MMCAP International Inc. SPC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), MMCAP International Inc. SPC reported 114 stock positions worth $983.0 million. Its top holding was Aris Mining (ARIS) at 22.8% of the portfolio, followed by Algoma Steel (ASTL, 4.8%) and Churchill Capital Corp. Xi (CCXIU, 2.8%). Compared with Q3 2025, it opened 35 new positions, sold out of 8, added to 12 and reduced 17. The biggest buy was a new position in Churchill Capital Corp. Xi (CCXIU) and the biggest sale Strive (shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001304857
- Portfolio Value
- $983.0M (Q4 2025)
- SEC Filing
- 0000912282-26-000275 ↗ filed Feb 9, 2026
Holdings Value
Holdings 114 stocks · $983.0M
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 22.83% | 13,804,061 | $224.4M | Reduce -16.0% |
| ASTL Algoma Steel Group Inc. | 4.79% | 11,487,861 | $47.1M | Add +42.2% |
| CCXIU Churchill Capital Corp. Xi | 2.80% | 2,700,000 | $27.6M | New |
| DMIIU Drugs Made in America Acquis | 2.75% | 2,700,000 | $27.0M | No change |
| NPAC New Providence Acquisition-A | 2.30% | 2,200,000 | $22.6M | No change |
| NXE Nexgen Energy Ltd. | 2.27% | 2,429,898 | $22.4M | Add +4759.1% |
| FERA Fifth Era Acquisition Corp. Class A | 1.99% | 1,900,000 | $19.6M | No change |
| DNN Denison Mines Corp. | 1.95% | 7,219,531 | $19.2M | Reduce -24.1% |
| RDAG Republic Digital Acquis Class A | 1.61% | 1,565,000 | $15.8M | No change |
| LPAA Launch One Acquisition Corp. | 1.59% | 1,480,000 | $15.7M | No change |
| CEPF Cantor Equity Partners Class A | 1.57% | 1,500,000 | $15.4M | No change |
| MESHU Meshflow Acquisition Corp. | 1.53% | 1,500,000 | $15.0M | New |
| IRHOU Iron Horse Acquisition II Co. | 1.52% | 1,500,000 | $14.9M | New |
| UEC Uranium Energy Corp. | 1.48% | 1,248,363 | $14.6M | Reduce -40.3% |
| CCIX Churchill Capital Corp. Ix | 1.46% | 1,350,000 | $14.4M | No change |
| IPCX Inflection Point Acquisiti-A | 1.44% | 1,400,000 | $14.2M | No change |
| FAC Factorial Energy Inc. filed as CARTESIAN GROWTH CORP III | 1.41% | 1,350,000 | $13.9M | No change |
| GPAT GP-Act III Acquisition-A | 1.39% | 1,275,000 | $13.6M | No change |
| APTV Aptiv PLC | 1.32% | 170,268 | $13.0M | Add +406.6% |
| ALF Centurion Acquisition Corp. | 1.27% | 1,175,000 | $12.5M | No change |
| CEPV Cantor Equity Partners Class A | 1.25% | 1,200,000 | $12.3M | New |
| WENN Wen Acquisition Corp. Class A | 1.23% | 1,200,000 | $12.1M | No change |
| MBVI M3-Brigade Acquisition Class A | 1.12% | 1,100,000 | $11.0M | No change |
| EU Encore Energy Corp. | 1.09% | 4,316,238 | $10.7M | Reduce -0.0% |
| CUB Lionheart Holdings Class A | 1.06% | 980,000 | $10.4M | No change |
| SIMA Sim Acquisition Corp. I-A | 1.06% | 980,000 | $10.4M | No change |
| SBXDF Silverbox Corp. IV-A | 1.05% | 980,000 | $10.4M | No change |
| SUIG Sui Group Holdings Ltd. | 1.04% | 6,141,356 | $10.3M | Add +28.7% |
