MMCAP International Inc. SPC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), MMCAP International Inc. SPC reported 58 stock positions worth $579.6 million. Its top holding was Uranium Energy (UEC) at 16.3% of the portfolio, followed by Aris Mining (ARIS, 9.0%) and Moneylion (ML, 8.1%). Compared with Q4 2024, it opened 14 new positions, sold out of 17, added to 8 and reduced 12. The biggest buy was a new position in Fifth Era Acquisition Corp. I (FERAU) and the biggest sale Poet Technologies (POET, shares −87%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001304857
Portfolio Value
$579.6M (Q1 2025)
SEC Filing
0001062993-25-009109 ↗ filed May 12, 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 Q4 2024 Q1 2025: $579.6M $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 58 stocks · $579.6M

UEC Uranium Energy Corp. 16.26% 19,716,341 $94.2M Add +8.6%
ARIS Aris Mining Corp. filed as ARIS MNG CORP 9.03% 11,324,587 $52.4M No change
ML Moneylion Inc. 8.09% 542,308 $46.9M Add +12.6%
ASTL Algoma Steel Group Inc. 6.21% 6,641,417 $36.0M Add +0.3%
DNN Denison Mines Corp. 5.36% 23,895,317 $31.1M Add +36.4%
ALF Centurion Acquisition Corp. 4.40% 2,475,000 $25.5M No change
GPAT GP-Act III Acquisition-A 3.69% 2,075,000 $21.4M No change
CUB Lionheart Holdings Class A 3.51% 1,980,000 $20.3M No change
SIMA Sim Acquisition Corp. I-A 3.49% 1,980,000 $20.2M No change
FERAU Fifth Era Acquisition Corp. I 3.30% 1,900,000 $19.1M New
VLOSU M3-Brigade Acquisition V Cor 2.81% 1,575,000 $16.3M No change
LPAA Launch One Acquisition Corp. 2.61% 1,480,000 $15.1M Reduce -25.3%
CCIX Churchill Capital Corp. Ix 2.51% 1,350,000 $14.6M No change
URG Ur-Energy Inc. 2.08% 17,924,539 $12.1M Reduce -1.0%
CEPO Cantor Equity Partners I-A 1.94% 1,100,000 $11.3M New
IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP 1.78% 980,000 $10.3M No change
SBXDF Silverbox Corp. IV-A 1.72% 980,000 $10.0M No change
HAYMAKER ACQUISITION CORP 4 1.71% 900,000 $9.9M No change
BITF Bitfarms Ltd./Canada 1.61% 11,852,745 $9.3M Reduce -11.2%
TONT Graf Global Corp. Class A 1.47% 830,000 $8.5M No change
UUUU Energy Fuels Inc. 1.43% 2,220,525 $8.3M Add +47.7%
CCIR Cohen Circle Acquisitio Class A 1.35% 698,978 $7.8M New
CEP Cantor Equity Partners Inc. 1.11% 600,000 $6.4M No change
POLE Andretti Acquisition Corp. Class A 1.01% 580,000 $5.9M No change
NOEM CO2 Energy Transition Corp. 1.01% 590,000 $5.9M New
EU Encore Energy Corp. 0.90% 3,819,501 $5.2M Add +66.0%
BWA Borgwarner Inc. 0.90% 181,724 $5.2M Reduce -32.6%
LPBB Launch Two Acquisition Class A 0.84% 480,000 $4.9M Reduce -51.0%
NXE Nexgen Energy Ltd. 0.81% 1,050,007 $4.7M Add +950.0%
NTWO Newbury Street II Ac Class A 0.78% 450,000 $4.5M No change
SPKLF Spark I Acquisition Corp. 0.65% 350,000 $3.8M No change
GM General Motors Co. 0.65% 80,000 $3.8M Reduce -11.1%
TDACU Translational Development Ac 0.61% 350,000 $3.5M No change
CRON Cronos Group Inc. 0.56% 1,786,382 $3.2M Add +2.9%
SVCCU Stellar V Capital Corp. 0.49% 280,000 $2.8M New
PROF Profound Medical Corp. 0.48% 480,859 $2.8M Reduce -1.9%
HIVE Hive Digital Technologies LT 0.47% 1,873,215 $2.7M Reduce -21.7%
VACH Voyager Acquisition Corp. 0.44% 250,000 $2.5M New
NHICU Newhold Investment Corp. III 0.35% 200,000 $2.0M New
GSHRU Gesher Acquisition Corp. II 0.30% 175,000 $1.8M New
ATIIU Archimedes Tech Spac Partner 0.22% 125,000 $1.3M New
JVSA Jvspac Acquisition Corp. Class A 0.21% 115,000 $1.2M No change
UROY Uranium Royalty Corp. 0.19% 612,711 $1.1M Reduce -58.3%
LEGT Legato Merger Corp. III 0.18% 100,000 $1.0M No change
