In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Murchinson Ltd. reported 38 stock positions worth $209.0 million . Its top holding was Nano Dimension Ltd. - ADR (NNDM) at 18.5% of the portfolio, followed by Hess (HES, 15.9% ) and United States Steel (X, 14.7% ). Compared with Q3 2024, it opened 21 new positions, sold out of 35, added to 3 and reduced 7. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Invesco QQQ Trust Series 1 (QQQ).
Location TORONTO, A6
CIK 0001838556
Portfolio Value $209.0M (Q4 2024) Holdings 38 stocks · $209.0M 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 Q3 2024 NNDM Nano Dimension Ltd. - ADR 15,550,000 $38.6M No change HES Hess Corp. 250,000 $33.3M Add +100.0% X United States Steel Corp. 901,700 $30.6M Reduce -13.8% SPY SS SPDR S&P 500 ETF Trust-US 50,000 $29.3M New ACI Albertsons Cos Inc. Class A 602,315 $11.8M Reduce -4.7% VALE Vale SA-SP ADR 1,000,000 $8.9M No change MSOS Advisorshares Pure US Cann 1,949,800 $7.4M Add +2.6% HCP Hashicorp Inc. Class A 175,097 $6.0M Reduce -3.3% ORMP Oramed Pharmaceuticals Inc. 1,750,959 $4.2M Add +2.5% CYTK Cytokinetics Inc. 78,795 $3.7M Reduce -6.0% TXNM TXNM Energy Inc. 75,000 $3.7M No change OABI Omniab Inc. 1,000,000 $3.5M No change ASML ASML Holding NV-NY Reg SHS 5,000 $3.5M New GS Goldman Sachs Group Inc. 5,000 $2.9M New TSSI TSS Inc. 231,900 $2.8M New TDAY USA Today Co. Inc. filed as GANNETT CO INC 450,000 $2.3M No change SRDX Surmodics Inc. 50,081 $2.0M Reduce -8.9% NBIS Nebius Group NV 70,000 $1.9M New GOOG Alphabet Inc. Class C 10,000 $1.9M New CLST Catalyst Bancorp Inc. 259,067 $1.7M New GEAR Revelyst Inc. 77,538 $1.5M New DELL Dell Technologies -C 10,000 $1.2M New SPRO Spero Therapeutics Inc. 873,910 $900K New FTAI Ftai Aviation Ltd. 5,000 $720K New SKYT Skywater Technology Inc. 50,000 $690K New AMTM Amentum Holdings Inc. 30,000 $631K New INBX Inhibrx Biosciences Inc. 33,790 $520K No change GEL Genesis Energy L.P. 50,000 $506K Reduce -33.5% IOT Samsara Inc. Class A 10,000 $437K New FARADAY FUTURE INTLGT ELEC I 160,700 $391K New ENVX Enovix Corp. 30,000 $326K New NXH Neighborhood Intelligence Inc. filed as BEYOND INC 60,000 $296K New SCLX Scilex Holding Co. 663,705 $283K New SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) filed as LIBERTY MEDIA CORP DEL 250,000 $262K New GRYPHON DIGITAL MNG INC 647,339 $259K No change KLTR Kaltura Inc. 62,259 $137K Reduce -36.7% RITHM PPTY TR INC 12,500 $37K New AMPG Amplitech Group Inc. 63,000 $5K New
Options reported separately and not counted above: ECHO puts ($3.7M), BYND puts ($3.2M), RGTI calls ($1.5M), LUNR calls ($1.3M), LUMN puts ($628K), GSAT calls ($414K), FUBO puts ($399K), FLNA calls ($242K), TMCI puts ($74K).