| HAYMAKER ACQUISITION CORP 4 | 1.04% | 900,000 | $10.2M | No change |
| FCRS Futurecrest Acquisition Class A | 1.03% | 1,000,000 | $10.1M | No change |
| HCMA HCM III Acquisition Cor Class A | 1.02% | 1,000,000 | $10.0M | No change |
| BLZR Trailblazer Acquisition Class A | 1.02% | 1,000,000 | $10.0M | No change |
| LPCVU Launchpad Cadenza Acquisitio | 1.02% | 1,000,000 | $10.0M | New |
| ADACU American Drive Acquisition C | 1.01% | 1,000,000 | $10.0M | New |
| POET Poet Technologies Inc. | 0.98% | 1,526,205 | $9.7M | Reduce -57.4% |
| TONT Graf Global Corp. Class A | 0.91% | 830,000 | $8.9M | No change |
| ITHAU Ithax Acquisition Corp. III | 0.81% | 800,000 | $8.0M | New |
| WY Weyerhaeuser Co. | 0.79% | 327,500 | $7.8M | New |
| CAEP Cantor Equity Partners III-A | 0.78% | 750,000 | $7.7M | No change |
| OBA Oxley Bridge Acquisitio Class A | 0.77% | 750,000 | $7.6M | No change |
| SBXE.U Silverbox Corp. V | 0.77% | 750,000 | $7.5M | New |
| PACH Pioneer Acquisition I Class A | 0.77% | 750,000 | $7.5M | No change |
| CRON Cronos Group Inc. | 0.74% | 2,761,059 | $7.3M | Add +56.1% |
| SBET Sharplink Inc. | 0.73% | 807,600 | $7.2M | Add +61.9% |
| AEXA American Exceptionalism Class A | 0.73% | 631,494 | $7.2M | Add +0.1% |
| GTEN Gores Holdings X Inc. Class A | 0.73% | 700,000 | $7.2M | No change |
| CRANU Crane Harbor Acquisition Cor | 0.67% | 650,000 | $6.5M | New |
| ONCH 1RT Acquisition Corp. Class A | 0.62% | 600,000 | $6.1M | No change |
| POLE Andretti Acquisition Corp. Class A | 0.62% | 580,000 | $6.1M | No change |
| NOEM CO2 Energy Transition Corp. | 0.62% | 590,000 | $6.1M | No change |
| GM General Motors Co. | 0.55% | 66,338 | $5.4M | Add +14.9% |
| UUUU Energy Fuels Inc. | 0.53% | 357,225 | $5.2M | Reduce -2.1% |
| LPBB Launch Two Acquisition Class A | 0.51% | 480,000 | $5.0M | No change |
| FIGX Figx Capital Acquisition C-A | 0.51% | 500,000 | $5.0M | No change |
| ZONE Zone Frontier Inc. filed as CLEANCORE SOLUTIONS INC | 0.49% | 18,356,175 | $4.8M | New |
| NTWO Newbury Street II Ac Class A | 0.48% | 450,000 | $4.7M | No change |
| IMSR Terrestrial Energy Inc. | 0.47% | 750,000 | $4.6M | New |
| VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP | 0.43% | 400,000 | $4.3M | Reduce -73.3% |
| PROF Profound Medical Corp. | 0.43% | 531,362 | $4.2M | Add +6.1% |
| MT Arcelormittal-NY Registered | 0.42% | 91,427 | $4.2M | New |
| BLRKU Bluerock Acquisition Corp. | 0.41% | 400,000 | $4.0M | New |
| BITF Bitfarms Ltd./Canada | 0.41% | 1,695,298 | $4.0M | Reduce -39.4% |
| TWLVU Twelve Seas Investment Co. II | 0.40% | 400,000 | $4.0M | New |
| UPXI Upexi Inc. | 0.40% | 2,326,777 | $3.9M | Add +203.4% |
| BWA Borgwarner Inc. | 0.39% | 85,138 | $3.8M | Add +8.1% |
| TDAC Translational Development Ac | 0.37% | 350,000 | $3.7M | No change |
| ZZPWF Zooz Power Ltd. filed as ZOOZ STRATEGY LTD | 0.31% | 7,000,000 | $3.1M | New |