POET Poet Technologies Inc. 0.17% 256,420 $969K Reduce -86.6%
CRDL Cardiol Therapeutics Inc. Class A 0.13% 782,625 $759K Reduce -1.6%
ABVEF Above Food Ingredients Inc. 0.05% 471,169 $280K New
SONN Sonnet Biotherapeutics Holdi 0.03% 133,590 $179K New
VTS Vitesse Energy Inc. 0.03% 6,772 $167K New
SATX Satixfy Communications Ltd. 0.02% 93,750 $113K No change
SCANTECH AI SYS INC 0.01% 35,000 $71K New
PETXQ Wag! Group Co. 0.01% 353,695 $54K Reduce -33.4%
FUFU Bitfufu Inc. Class A 0.01% 9,497 $43K No change
ELONG POWER HOLDING LTD. 0.00% 28,000 $21K No change
GREENLAND MINES LTD filed as KLOTHO NEUROSCIENCES INC 0.00% 80,000 $18K No change
JTAI Jet AI Inc. 0.00% 1,343 $6K No change
ESYN Enersyn Global Inc. filed as HWH INTL INC 0.00% 3,065 $4K No change
NEWGENIVF GROUP LIMITED 0.00% 2,500 $2K New
Other holdings (73): bonds, preferreds, convertibles and warrants · $7.1M (not counted above)
SecurityClassShares / PrincipalValueChange
NESRW National Energy Service-CW23 *W EXP 06/06/202 3,595,203$1.3MNo change
CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 326,666$588KNew
OCSAW Oculis Holding AG -30 *W EXP 03/06/202 73,525$555KNo change
AFRIW Forafric Global PLC -CW27 *W EXP 06/09/202 518,900$363KNo change
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 490,000$338KNew
USA RARE EARTH INC *W EXP 03/13/203 500,000$335KNew
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 337,500$270KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 1,037,500$193KNo change
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 1,237,500$186KNo change
YOTAR Yotta Acquisition Corp. - RTS RIGHT 03/15/2027 925,000$149KNo change
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 330,000$145KNo change
LPAAW Launch One Acquisition - 29 *W EXP 06/01/203 990,000$144KNo change
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 750,000$143KNew
CUBWW Lionheart Holdings - WT *W EXP 06/07/203 990,000$139KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 175,000$130KNew
SIMAW Sim Acquisition Corp. - 29 *W EXP 06/01/203 990,000$129KNo change
JACKSON ACQUISITION CO II RIGHT 99/99/9999 500,000$125KNo change
NOEMR CO2 Energy Transition Co.-RTS RIGHT 10/15/2028 590,000$121KNo change
GATEW Marblegate Acquisition -CW22 *W EXP 08/31/202 735,000$118KNo change
MRNOW Murano Global BV-28 *W EXP 03/19/202 500,000$116KNo change
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 326,666$114KNew
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 447,622$106KNo change
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 490,000$103KNew
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 450,000$94KNo change
TONT.WS Graf Global Corp.- 29 *W EXP 05/31/203 415,000$75KNo change
BUJAR Bukit Jalil Global Acquisiti RIGHT 12/30/2024 250,000$65KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 330,000$61KNo change
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 590,000$60KNew
OABIW Omniab Inc. - CW26 *W EXP 99/99/999 158,333$59KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 294,000$59KNo change
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 290,000$52KNew
RZLVW Rezolve AI PLC -CW27 *W EXP 08/15/202 250,000$51KNo change
CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 300,000$51KNo change
YOTAW Yotta Acquisition Corp. -27 *W EXP 03/15/202 925,000$51KNo change
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 225,000$50KNew
KITTW Cleantech Acquisition Corpcw *W EXP 03/15/202 500,000$38KNo change
AMODW Insight Acquisition Co. -CW23 *W EXP 12/13/202 588,000$36KNo 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$32KNo change
LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 69,810$32KNo change
VSEEW Digital Health Acquist-CW23 *W EXP 99/99/999 500,000$29KNo change
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 175,000$27KNo change
FOXXW 1OXX *W EXP 09/26/202 160,000$22KNo change
CYCUW Cycurion Inc.-CW27 *W EXP 02/13/203 500,000$20KNo change
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 125,000$19KNew
ABPWW Atlantic Coast Acq -CW23 *W EXP 11/12/202 675,000$17KNo change
DFLIW Chardan Nextech Acquisi-CW27 *W EXP 10/07/202 675,000$17KNo change
GRMLW Anew Medical Inc. *W EXP 06/21/202 800,000$17KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 150,000$17KNo change
EONR.WS HNR Acquisition Corp. -CW23 *W EXP 11/15/202 257,500$15KNo change
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 200,000$14KNo change
PETWQ Wag! Group Co. *W EXP 07/30/202 975,750$13KNo change
FASWF Stonebridge Acquisition-CW23 *W EXP 04/02/202 400,000$12KNo change
ZEOWW Esgen Acquisition A -CW23 *W EXP 03/13/202 195,575$11KNo change
PBMWW Psyence Biomedical Ltd. *W EXP 01/22/202 600,000$10KNo change
HUBCW Hub Cyber Security Ltd.-28 *W EXP 02/27/202 898,991$10KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 214,067$10KNo change
LEGT.WS Legato Merger Corp. III-29 *W EXP 05/08/203 50,000$10KNo change
RDZNW Vahanna Tech Edge -CW24 *W EXP 11/30/202 150,000$8KNo change
PARAW 7GC & Co. Holdings Class A -CW26 *W EXP 12/14/202 352,409$8KNo change
MSAIW Sportsmap Tech Acq -CW27 *W EXP 12/19/202 175,250$7KNo change
NIVFW Newgenivf Group Ltd.-28 *W EXP 04/03/202 375,000$7KNo change
CDTTW Murphy Canyon Acq-CW27 *W EXP 09/22/202 700,000$6KNo change
ZCARW Zoomcar Holdings Inc. *W EXP 05/31/202 400,000$6KNo change
BENFW Beneficient Co. Group -28 *W EXP 06/07/202 750,000$5KNo change
CEROW Phoenix Biotech Acq -CW26 *W EXP 02/13/202 375,000$5KNo change
OCEAW Aesther Healthcare Acq -CW23 *W EXP 02/14/202 200,000$5KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 150,000$5KNo change
BUJAW Bukit Jalil Global Acquis-28 *W EXP 12/30/202 125,000$4KNo change
IVAWF Investcorp India Acquisi -27 *W EXP 06/01/202 200,000$4KNo change
SMXWW SMX Security Matters PLC-28 *W EXP 03/07/202 125,000$4KNo 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: $586.8M.

Portfolio Sells Q4 2024 → Q1 2025

POET Poet Technologies Inc. Reduce -86.6% 0.17% −1.56
AGCO Agco Corp. Sold out 0.00% −1.54
CCIRU Cohen Circle Acquisition Cor Sold out 0.00% −1.50
BITF Bitfarms Ltd./Canada Reduce -11.2% 1.61% −1.41
URG Ur-Energy Inc. Reduce -1.0% 2.08% −1.07
AN Autonation Inc. Sold out 0.00% −0.86
JACS.U Jackson Acquisition Co. II Sold out 0.00% −0.76
LPBB Launch Two Acquisition Class A Reduce -51.0% 0.84% −0.66
HIVE Hive Digital Technologies LT Reduce -21.7% 0.47% −0.57
MT Arcelormittal-NY Registered Sold out 0.00% −0.49
STLD Steel Dynamics Inc. Sold out 0.00% −0.45
LPAA Launch One Acquisition Corp. Reduce -25.3% 2.61% −0.41
BWA Borgwarner Inc. Reduce -32.6% 0.90% −0.40
VACHU Voyager Acquisition Corp. Sold out 0.00% −0.38
GPC Genuine Parts Co. Sold out 0.00% −0.31
UROY Uranium Royalty Corp. Reduce -58.3% 0.19% −0.30
BTU Peabody Energy Corp. Sold out 0.00% −0.17
APTV Aptiv PLC Sold out 0.00% −0.14
GM General Motors Co. Reduce -11.1% 0.65% −0.08
PROF Profound Medical Corp. Reduce -1.9% 0.48% −0.08
ITRG Integra Resources Corp. Sold out 0.00% −0.04
MUX McEwen Inc. Sold out 0.00% −0.04
CRDL Cardiol Therapeutics Inc. Class A Reduce -1.6% 0.13% −0.02
CGC Canopy Growth Corp. Sold out 0.00% −0.02
PETXQ Wag! Group Co. Reduce -33.4% 0.01% −0.01