Other holdings (8): bonds, preferreds, convertibles and warrants · $13.3M (not counted above) Security Class Shares / Principal Value Change FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal 5,200,000 $4.2M Reduce -5.5% CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal 3,500,000 $3.5M New IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 74,500 $2.3M New BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 9,500,000 $1.5M No change REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 1,000,000 $985K New BRISTOL MYERS - CELGENE CVR RIGHT 12/30/2030 400,000 $700K New RDW.WS Redwire Corp. -CW27 *W EXP 05/27/202 24,500 $167K New BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 270,000 $41K No change
Total filed on the 13F, all lines: $222.3M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −13.49 AMED Amedisys Inc. Sold out 0.00% −4.50 MGRC McGrath Rentcorp Sold out 0.00% −2.08 PRFT Perficient Inc. Sold out 0.00% −1.90 X United States Steel Corp. Reduce -13.8% 14.66% −1.68 COP Conocophillips Sold out 0.00% −1.19 CEG Constellation Energy Sold out 0.00% −1.15 YPF YPF S.A.-Sponsored ADR Sold out 0.00% −1.09 GSAT Globalstar Inc. Sold out 0.00% −0.68 UEC Uranium Energy Corp. Sold out 0.00% −0.62 DM Desktop Metal Inc. Class A Sold out 0.00% −0.43 SWN Southwestern Energy Co. Sold out 0.00% −0.31 RY Royal Bank of Canada Sold out 0.00% −0.29 GEL Genesis Energy L.P. Reduce -33.5% 0.24% −0.20 CYTK Cytokinetics Inc. Reduce -6.0% 1.77% −0.18 TD Toronto-Dominion Bank Sold out 0.00% −0.18 SHOP Shopify Inc. Class A Sold out 0.00% −0.16 ENB Enbridge Inc. Sold out 0.00% −0.15 CNI Canadian Natl Railway Co. Sold out 0.00% −0.14 CP Canadian Pacific Kansas City Sold out 0.00% −0.13 BN Brookfield Corp. Sold out 0.00% −0.13 CNQ Canadian Natural Resources Sold out 0.00% −0.12 BNS Bank of Nova Scotia Sold out 0.00% −0.11 BMO Bank of Montreal Sold out 0.00% −0.11 CM Can Imperial BK of Commerce Sold out 0.00% −0.10 AXONICS INC Sold out 0.00% −0.09 PWSC Powerschool Holdings Inc. Class A Sold out 0.00% −0.09 CONSOLIDATED COMM HLDGS INC Sold out 0.00% −0.09 VZIO Vizio Holding Corp. Class A Sold out 0.00% −0.09 SHCR Sharecare Inc. Sold out 0.00% −0.09 SGRP Spar Group Inc. Sold out 0.00% −0.09 TELL Tellurian Inc. Sold out 0.00% −0.09 VGR Vector Group Ltd. Sold out 0.00% −0.09 AGS Playags Inc. Sold out 0.00% −0.09 AAN The Aaron's Co. Inc. Sold out 0.00% −0.08 RCM R1 RCM Inc. Sold out 0.00% −0.08 ZJK ZJK Industrial Co. Ltd. Class A Sold out 0.00% −0.08 DDD 3D Systems Corp. Sold out 0.00% −0.01 SRDX Surmodics Inc. Reduce -8.9% 0.95% +0.01 KLTR Kaltura Inc. Reduce -36.7% 0.07% +0.01 HCP Hashicorp Inc. Class A Reduce -3.3% 2.87% +0.15 ACI Albertsons Cos Inc. Class A Reduce -4.7% 5.66% +0.49