| SCPQU Social Commerce Partners Cor | 0.31% | 300,000 | $3.0M | New |
| SVCC Stellar V Capital Corp. Class A | 0.30% | 280,000 | $2.9M | No change |
| VACH Voyager Acquisition Corp. | 0.27% | 250,000 | $2.7M | No change |
| BACC Blue Acquisition Corp. Class A | 0.26% | 250,000 | $2.6M | No change |
| RNGTU Range Capital Acquisition Co. | 0.26% | 250,000 | $2.5M | New |
| LWAC Lightwave Acquisition Corp. Class A | 0.26% | 250,000 | $2.5M | No change |
| ISOU Isoenergy Ltd. | 0.25% | 270,745 | $2.4M | Reduce -21.7% |
| NFGC New Found Gold Corp. | 0.23% | 745,835 | $2.2M | Add +561.6% |
| THS Treehouse Foods Inc. | 0.22% | 93,700 | $2.2M | New |
| NHIC Newhold Investment Cor III-A | 0.21% | 200,000 | $2.1M | No change |
| BLUW Blue Water Acquisition C-A filed as BLUE WTR ACQUISITION CORP. I | 0.21% | 200,000 | $2.1M | No change |
| OYSE Oyster Enterprises II Acq-A | 0.21% | 200,000 | $2.0M | No change |
| EVOXU Evolution Global Acquisition | 0.20% | 200,000 | $2.0M | New |
| DSACU Daedalus Special Acquisition | 0.20% | 200,000 | $2.0M | New |
| AEAQU Activate Energy Acquisition | 0.20% | 200,000 | $2.0M | New |
| KMX Carmax Inc. | 0.19% | 47,257 | $1.8M | Reduce -16.8% |
| STLD Steel Dynamics Inc. | 0.18% | 10,711 | $1.8M | Reduce -30.0% |
| GSHR Gesher Acquisition Corp. II-A | 0.18% | 175,000 | $1.8M | No change |
| HCACU Hall Chadwick Acquisition Co. | 0.18% | 175,000 | $1.8M | New |
| LFACU Leapfrog Acquisition Corp. | 0.15% | 150,000 | $1.5M | New |
| CHEC Chenghe Acquisition II Class A | 0.15% | 150,000 | $1.5M | No change |
| BIXIU Bitcoin Infrastructure Acqui | 0.15% | 150,000 | $1.5M | New |
| ATII Archimedes Tech Spac Partner | 0.13% | 125,000 | $1.3M | No change |
| BSAA Best Spac I Acquisition-A | 0.13% | 125,000 | $1.3M | No change |
| SUNC Sunococorp LLC | 0.11% | 22,755 | $1.1M | New |
| LEGT Legato Merger Corp. III | 0.11% | 100,000 | $1.1M | No change |
| PCAP Procap Acquisition Corp. Class A | 0.10% | 100,000 | $1.0M | No change |
| LATA Galata Acqu Corp. II Class A | 0.10% | 100,000 | $996K | No change |
| GFR Greenfire Resources Ltd. | 0.10% | 207,309 | $992K | Reduce -16.8% |
| CP Canadian Pacific Kansas City | 0.10% | 12,800 | $942K | No change |
| TDWD Tailwind 2.0 Acquisitio Class A | 0.08% | 75,000 | $739K | New |
| URG Ur-Energy Inc. | 0.07% | 515,776 | $717K | Reduce -86.6% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.07% | 9,000 | $696K | New |
| ETHA iShares Ethereum Trust ETF | 0.06% | 25,000 | $561K | No change |
| STRIVE INC | 0.04% | 563,800 | $416K | Reduce -97.0% |
| STKE Sol Strategies Inc. | 0.04% | 250,000 | $380K | No change |
| CNL Collective Mining Ltd. | 0.04% | 24,170 | $353K | New |
| CRDL Cardiol Therapeutics Inc. Class A | 0.02% | 208,950 | $199K | Reduce -28.7% |
| QXL Quantum X Labs Inc. filed as VIEWBIX INC | 0.02% | 115,995 | $177K | No change |
| DVS Dolly Varden Silver Ltd. | 0.01% | 25,000 | $110K | New |
