Murchinson Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Murchinson Ltd. reported 72 stock positions worth $561.6 million. Its top holding was Bank of Nova Scotia (BNS) at 36.3% of the portfolio, followed by South Bow (SOBO, 24.0%) and United States Steel (X, 6.0%). Compared with Q4 2024, it opened 50 new positions, sold out of 16, added to 11 and reduced 4. The biggest buy was a new position in Bank of Nova Scotia (BNS) and the biggest sale Hess (HES, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001838556
- Portfolio Value
- $561.6M (Q1 2025)
- SEC Filing
- 0001641172-25-010970 ↗ filed May 15, 2025
Holdings Value
Holdings 72 stocks · $561.6M
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 36.32% | 4,300,083 | $204.0M | New |
| SOBO South Bow Corp. | 23.97% | 5,274,000 | $134.6M | New |
| X United States Steel Corp. | 6.03% | 801,700 | $33.9M | Reduce -11.1% |
| NNDM Nano Dimension Ltd. - ADR | 4.40% | 15,550,000 | $24.7M | No change |
| ITCI Intra-Cellular Therapies Inc. | 2.82% | 120,049 | $15.8M | New |
| WEX Wex Inc. | 2.80% | 100,000 | $15.7M | New |
| IBIT iShares Bitcoin Trust ETF | 2.08% | 250,000 | $11.7M | New |
| DFS Discover Financial Services | 1.86% | 61,244 | $10.5M | New |
| VALE Vale SA-SP ADR | 1.78% | 1,000,000 | $10.0M | No change |
| QSR Restaurant Brands Intern | 1.74% | 146,832 | $9.8M | New |
| ML Moneylion Inc. | 1.72% | 111,569 | $9.7M | New |
| GOOG Alphabet Inc. Class C | 1.39% | 50,000 | $7.8M | Add +400.0% |
| GS Goldman Sachs Group Inc. | 0.97% | 10,000 | $5.5M | Add +100.0% |
| FNA Paragon 28 Inc. | 0.93% | 400,000 | $5.2M | New |
| MSOS Advisorshares Pure US Cann | 0.91% | 1,949,800 | $5.1M | No change |
| TXNM TXNM Energy Inc. | 0.71% | 75,000 | $4.0M | No change |
| ORMP Oramed Pharmaceuticals Inc. | 0.67% | 1,751,759 | $3.7M | Add +0.1% |
| DM Desktop Metal Inc. Class A | 0.66% | 750,000 | $3.7M | New |
| LYFT LYFT Inc. Class A | 0.63% | 299,900 | $3.6M | New |
| AUB Atlantic Union Bankshares Co. | 0.59% | 106,874 | $3.3M | New |
| RNST Renasant Corp. | 0.57% | 94,974 | $3.2M | New |
| CYTK Cytokinetics Inc. | 0.56% | 78,795 | $3.2M | No change |
| OABI Omniab Inc. | 0.43% | 1,007,810 | $2.4M | Add +0.8% |
| PERI Perion Network Ltd. | 0.41% | 279,380 | $2.3M | New |
| SWTX Springworks Therapeutics Inc. | 0.39% | 50,000 | $2.2M | New |
| SPR Spirit Aerosystems Hold Class A | 0.31% | 50,000 | $1.7M | New |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 0.29% | 570,000 | $1.6M | Add +26.7% |
| SRDX Surmodics Inc. | 0.29% | 52,981 | $1.6M | Add +5.8% |
| PLYA Playa Hotels & Resorts NV | 0.26% | 107,500 | $1.4M | New |
| FTAI Ftai Aviation Ltd. | 0.20% | 10,000 | $1.1M | Add +100.0% |
| IONQ Ionq Inc. | 0.20% | 50,000 | $1.1M | New |
| NBIS Nebius Group NV | 0.19% | 50,000 | $1.1M | Reduce -28.6% |
| CLVT Clarivate PLC | 0.17% | 250,000 | $983K | New |
| PPLI People Inc. filed as IAC INC | 0.17% | 25,000 | $946K | New |
| CRWV Coreweave Inc. Class A | 0.17% | 25,000 | $927K | New |
| DMAAU Drugs Made in America Acquis | 0.16% | 90,000 | $915K | New |
