In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 16, 2024), Murchinson Ltd. reported 47 stock positions worth $884.2 million . Its top holding was TC Energy (TRP) at 57.3% of the portfolio, followed by United States Steel (X, 9.7% ) and Nano Dimension Ltd. - ADR (NNDM, 4.9% ). Compared with Q4 2023, it opened 29 new positions, sold out of 15, added to 7 and reduced 3. The biggest buy was a new position in TC Energy (TRP) and the biggest sale an exit from Bank of Nova Scotia (BNS).
Location TORONTO, A6
CIK 0001838556
Portfolio Value $884.2M (Q1 2024) Holdings 47 stocks · $884.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 TRP TC Energy Corp. 12,599,134 $506.5M New X United States Steel Corp. 2,100,000 $85.6M Add +66.5% NNDM Nano Dimension Ltd. - ADR 15,550,000 $43.3M Add +23.9% PXD Pioneer Natural Resources Co. 143,400 $37.6M Add +0.0% IBIT iShares Bitcoin Trust ETF 877,960 $35.5M New MSTR Strategy Inc. filed as MICROSTRATEGY INC 14,500 $24.7M New SII Sprott Inc. 500,000 $18.5M New BABA Alibaba Group Holding-SP ADR 250,000 $18.1M No change HES Hess Corp. 100,000 $15.3M No change ACI Albertsons Cos Inc. Class A 686,528 $14.7M New GOOG Alphabet Inc. Class C 50,100 $7.6M New CYTK Cytokinetics Inc. 108,795 $7.6M Add +56.7% AMED Amedisys Inc. 73,263 $6.8M New UEC Uranium Energy Corp. 1,000,000 $6.8M New KVUE Kenvue Inc. 230,103 $4.9M No change SP SP Plus Corp. 79,587 $4.2M New ORMP Oramed Pharmaceuticals Inc. 1,379,495 $4.0M Add +31.4% GOOGL Alphabet Inc. Class A 25,233 $3.8M Reduce -49.8% CPE Callon Petroleum Co. 100,000 $3.6M New CSTR Capstar Financial Holdings I 171,088 $3.4M Add +79.1% TWLO Twilio Inc. Class A 50,000 $3.1M New PAM Pampa Energia SA-Spon ADR 70,000 $3.0M New TXNM TXNM Energy Inc. filed as PNM RES INC 75,000 $2.8M No change BAYA Bayview Acquisition Corp. Class A 270,000 $2.7M No change TARO Taro Pharmaceutical Indus 54,137 $2.3M Reduce -67.7% ICCH Icc Holdings Inc. filed as ICC HLDGS INC 129,919 $2.1M No change ISPR Ispire Technology Inc. 331,110 $2.0M New OGI Organigram Holdings Inc. 813,906 $1.7M New YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 84,000 $1.7M Reduce -49.9% SPRO Spero Therapeutics Inc. 873,910 $1.5M Add +1.3% GSAT Globalstar Inc. 1,000,000 $1.5M New LSXMK Liberty Media Corp.-Liber-New 48,839 $1.5M New ARM Arm Holdings PLC-ADR 10,000 $1.2M New PARAA Paramount Global Class B 100,000 $1.2M New GRYPHON DIGITAL MNG INC 788,476 $1.2M New DAC Danaos Corp. 9,000 $650K New CNNE Cannae Holdings Inc. 21,110 $469K New DDD 3D Systems Corp. filed as 3-D SYS CORP DEL 50,000 $222K No change NIKI Niki Biosolutions Inc. filed as APTORUM GROUP LIMITED 14,000 $133K New KLTR Kaltura Inc. 98,389 $133K No change GFAI Guardforce AI Co. Ltd. 27,700 $102K New PHUN Phunware Inc. 10,000 $90K New MDAI Spectral AI Inc. 40,000 $85K New GXAI Gaxos.ai Inc. 13,207 $81K New AIXI Xiao-I Corp. 38,388 $69K New WETH Wetouch Technology Inc. 30,000 $68K New MULTISENSOR AI HOLDINGS INC 18,100 $41K New
Options reported separately and not counted above: MSTR puts ($62.2M), GOOG calls ($30.5M), SU puts ($22.5M), SU calls ($22.5M), BMO calls ($22.3M), BMO puts ($13.3M), FNV puts ($11.9M), FNV calls ($11.9M), SHOP puts ($9.6M), SHOP calls ($9.6M), SAVEQ puts ($9.0M), RY calls ($7.5M), and 20 more.