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US New 14.02% +14.02 HES Hess Corp. Add +100.0% 15.91% +8.40 ASML ASML Holding NV-NY Reg SHS New 1.66% +1.66 GS Goldman Sachs Group Inc. New 1.37% +1.37 TSSI TSS Inc. New 1.32% +1.32 NBIS Nebius Group NV New 0.93% +0.93 GOOG Alphabet Inc. Class C New 0.91% +0.91 CLST Catalyst Bancorp Inc. New 0.83% +0.83 GEAR Revelyst Inc. New 0.71% +0.71 DELL Dell Technologies -C New 0.55% +0.55 SPRO Spero Therapeutics Inc. New 0.43% +0.43 FTAI Ftai Aviation Ltd. New 0.34% +0.34 SKYT Skywater Technology Inc. New 0.33% +0.33 AMTM Amentum Holdings Inc. New 0.30% +0.30 IOT Samsara Inc. Class A New 0.21% +0.21 FARADAY FUTURE INTLGT ELEC I New 0.19% +0.19 ORMP Oramed Pharmaceuticals Inc. Add +2.5% 2.03% +0.18 ENVX Enovix Corp. New 0.16% +0.16 NXH Neighborhood Intelligence Inc. New 0.14% +0.14 SCLX Scilex Holding Co. New 0.14% +0.14 SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) New 0.13% +0.13 RITHM PPTY TR INC New 0.02% +0.02 AMPG Amplitech Group Inc. New 0.00% +0.00 MSOS Advisorshares Pure US Cann Add +2.6% 3.55% −2.47
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ MSTR Strategy Inc. put Sold out 220,000 $37.1Mbefore exit RY Royal Bank of Canada put Sold out 146,000 $18.2Mbefore exit RY Royal Bank of Canada call Sold out 146,000 $18.2Mbefore exit BA The Boeing Co. put Sold out 100,000 $15.2Mbefore exit AIR Aar Corp. put Sold out 130,700 $8.5Mbefore exit SAVEQ Spirit Airlines Inc. put Sold out 2,275,900 $5.5Mbefore exit SU Suncor Energy Inc. call Sold out 110,000 $4.1Mbefore exit SU Suncor Energy Inc. put Sold out 110,000 $4.1Mbefore exit RGTI Rigetti Computing Inc. call New 100,000 $1.5M LUNR Intuitive Machines Inc. call New 70,000 $1.3M GOLD Gold.com Inc. put Sold out 10,000 $442Kbefore exit GSAT Globalstar Inc. call New 200,000 $414K FWRD Forward Air Corp. put Sold out 10,000 $354Kbefore exit FLNA Filana Therapeutics Inc. call New 102,500 $242K IMMR Immersion Corporation put Sold out 20,000 $178Kbefore exit NVTS Navitas Semiconductor Corp. put Sold out 57,900 $142Kbefore exit XELA Exela Technologies Inc. put Sold out 13,000 $27Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ RIVIAN AUTO INC (RIVN 4.625 03/15/29) NOTE 4.625% 3/1 · principal Sold out 9,500,000 $8.9Mbefore exit FUBOTV INC (FUBO 3.25 02/15/26) NOTE 3.250% 2/1 · principal Reduce -5.5% 5,200,000 $4.2M CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal New 3,500,000 $3.5M IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 New 74,500 $2.3M SPIRIT AIRLINES INC (SAVE 1 05/15/26) NOTE 1.000% 5/1 · principal Sold out 7,000,000 $2.1Mbefore exit THE REALREAL INC (REAL 1 03/01/28) NOTE 1.000% 3/0 · principal Sold out 2,700,000 $1.3Mbefore exit REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal New 1,000,000 $985K CHEGG INC (CHGG 0 09/01/26) NOTE 9/0 · principal Sold out 1,000,000 $761Kbefore exit BRISTOL MYERS - CELGENE CVR RIGHT 12/30/2030 New 400,000 $700K RDW.WS Redwire Corp. -CW27 *W EXP 05/27/202 New 24,500 $167K SMR.WS Nuscale Power Co. -CW27 *W EXP 05/02/202 Sold out 20,000 $64Kbefore exit ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 Sold out 20,400 $35Kbefore exit MRNOW Murano Global BV-28 *W EXP 03/19/202 Sold out 106,049 $15Kbefore exit CRMLW Critical Metals Corp.-28 *W EXP 02/27/202 Sold out 39,355 $10Kbefore 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 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