| HOPE Hope Bancorp Inc. | 0.14% | 76,830 | $804K | New |
| CORZ Core Scientific Inc. | 0.14% | 110,000 | $796K | New |
| NTGR Netgear Inc. | 0.14% | 32,200 | $788K | New |
| SFM Sprouts Farmers Market Inc. | 0.14% | 5,000 | $763K | New |
| SPCE Virgin Galactic Holdings Inc. | 0.13% | 250,000 | $758K | New |
| FRO Frontline PLC | 0.12% | 45,540 | $676K | New |
| SPRO Spero Therapeutics Inc. | 0.11% | 873,910 | $629K | No change |
| NXH Neighborhood Intelligence Inc. filed as BEYOND INC | 0.10% | 100,000 | $580K | Add +66.7% |
| ETF OPPORTUNITIES TRUST | 0.10% | 100,000 | $546K | New |
| HES Hess Corp. | 0.09% | 3,000 | $479K | Reduce -98.8% |
| INBX Inhibrx Biosciences Inc. | 0.08% | 33,790 | $473K | No change |
| SMCI Super Micro Computer Inc. | 0.08% | 12,500 | $428K | New |
| ANSS Ansys Inc. | 0.07% | 1,313 | $416K | New |
| GRYPHON DIGITAL MNG INC | 0.07% | 2,403,988 | $409K | Add +271.4% |
| ENVX Enovix Corp. | 0.07% | 50,000 | $367K | Add +66.7% |
| ENSC Ensysce Biosciences Inc. | 0.06% | 140,000 | $358K | New |
| TSSI TSS Inc. | 0.06% | 44,173 | $347K | Reduce -81.0% |
| BTAIQ Bioxcel Therapeutics Inc. | 0.05% | 136,076 | $276K | New |
| PLCE The Children's Place Inc. | 0.05% | 30,456 | $266K | New |
| BLUEBIRD BIO INC | 0.05% | 52,000 | $254K | New |
| BECN Beacon Roofing Supply Inc. | 0.04% | 2,000 | $247K | New |
| BNC Cea Industries Inc. | 0.04% | 25,812 | $230K | New |
| BARK Bark Inc. | 0.04% | 163,543 | $227K | New |
| CMRX Chimerix Inc. | 0.04% | 24,000 | $204K | New |
| RDUS Radius Recycling Inc. Class A | 0.04% | 7,000 | $202K | New |
| WBA Walgreens Boots Alliance Inc. | 0.04% | 18,000 | $201K | New |
| TSVT 2SEVENTY Bio Inc. | 0.04% | 40,000 | $198K | New |
| RITHM PPTY TR INC | 0.02% | 42,500 | $122K | Add +240.0% |
| USAS Americas Gold and Silver Cor | 0.02% | 200,000 | $107K | New |
| ACCD Accolade Inc. | 0.02% | 14,500 | $101K | New |
| VOXX Voxx International Corp. | 0.02% | 13,400 | $101K | New |
| AMPS Altus Power Inc. | 0.02% | 20,300 | $100K | New |
| SPIR Spire Global Inc. | 0.01% | 10,000 | $81K | New |
| EPSM Epsium Enterprise Ltd. Class A | 0.01% | 10,000 | $53K | New |
| RLAY Relay Therapeutics Inc. | 0.00% | 10,000 | $26K | New |
| HUMA Humacyte Inc. | 0.00% | 10,000 | $17K | New |
Options reported separately and not counted above: MCD calls ($310.9M), SPY calls ($279.7M), BYND puts ($216.5M), WEX puts ($177.0M), JNJ calls ($78.8M), GDX calls ($46.8M), NTR puts ($13.7M), AEM calls ($9.8M), AEM puts ($9.8M), SU puts ($9.7M), SU calls ($9.7M), INOD puts ($4.8M), and 9 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $11.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 6,000,000 | $5.7M | New |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 3,500,000 | $3.4M | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | 11,500,000 | $1.4M | Add +21.1% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 1,000,000 | $1.0M | No change |
| BAYAR Bayview Acquisition Corp. | RIGHT 11/17/2028 | 270,000 | $51K | No change |
Total filed on the 13F, all lines: $573.1M.
