Acquisition Corp.-RTS RIGHT 09/15/2026 Sold out 190,229 $13Kbefore exit
VSACW Vision Sensing Acq -CW23 *W EXP 99/99/999 Sold out 206,250 $9Kbefore exit
BCSAW Blockchain Coinvestors Acqui *W EXP 11/01/202 Sold out 375,000 $9Kbefore exit
EVE.WS Eve Mobility Acquisit A -23 *W EXP 12/31/202 Sold out 175,000 $8Kbefore exit
HHGCR HHG Capital Corp.-RTS RIGHT 02/25/2026 Sold out 120,000 $8Kbefore exit
JWSWF Jaws Mustang Acq C -CW26 *W EXP 01/30/202 Sold out 221,383 $5Kbefore exit
IGTAW Inception Growth Acq -23 *W EXP 10/15/202 Sold out 125,000 $5Kbefore exit
EVCOW Everest Consolidator Acquisi *W EXP 99/99/999 Sold out 150,000 $4Kbefore exit
TLGWF TLGY Acquisition Corp. -23 *W EXP 11/09/202 Sold out 162,500 $4Kbefore exit
BFQWF Battery Future Acquis A -23 *W EXP 99/99/999 Sold out 187,500 $4Kbefore exit
FRLAW Fortune Rise Acquisit -CW23 *W EXP 12/06/202 Sold out 137,500 $4Kbefore exit
DUETW Duet Acquisition Corp. -27 *W EXP 07/19/202 Sold out 170,000 $3Kbefore exit
WELWF Integrated Wellness -CW28 *W EXP 10/31/202 Sold out 150,000 $3Kbefore exit
ONYXW Onyx Acq Co. I Class A -CW23 *W EXP 11/30/202 Sold out 250,000 $3Kbefore exit
FIACW Focus Impact Acquisit -CW23 *W EXP 99/99/999 Sold out 75,000 $3Kbefore exit
MCAAW Mountain & Co. I Acq -CW23 *W EXP 09/30/202 Sold out 225,000 $2Kbefore exit
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 Sold out 175,000 $2Kbefore exit
DPCSW DP Cap Acquisition A -CW23 *W EXP 11/08/202 Sold out 75,000 $1Kbefore exit
GTACW Global Technology Acq -CW23 *W EXP 99/99/999 Sold out 25,000 $1Kbefore exit
HHGCW HHG Capital Corp. -CW27 *W EXP 02/25/202 Sold out 120,000 $732before exit
PERCEPTION CAPITAL CORP IV *W EXP 99/99/999 Sold out 12,500 $629before exit
KACWF Kairous Acquisition -23 *W EXP 09/15/202 Sold out 95,114 $466before exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 161$1.2BARIS, ASTL, CXII, DMII, NXE
Q1 2026 146$1.1BARIS, ASTL, XNDU, NXE, CCXIU
Q4 2025 114$983.0MARIS, ASTL, CCXIU, DMIIU, NPAC
Q3 2025 87$838.7MARIS, ASTL, UEC, DMIIU, DNN
Q2 2025 73$814.6MARIS, UEC, ASTL, POET, DNN
Q1 2025 58$579.6MUEC, ARIS, ML, ASTL, DNN
Q4 2024 62$659.0MUEC, ASTL, ML, ARIS, DNN
Q3 2024 63$714.2MUEC, ASTL, ARIS, DNN, URG
Q2 2024 68$713.0MUEC, ASTL, ARIS, URG, NXE
Q1 2024 64$763.4MUEC, ASTL, CVE, DNN, ARIS