| NESR National Energy Services Reu | 0.01% | 5,227 | $82K | Reduce -99.4% |
| FUSE Fusemachines Inc. | 0.01% | 35,000 | $58K | New |
| ALPS Alps Group Inc. | 0.00% | 54,000 | $47K | New |
| AEC Anfield Energy Inc. | 0.00% | 6,787 | $35K | Reduce -82.3% |
| SQNS Sequans Communications-ADR | 0.00% | 1,540 | $7K | New |
| ELONG POWER HOLDING LTD. | 0.00% | 1,480 | $3K | New |
| JTAI Jet AI Inc. | 0.00% | 1,343 | $787 | New |
Other holdings (94): bonds, preferreds, convertibles and warrants · $17.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | 430,970 | $3.3M | Reduce -13.8% |
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 542,308 | $2.5M | No change |
| FERAR Fifth Era Acquisition Corp. I | RIGHT 02/21/2030 | 1,900,000 | $760K | No change |
| AFRIW Forafric Global PLC -CW27 | *W EXP 06/09/202 | 518,900 | $726K | No change |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 450,000 | $698K | No change |
| OCSAW Oculis Holding AG -30 | *W EXP 03/06/202 | 73,025 | $625K | Reduce -0.7% |
| FACWW Cartesian Growth Corp. -30 | *W EXP 05/02/203 | 675,000 | $533K | No change |
| IPCXR Inflection Point Acquisition | RIGHT 04/25/2030 | 1,400,000 | $529K | No change |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | 188,600 | $515K | Reduce -37.1% |
| RDAGW Republic Digital Acqu - 30 | *W EXP 05/01/203 | 782,500 | $454K | No change |
| ALFUW Centurion Acquisition - 29 | *W EXP 05/31/203 | 1,237,500 | $396K | No change |
| NPACW New Providence Acq A -CW28 | *W EXP 04/24/203 | 733,333 | $371K | No change |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | 349,671 | $306K | Reduce -55.6% |
| BZAIW Burtech Acquisition -CW23 | *W EXP 01/13/203 | 750,000 | $300K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 337,500 | $299K | No change |
| GPATW GP-Act III Acq Class A -CW27 | *W EXP 05/13/202 | 1,037,500 | $280K | No change |
| AENTW Adara Acquisition Class A -CW26 | *W EXP 02/11/202 | 294,000 | $250K | No change |
| LPAAW Launch One Acquisition - 29 | *W EXP 06/01/203 | 990,000 | $248K | No change |
| RZLVW Rezolve AI PLC -CW27 | *W EXP 08/15/202 | 250,000 | $228K | No change |
| SIMAW Sim Acquisition Corp. - 29 | *W EXP 06/01/203 | 990,000 | $213K | No change |
| TONT.WS Graf Global Corp.- 29 | *W EXP 05/31/203 | 415,000 | $188K | No change |
| WENNW Wen Acquisition Corp.-A -31 | *W EXP 99/99/999 | 600,000 | $186K | No change |
| FCRS.WS Futurecrest Acquisition Corp. | *W EXP 09/30/203 | 250,000 | $183K | No change |
| CUBWW Lionheart Holdings - WT | *W EXP 06/07/203 | 990,000 | $168K | No change |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | 333,333 | $167K | New |
| GTENW Gores Holdings X Inc.-31 | *W EXP 05/02/203 | 175,000 | $163K | No change |
| BLZRW Trailblazer Acqui Corp. -30 | *W EXP 09/30/203 | 333,333 | $160K | No change |
| LPBBW Launch Two Acquisition -29 | *W EXP 10/09/202 | 490,000 | $155K | No change |