Other holdings (9): bonds, preferreds, convertibles and warrants · $10.6M (not counted above) Security Class Shares / Principal Value Change SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal 9,000,000 $4.3M New FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 6,500,000 $4.1M No change BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 4,500,000 $1.1M New DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal 1,000,000 $619K New THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal 1,000,000 $440K New BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 270,000 $30K New ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 20,400 $28K New EVLVW Evolv Technologies -CW26 *W EXP 07/16/202 22,600 $14K New WKSPW Worksport Ltd. -CW26 *W EXP 08/06/202 356,317 $10K New
Total filed on the 13F, all lines: $894.8M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ BNS Bank of Nova Scotia Sold out 0.00% −26.63 IWM iShares Russell 2000 ETF Sold out 0.00% −17.70 XLE SS Energy Select Sector Sold out 0.00% −7.61 SPLK Splunk Inc. Sold out 0.00% −5.40 IMO Imperial Oil Ltd. Sold out 0.00% −3.13 TARO Taro Pharmaceutical Indus Reduce -67.7% 0.26% −0.98 SPHR Sphere Entertainment Co. Sold out 0.00% −0.94 GOOGL Alphabet Inc. Class A Reduce -49.8% 0.43% −0.81 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.75 AYX Alteryx Inc. Class A Sold out 0.00% −0.70 SOVO Sovos Brands Inc. Sold out 0.00% −0.59 IMGN Immunogen Inc. Sold out 0.00% −0.52 CPRI Capri Holdings Ltd. Sold out 0.00% −0.44 YPF YPF S.A.-Sponsored ADR Reduce -49.9% 0.19% −0.32 TGH Textainer Group Holdings Ltd. Sold out 0.00% −0.25 SAVEQ Spirit Airlines Inc. Sold out 0.00% −0.14 NVAX Novavax Inc. Sold out 0.00% −0.08 AMPG Amplitech Group Inc. Sold out 0.00% 0.00
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ TRP TC Energy Corp. New 57.28% +57.28 IBIT iShares Bitcoin Trust ETF New 4.02% +4.02 MSTR Strategy Inc. New 2.80% +2.80 SII Sprott Inc. New 2.09% +2.09 ACI Albertsons Cos Inc. Class A New 1.66% +1.66 GOOG Alphabet Inc. Class C New 0.86% +0.86 AMED Amedisys Inc. New 0.76% +0.76 UEC Uranium Energy Corp. New 0.76% +0.76 SP SP Plus Corp. New 0.47% +0.47 CPE Callon Petroleum Co. New 0.40% +0.40 TWLO Twilio Inc. Class A New 0.35% +0.35 PAM Pampa Energia SA-Spon ADR New 0.34% +0.34 ISPR Ispire Technology Inc. New 0.23% +0.23 OGI Organigram Holdings Inc. New 0.20% +0.20 GSAT Globalstar Inc. New 0.17% +0.17 LSXMK Liberty Media Corp.-Liber-New New 0.16% +0.16 ARM Arm Holdings PLC-ADR New 0.14% +0.14 PARAA Paramount Global Class B New 0.13% +0.13 GRYPHON DIGITAL MNG INC New 0.13% +0.13 DAC Danaos Corp. New 0.07% +0.07 CSTR Capstar Financial Holdings I Add +79.1% 0.39% +0.07 CNNE Cannae Holdings Inc. New 0.05% +0.05 ORMP Oramed Pharmaceuticals Inc. Add +31.4% 0.46% +0.03 NIKI Niki Biosolutions Inc. New 0.01% +0.01 GFAI Guardforce AI Co. Ltd. New 0.01% +0.01 PHUN Phunware Inc. New 0.01% +0.01 MDAI Spectral AI Inc. New 0.01% +0.01 GXAI Gaxos.ai Inc. New 0.01% +0.01 AIXI Xiao-I Corp. New 0.01% +0.01 WETH Wetouch Technology Inc. New 0.01% +0.01 MULTISENSOR AI HOLDINGS INC New 0.00% +0.00 SPRO Spero Therapeutics Inc. Add +1.3% 0.17% −0.05 CYTK Cytokinetics Inc. Add +56.7% 0.86% −0.16 NNDM Nano Dimension Ltd. - ADR Add +23.9% 4.90% −0.41 X United States Steel Corp. Add +66.5% 9.69% −1.14 PXD Pioneer Natural Resources Co. Add +0.0% 4.26% −1.43