RVSN Rail Vision Ltd. Sold out 0.00% −0.01
SVM Silvercorp Metals Inc. Sold out 0.00% −0.01
NIVF Newgenivf Group Ltd. Class A Sold out 0.00% −0.00
NMHI Nature's Miracle Holding Inc. Sold out 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025

FERAU Fifth Era Acquisition Corp. I New 3.30% +3.30
CEPO Cantor Equity Partners I-A New 1.94% +1.94
ML Moneylion Inc. Add +12.6% 8.09% +1.81
CCIR Cohen Circle Acquisitio Class A New 1.35% +1.35
NOEM CO2 Energy Transition Corp. New 1.01% +1.01
NXE Nexgen Energy Ltd. Add +950.0% 0.81% +0.71
DNN Denison Mines Corp. Add +36.4% 5.36% +0.57
SVCCU Stellar V Capital Corp. New 0.49% +0.49
VACH Voyager Acquisition Corp. New 0.44% +0.44
NHICU Newhold Investment Corp. III New 0.35% +0.35
GSHRU Gesher Acquisition Corp. II New 0.30% +0.30
UUUU Energy Fuels Inc. Add +47.7% 1.43% +0.26
ATIIU Archimedes Tech Spac Partner New 0.22% +0.22
ABVEF Above Food Ingredients Inc. New 0.05% +0.05
SONN Sonnet Biotherapeutics Holdi New 0.03% +0.03
VTS Vitesse Energy Inc. New 0.03% +0.03
CRON Cronos Group Inc. Add +2.9% 0.56% +0.03
SCANTECH AI SYS INC New 0.01% +0.01
NEWGENIVF GROUP LIMITED New 0.00% +0.00
EU Encore Energy Corp. Add +66.0% 0.90% −0.29
UEC Uranium Energy Corp. Add +8.6% 16.26% −2.17
ASTL Algoma Steel Group Inc. Add +0.3% 6.21% −3.61

Notes & Other Activity Q4 2024 → Q1 2025

CCIRW Cohen Circle Acquisition-29 *W EXP 01/31/202 New 326,666 $588K
IMSRW HCM II Acquisition Corp. - 29 *W EXP 99/99/999 New 490,000 $338K
USA RARE EARTH INC *W EXP 03/13/203 New 500,000 $335K
USARW Inflection Point Acquis-C-28 *W EXP 08/31/202 Sold out 500,000 $245Kbefore exit
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 New 750,000 $143K
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 New 175,000 $130K
SBXWF Silverbox Corp. IV-A- 29 *W EXP 08/19/202 New 326,666 $114K
BRACR Broad Capital Acquis-Right RIGHT 01/10/2027 Sold out 750,000 $108Kbefore exit
LPBBW Launch Two Acquisition -29 *W EXP 10/09/202 New 490,000 $103K
WINVR Winvest Acquisition Corp.-RTS RIGHT 99/99/9999 Sold out 905,000 $80Kbefore exit
MARXR Mars Acquisition Corp.-Rights RIGHT 99/99/9999 Sold out 175,000 $67Kbefore exit
WTMAR Welsbach Tech Metals Acq -RT RIGHT 12/22/2026 Sold out 650,000 $65Kbefore exit
SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 Sold out 166,666 $61Kbefore exit
NOEMW CO2 Energy Transition -28 *W EXP 08/17/202 New 590,000 $60K
CSLRF Consilium Acquisition -Right RIGHT 99/99/9999 Sold out 350,000 $52Kbefore exit
POLEW Andretti Acquisition Corp.-29 *W EXP 06/01/203 New 290,000 $52K
NTWOW Newbury Street II Acq - 29 *W EXP 06/01/203 New 225,000 $50K
HUDAR Hudson Acquisition I Corp.-RT RIGHT 99/99/9999 Sold out 99,502 $22Kbefore exit
VACHW Voyager Acquisition Corp. -CW *W EXP 05/16/203 New 125,000 $19K
AQUNR Aquaron Acquisition Corp.-RTS RIGHT 07/15/2026 Sold out 100,000 $17Kbefore exit
CSLWF Consilium Acquisition -27 *W EXP 99/99/999 Sold out 175,000 $14Kbefore exit
PPYAW Papaya Growth Opportuni-CW23 *W EXP 12/31/202 Sold out 675,000 $14Kbefore exit
WINVW Winvest Acquisition -CW23 *W EXP 08/09/202 Sold out 784,175 $11Kbefore exit
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 Sold out 400,000 $6Kbefore exit
TETWF Technology & Telecommuni -27 *W EXP 04/15/202 Sold out 325,000 $6Kbefore exit
EGUVF Evergreen Corporation -CW27 *W EXP 02/08/202 Sold out 200,000 $6Kbefore exit
NMHIW Nature's Miracle Cali - 29 *W EXP 02/15/202 Sold out 225,000 $3Kbefore exit
SVUWF Srivaru Holding Ltd.-28 *W EXP 12/08/202 Sold out 325,000 $3Kbefore 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