| DRTSW Alpha Tau Medical Ltd. -27 | *W EXP 99/99/999 | 447,622 | $152K | No change |
| MBVIW M3-Brigade Acquisition Vi Co. | *W EXP 08/18/203 | 366,666 | $136K | No change |
| NOEMR CO2 Energy Transition Co.-RTS | RIGHT 10/15/2028 | 590,000 | $130K | No change |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | 500,000 | $125K | No change |
| NOEMW CO2 Energy Transition -28 | *W EXP 08/17/202 | 590,000 | $99K | No change |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | 375,000 | $98K | New |
| SBXWF Silverbox Corp. IV-A- 29 | *W EXP 08/19/202 | 326,666 | $91K | No change |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | 150,000 | $87K | New |
| POLEW Andretti Acquisition Corp.-29 | *W EXP 06/01/203 | 290,000 | $84K | No change |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | 375,000 | $83K | New |
| BACCR Blue Acquisition Corp.-RTS | RIGHT 06/11/2030 | 250,000 | $81K | No change |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | 250,000 | $69K | New |
| SBCWW Pono Capital Two Inc. -27 | *W EXP 09/17/202 | 330,000 | $67K | No change |
| FUFUW Bitfufu Inc.-28 | *W EXP 03/01/202 | 330,000 | $66K | No change |
| NTWOW Newbury Street II Acq - 29 | *W EXP 06/01/203 | 225,000 | $56K | No change |
| SPKWF Spark I Acquisition Corp.-28 | *W EXP 10/01/203 | 175,000 | $55K | No change |
| TDACW Translational Dev -A -CW26 | *W EXP 12/18/202 | 175,000 | $54K | No change |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 100,000 | $53K | No change |
| DFLIW Chardan Nextech Acquisi-CW27 | *W EXP 10/07/202 | 675,000 | $47K | No change |
| SVCCW Stellar V Capital Corp.-Class-29 | *W EXP 10/15/202 | 140,000 | $46K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 100,000 | $45K | No change |
| SATLW Satellogic Inc.-A -23 | *W EXP 01/25/202 | 166,666 | $43K | No change |
| RDZNW Vahanna Tech Edge -CW24 | *W EXP 11/30/202 | 150,000 | $41K | No change |
| VSEEW Digital Health Acquist-CW23 | *W EXP 99/99/999 | 500,000 | $40K | No change |
| OYSER Oyster Enterprises II Acquis | RIGHT 05/22/2030 | 200,000 | $40K | No change |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 87,500 | $39K | No change |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 62,500 | $34K | No change |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | 125,000 | $34K | New |
| AMODW Insight Acquisition Co. -CW23 | *W EXP 12/13/202 | 588,000 | $32K | No change |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 150,000 | $32K | No change |
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 69,810 | $29K | No change |
| TVGNW Semper Paratus Acqu -CW26 | *W EXP 02/14/202 | 650,000 | $27K | No change |
| FLDDW Fold Holdings Inc. -23 | *W EXP 02/14/203 | 175,000 | $27K | No change |
| VACHW Voyager Acquisition Corp. -CW | *W EXP 05/16/203 | 125,000 | $26K | No change |
| KITTW Cleantech Acquisition Corpcw | *W EXP 03/15/202 | 500,000 | $23K | No change |