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ MSTR Strategy Inc. put New 36,500 $62.2M GOOG Alphabet Inc. Class C call New 200,000 $30.5M SU Suncor Energy Inc. put New 610,000 $22.5M SU Suncor Energy Inc. call New 610,000 $22.5M BMO Bank of Montreal call New 228,500 $22.3M BMO Bank of Montreal put New 135,800 $13.3M FNV Franco-Nevada Corp. put New 100,000 $11.9M FNV Franco-Nevada Corp. call New 100,000 $11.9M SHOP Shopify Inc. Class A put New 125,000 $9.6M SHOP Shopify Inc. Class A call New 125,000 $9.6M SAVEQ Spirit Airlines Inc. put New 1,850,000 $9.0M RY Royal Bank of Canada call New 74,000 $7.5M RY Royal Bank of Canada put New 74,000 $7.5M AEM Agnico Eagle Mines Ltd. put New 93,800 $5.6M AEM Agnico Eagle Mines Ltd. call New 93,800 $5.6M MGA Magna International Inc. put New 100,000 $5.4M MGA Magna International Inc. call New 100,000 $5.4M CNQ Canadian Natural Resources put New 71,200 $5.4M CNQ Canadian Natural Resources call New 71,200 $5.4M CVE Cenovus Energy Inc. call New 192,500 $3.8M CVE Cenovus Energy Inc. put New 192,500 $3.8M BYND Beyond Meat Inc. put New 407,700 $3.4M ECHO Echostar Corp. Class A put New 163,100 $2.3M FWRD Forward Air Corp. put New 17,700 $551K SMR Nuscale Power Corp. call New 91,000 $483K YPF YPF S.A.-Sponsored ADR call New 22,200 $440K RUN Sunrun Inc. call New 25,000 $330K ISPR Ispire Technology Inc. put New 50,000 $307K SPWRQ Sunpower Corp. put New 100,000 $300K AMTX Aemetis Inc. put New 34,100 $204K LUMN Lumen Technologies Inc. put New 118,200 $184K XELA Exela Technologies Inc. put New 13,000 $42K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal New 9,000,000 $4.3M GROUPON INC (GRPN 1.125 03/15/26) NOTE 1.125% 3/1 · principal Sold out 3,500,000 $2.2Mbefore exit BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal New 4,500,000 $1.1M DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal New 1,000,000 $619K THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal New 1,000,000 $440K BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 New 270,000 $30K ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 New 20,400 $28K EVLVW Evolv Technologies -CW26 *W EXP 07/16/202 New 22,600 $14K WKSPW Worksport Ltd. -CW26 *W EXP 08/06/202 New 356,317 $10K
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 50 $203.2M NNDM, GTLS, EWY, NWAX, CM Q1 2026 58 $248.5M SOBO, NTR, NNDM, GTLS, RY Q4 2025 37 $160.2M TRP, NNDM, SUNC, MCGA, PTHS Q3 2025 45 $507.0M TRP, NTR, SPY, NNDM, COOP Q2 2025 47 $176.3M SOBO, NNDM, ESGR, GLD, VALE Q1 2025 72 $561.6M BNS, SOBO, X, NNDM, ITCI Q4 2024 38 $209.0M NNDM, HES, X, SPY, ACI Q3 2024 52 $226.1M NNDM, X, QQQ, HES, MSOS Q2 2024 Amended 37 $443.4M TRP, X, IBIT, NNDM, GLD Q1 2024 Amended 47 $884.2M TRP, X, NNDM, PXD, IBIT