Portfolio Sells Q4 2024 → Q1 2025
| HES Hess Corp. | Reduce -98.8% | 0.09% | −15.82 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −14.02 |
| X United States Steel Corp. | Reduce -11.1% | 6.03% | −8.63 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −5.66 |
| HCP Hashicorp Inc. Class A | Sold out | 0.00% | −2.87 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −1.66 |
| TSSI TSS Inc. | Reduce -81.0% | 0.06% | −1.25 |
| CLST Catalyst Bancorp Inc. | Sold out | 0.00% | −0.83 |
| NBIS Nebius Group NV | Reduce -28.6% | 0.19% | −0.74 |
| GEAR Revelyst Inc. | Sold out | 0.00% | −0.71 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.55 |
| SKYT Skywater Technology Inc. | Sold out | 0.00% | −0.33 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.30 |
| GEL Genesis Energy L.P. | Sold out | 0.00% | −0.24 |
| IOT Samsara Inc. Class A | Sold out | 0.00% | −0.21 |
| FARADAY FUTURE INTLGT ELEC I | Sold out | 0.00% | −0.19 |
| SCLX Scilex Holding Co. | Sold out | 0.00% | −0.14 |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | Sold out | 0.00% | −0.13 |
| KLTR Kaltura Inc. | Sold out | 0.00% | −0.07 |
| AMPG Amplitech Group Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| BNS Bank of Nova Scotia | New | 36.32% | +36.32 |
| SOBO South Bow Corp. | New | 23.97% | +23.97 |
| ITCI Intra-Cellular Therapies Inc. | New | 2.82% | +2.82 |
| WEX Wex Inc. | New | 2.80% | +2.80 |
| IBIT iShares Bitcoin Trust ETF | New | 2.08% | +2.08 |
| DFS Discover Financial Services | New | 1.86% | +1.86 |
| QSR Restaurant Brands Intern | New | 1.74% | +1.74 |
| ML Moneylion Inc. | New | 1.72% | +1.72 |
| FNA Paragon 28 Inc. | New | 0.93% | +0.93 |
| DM Desktop Metal Inc. Class A | New | 0.66% | +0.66 |
| LYFT LYFT Inc. Class A | New | 0.63% | +0.63 |
| AUB Atlantic Union Bankshares Co. | New | 0.59% | +0.59 |
| RNST Renasant Corp. | New | 0.57% | +0.57 |
| GOOG Alphabet Inc. Class C | Add +400.0% | 1.39% | +0.48 |
| PERI Perion Network Ltd. | New | 0.41% | +0.41 |
| SWTX Springworks Therapeutics Inc. | New | 0.39% | +0.39 |
| SPR Spirit Aerosystems Hold Class A | New | 0.31% | +0.31 |
| PLYA Playa Hotels & Resorts NV | New | 0.26% | +0.26 |
| IONQ Ionq Inc. | New | 0.20% | +0.20 |
| CLVT Clarivate PLC | New | 0.17% | +0.17 |
| PPLI People Inc. | New | 0.17% | +0.17 |
| CRWV Coreweave Inc. Class A | New | 0.17% | +0.17 |
| DMAAU Drugs Made in America Acquis | New | 0.16% | +0.16 |
| HOPE Hope Bancorp Inc. | New | 0.14% | +0.14 |
| CORZ Core Scientific Inc. | New | 0.14% | +0.14 |
| NTGR Netgear Inc. | New | 0.14% | +0.14 |
| SFM Sprouts Farmers Market Inc. | New | 0.14% | +0.14 |
| SPCE Virgin Galactic Holdings Inc. | New | 0.13% | +0.13 |
| FRO Frontline PLC | New | 0.12% | +0.12 |
| ETF OPPORTUNITIES TRUST | New | 0.10% | +0.10 |
| SMCI Super Micro Computer Inc. | New | 0.08% | +0.08 |
| ANSS Ansys Inc. | New | 0.07% | +0.07 |
| ENSC Ensysce Biosciences Inc. | New | 0.06% | +0.06 |
| BTAIQ Bioxcel Therapeutics Inc. | New | 0.05% | +0.05 |