| LEGT.WS Legato Merger Corp. III-29 | *W EXP 05/08/203 | 50,000 | $21K | No change |
| OABIW Omniab Inc. - CW26 | *W EXP 99/99/999 | 158,333 | $19K | No change |
| BSAAR Best Spac I Acquisition - RT | RIGHT 05/27/2030 | 125,000 | $19K | No change |
| CYCUW Cycurion Inc.-CW27 | *W EXP 02/13/203 | 500,000 | $17K | No change |
| FOXXW 1OXX | *W EXP 09/26/202 | 160,000 | $17K | No change |
| HUBCW Hub Cyber Security Ltd.-28 | *W EXP 02/27/202 | 898,991 | $17K | No change |
| OIOWW Esgl Holdings Ltd.-28 | *W EXP 08/02/202 | 154,750 | $15K | No change |
| CHECW Chenghe Acquisition III Co. | *W EXP 09/09/203 | 75,000 | $15K | No change |
| LATAW Galata Acquisition Corp. - 30 | *W EXP 09/12/203 | 33,333 | $13K | No change |
| MRNOW Murano Global BV-28 | *W EXP 03/19/202 | 500,000 | $13K | No change |
| PCAPW Procap Acq Corp. A -30 | *W EXP 05/16/203 | 33,333 | $12K | No change |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | 75,000 | $12K | New |
| EONR.WS HNR Acquisition Corp. -CW23 | *W EXP 11/15/202 | 257,500 | $12K | No change |
| PBMWW Psyence Biomedical Ltd. | *W EXP 01/22/202 | 600,000 | $11K | No change |
| ABPWW Atlantic Coast Acq -CW23 | *W EXP 11/12/202 | 675,000 | $11K | No change |
| FUSEW CSLM Holdings Inc. - 30 | *W EXP 10/22/203 | 175,000 | $11K | New |
| DAICW Cid Holdco Inc. -26 | *W EXP 12/31/202 | 100,000 | $8K | No change |
| BENFW Beneficient Co. Group -28 | *W EXP 06/07/202 | 750,000 | $8K | No change |
| KVAWF Keen Vision Acquisition C-28 | *W EXP 03/15/202 | 150,000 | $8K | No change |
| ZEOWW Esgen Acquisition A -CW23 | *W EXP 03/13/202 | 195,575 | $7K | No change |
| NIVFW Newgenivf Group Ltd.-28 | *W EXP 04/03/202 | 375,000 | $6K | No change |
| SMXWW SMX Security Matters PLC-28 | *W EXP 03/07/202 | 125,000 | $6K | No change |
| VLNWF Valens Semiconductor -CW26 | *W EXP 09/30/202 | 214,067 | $5K | No change |
| BGLWW Blue Gold Ltd. | *W EXP 04/01/203 | 12,500 | $5K | No change |
| MSAIW Sportsmap Tech Acq -CW27 | *W EXP 12/19/202 | 175,250 | $5K | No change |
| PARAW 7GC & Co. Holdings Class A -CW26 | *W EXP 12/14/202 | 352,409 | $5K | No change |
| GIBOW Gibo Holdings Ltd.-30 | *W EXP 05/08/203 | 125,000 | $5K | No change |
| LIMNW Liminatus Pharma Inc. Class A-28 | *W EXP 04/30/203 | 111,745 | $4K | No change |
| CDTTW Murphy Canyon Acq-CW27 | *W EXP 09/22/202 | 700,000 | $4K | No change |
| APLMW Apollomics Inc.-27 | *W EXP 04/01/202 | 250,000 | $3K | No change |
| KIDZW Classover Holdings Inc. - 30 | *W EXP 04/03/203 | 187,500 | $2K | No change |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q3 2025 → Q4 2025
| STRIVE INC | Reduce -97.0% | 0.04% | −2.94 |
| INFQ Infleqtion Inc. | Sold out | 0.00% | −2.42 |
| UEC Uranium Energy Corp. | Reduce -40.3% | 1.48% | −1.84 |
| VLOS Velos Acquisition I Corp. | Reduce -73.3% | 0.43% | −1.45 |
| POET Poet Technologies Inc. | Reduce -57.4% | 0.98% | −1.39 |
| DNN Denison Mines Corp. | Reduce -24.1% | 1.95% | −1.16 |
| NESR National Energy Services Reu | Reduce -99.4% | 0.01% | −1.03 |
| CEPT Cantor Equity Partners Class A | Sold out | 0.00% | −0.94 |
| CEPO Cantor Equity Partners I-A | Sold out | 0.00% | −0.80 |
| URG Ur-Energy Inc. | Reduce -86.6% | 0.07% | −0.75 |
| EU Encore Energy Corp. | Reduce -0.0% | 1.09% | −0.56 |
| BITF Bitfarms Ltd./Canada | Reduce -39.4% | 0.41% | −0.53 |
| FLR Fluor Corp. | Sold out | 0.00% | −0.50 |
| BNC Cea Industries Inc. | Sold out | 0.00% | −0.31 |
| ISOU Isoenergy Ltd. | Reduce -21.7% | 0.25% | −0.16 |
| UUUU Energy Fuels Inc. | Reduce -2.1% | 0.53% | −0.14 |
| KMX Carmax Inc. | Reduce -16.8% | 0.19% | −0.12 |
| STLD Steel Dynamics Inc. | Reduce -30.0% | 0.18% | −0.07 |
| GAU Galiano Gold Inc. | Sold out | 0.00% | −0.06 |
| AEC Anfield Energy Inc. | Reduce -82.3% | 0.00% | −0.04 |
| GFR Greenfire Resources Ltd. | Reduce -16.8% | 0.10% | −0.04 |
| CRDL Cardiol Therapeutics Inc. Class A | Reduce -28.7% | 0.02% | −0.02 |
| HBNB HOTEL101 Global Holdings C-A | Sold out | 0.00% | −0.01 |
| ELONG POWER HOLDING LTD. | Sold out | 0.00% | −0.00 |
| ARIS Aris Mining Corp. | Reduce -16.0% | 22.83% | +3.62 |
Portfolio Buys Q3 2025 → Q4 2025
| CCXIU Churchill Capital Corp. Xi | New | 2.80% | +2.80 |
| NXE Nexgen Energy Ltd. | Add +4759.1% | 2.27% | +2.22 |
| MESHU Meshflow Acquisition Corp. | New | 1.53% | +1.53 |
| IRHOU Iron Horse Acquisition II Co. | New | 1.52% | +1.52 |
| ASTL Algoma Steel Group Inc. | Add +42.2% | 4.79% | +1.37 |
| CEPV Cantor Equity Partners Class A | New | 1.25% | +1.25 |
| LPCVU Launchpad Cadenza Acquisitio | New | 1.02% | +1.02 |
| ADACU American Drive Acquisition C | New | 1.01% | +1.01 |
| APTV Aptiv PLC | Add +406.6% | 1.32% | +0.97 |
| ITHAU Ithax Acquisition Corp. III | New | 0.81% | +0.81 |
| WY Weyerhaeuser Co. | New | 0.79% | +0.79 |
| SBXE.U Silverbox Corp. V | New | 0.77% | +0.77 |
| CRANU Crane Harbor Acquisition Cor | New | 0.67% | +0.67 |
| ZONE Zone Frontier Inc. | New | 0.49% | +0.49 |
| IMSR Terrestrial Energy Inc. | New | 0.47% | +0.47 |
| MT Arcelormittal-NY Registered | New | 0.42% | +0.42 |
| BLRKU Bluerock Acquisition Corp. | New | 0.41% | +0.41 |
| TWLVU Twelve Seas Investment Co. II | New | 0.40% | +0.40 |
| ZZPWF Zooz Power Ltd. | New | 0.31% | +0.31 |
| SCPQU Social Commerce Partners Cor | New | 0.31% | +0.31 |
| RNGTU Range Capital Acquisition Co. | New | 0.26% | +0.26 |
| THS Treehouse Foods Inc. | New | 0.22% | +0.22 |
| EVOXU Evolution Global Acquisition | New | 0.20% | +0.20 |
| DSACU Daedalus Special Acquisition | New | 0.20% | +0.20 |
| AEAQU Activate Energy Acquisition | New | 0.20% | +0.20 |
| NFGC New Found Gold Corp. | Add +561.6% | 0.23% | +0.19 |
| HCACU Hall Chadwick Acquisition Co. | New | 0.18% | +0.18 |
| LFACU Leapfrog Acquisition Corp. | New | 0.15% | +0.15 |
| CRON Cronos Group Inc. | Add +56.1% | 0.74% | +0.15 |
| BIXIU Bitcoin Infrastructure Acqui | New | 0.15% | +0.15 |
| PROF Profound Medical Corp. | Add +6.1% | 0.43% | +0.13 |
| GM General Motors Co. | Add +14.9% | 0.55% | +0.13 |
| SUNC Sunococorp LLC | New | 0.11% | +0.11 |
| TDWD Tailwind 2.0 Acquisitio Class A | New | 0.08% | +0.08 |
| CF CF Industries Holdings Inc. | New | 0.07% | +0.07 |
| CNL Collective Mining Ltd. | New | 0.04% | +0.04 |
| DVS Dolly Varden Silver Ltd. | New | 0.01% | +0.01 |
| FUSE Fusemachines Inc. | New | 0.01% | +0.01 |
| ALPS Alps Group Inc. | New | 0.00% | +0.00 |
| SQNS Sequans Communications-ADR | New | 0.00% | +0.00 |
| ELONG POWER HOLDING LTD. | New | 0.00% | +0.00 |
| JTAI Jet AI Inc. | New | 0.00% | +0.00 |
| BWA Borgwarner Inc. | Add +8.1% | 0.39% | −0.02 |
| AEXA American Exceptionalism Class A | Add +0.1% | 0.73% | −0.09 |
| UPXI Upexi Inc. | Add +203.4% | 0.40% | −0.13 |
| SBET Sharplink Inc. | Add +61.9% | 0.73% | −0.28 |
| SUIG Sui Group Holdings Ltd. | Add +28.7% | 1.04% | −1.15 |
Notes & Other Activity Q3 2025 → Q4 2025
| USA RARE EARTH INC | *W EXP 03/13/203 | Sold out | 500,000 | $3.6Mbefore exit |
| INFQ.WS Churchill Capital Corp. X | *W EXP 05/14/203 | Reduce -13.8% | 430,970 | $3.3M |
| KYIVW Kyivstar Group Ltd. -30 | *W EXP 08/14/203 | Sold out | 213,666 | $867Kbefore exit |
| OCSAW Oculis Holding AG -30 | *W EXP 03/06/202 | Reduce -0.7% | 73,025 | $625K |
| CRMLW Critical Metals Corp.-28 | *W EXP 02/27/202 | Reduce -37.1% | 188,600 | $515K |
| VLOSW M3-Brigade Acquisition -30 | *W EXP 99/99/999 | Reduce -55.6% | 349,671 | $306K |
| BNCWW Cea Industries Inc. -CW27 | *W EXP 02/11/202 | Sold out | 742,575 | $249Kbefore exit |
| HCMAW HCM III Acquisition Corp. -30 | *W EXP 07/23/203 | New | 333,333 | $167K |
| PACHW Pioneer Acquisition I Corp. | *W EXP 06/16/203 | New | 375,000 | $98K |
| ONCHW 1RT Acquisition Corp.-A -31 | *W EXP 06/26/203 | New | 150,000 | $87K |
| OBAWW Oxley Bridge Acq Ltd. -30 | *W EXP 06/17/203 | New | 375,000 | $83K |
| FIGXW Figx Capital Acquisition Cor | *W EXP 06/17/203 | New | 250,000 | $69K |
| LWACW Lightwave Acquisition Corp. | *W EXP 06/06/203 | New | 125,000 | $34K |
| TDWDR Tailwind 2.0 Acquisition-RTS | RIGHT 11/07/2030 | New | 75,000 | $12K |
| FUSEW CSLM Holdings Inc. - 30 | *W EXP 10/22/203 | New | 175,000 | $11K |
| CEROW Phoenix Biotech Acq -CW26 | *W EXP 02/13/202 | Sold out | 375,000 | $5Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 161 | $1.2B | ARIS, ASTL, CXII, DMII, NXE |
| Q1 2026 | 146 | $1.1B | ARIS, ASTL, XNDU, NXE, CCXIU |
| Q4 2025 | 114 | $983.0M | ARIS, ASTL, CCXIU, DMIIU, NPAC |
| Q3 2025 | 87 | $838.7M | ARIS, ASTL, UEC, DMIIU, DNN |
| Q2 2025 | 73 | $814.6M | ARIS, UEC, ASTL, POET, DNN |
| Q1 2025 | 58 | $579.6M | UEC, ARIS, ML, ASTL, DNN |
| Q4 2024 | 62 | $659.0M | UEC, ASTL, ML, ARIS, DNN |
| Q3 2024 | 63 | $714.2M | UEC, ASTL, ARIS, DNN, URG |
| Q2 2024 | 68 | $713.0M | UEC, ASTL, ARIS, URG, NXE |
| Q1 2024 | 64 | $763.4M | UEC, ASTL, CVE, DNN, ARIS |