| PLCE The Children's Place Inc. | New | 0.05% | +0.05 |
| BLUEBIRD BIO INC | New | 0.05% | +0.05 |
| BECN Beacon Roofing Supply Inc. | New | 0.04% | +0.04 |
| BNC Cea Industries Inc. | New | 0.04% | +0.04 |
| BARK Bark Inc. | New | 0.04% | +0.04 |
| CMRX Chimerix Inc. | New | 0.04% | +0.04 |
| RDUS Radius Recycling Inc. Class A | New | 0.04% | +0.04 |
| WBA Walgreens Boots Alliance Inc. | New | 0.04% | +0.04 |
| TSVT 2SEVENTY Bio Inc. | New | 0.04% | +0.04 |
| USAS Americas Gold and Silver Cor | New | 0.02% | +0.02 |
| ACCD Accolade Inc. | New | 0.02% | +0.02 |
| AMPS Altus Power Inc. | New | 0.02% | +0.02 |
| VOXX Voxx International Corp. | New | 0.02% | +0.02 |
| SPIR Spire Global Inc. | New | 0.01% | +0.01 |
| EPSM Epsium Enterprise Ltd. Class A | New | 0.01% | +0.01 |
| RLAY Relay Therapeutics Inc. | New | 0.00% | +0.00 |
Options Activity Q4 2024 → Q1 2025
| MCD McDonald's Corp. | call | New | 150,000 | $310.9M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 500,000 | $279.7M |
| WEX Wex Inc. | put | New | 100,000 | $177.0M |
| JNJ Johnson & Johnson | call | New | 100,000 | $78.8M |
| GDX Vaneck Gold Miners ETF | call | New | 250,000 | $46.8M |
| NTR Nutrien Ltd. | put | New | 275,000 | $13.7M |
| AEM Agnico Eagle Mines Ltd. | call | New | 90,000 | $9.8M |
| AEM Agnico Eagle Mines Ltd. | put | New | 90,000 | $9.8M |
| SU Suncor Energy Inc. | put | New | 250,000 | $9.7M |
| SU Suncor Energy Inc. | call | New | 250,000 | $9.7M |
| INOD Innodata Inc. | put | New | 20,000 | $4.8M |
| XIFR XPLR Infrastructure LP | put | New | 50,000 | $4.0M |
| ECHO Echostar Corp. Class A | put | Sold out | 163,100 | $3.7Mbefore exit |
| FWRD Forward Air Corp. | put | New | 100,000 | $2.8M |
| RGTI Rigetti Computing Inc. | call | Sold out | 100,000 | $1.5Mbefore exit |
| LUNR Intuitive Machines Inc. | call | Sold out | 70,000 | $1.3Mbefore exit |
| XIFR XPLR Infrastructure LP | call | New | 10,000 | $850K |
| SPCE Virgin Galactic Holdings Inc. | put | New | 244,500 | $741K |
| FUBO Fubotv Inc. | put | Reduce -84.2% | 50,000 | $500K |
| ARBE Arbe Robotics Ltd. | call | New | 100,000 | $250K |
| FLNA Filana Therapeutics Inc. | call | Reduce -58.5% | 42,500 | $115K |
| TMCI Treace Medical Concepts Inc. | put | Sold out | 10,000 | $74Kbefore exit |
| GSAT Globalstar Inc. | call | Add +5.0% | 14,000 | $20K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 6,000,000 | $5.7M |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | Sold out | 5,200,000 | $4.2Mbefore exit |
| IONQ.WS Ionq Inc. -CW26 | *W EXP 09/30/202 | Sold out | 74,500 | $2.3Mbefore exit |
| BEYOND MEAT INC (BYND 0 03/15/27) | NOTE 3/1 · principal | Add +21.1% | 11,500,000 | $1.4M |
| BRISTOL MYERS - CELGENE CVR | RIGHT 12/30/2030 | Sold out | 400,000 | $700Kbefore exit |
| RDW.WS Redwire Corp. -CW27 | *W EXP 05/27/202 | Sold out | 24,500 | $167Kbefore 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 2024Amended | 37 | $443.4M | TRP, X, IBIT, NNDM, GLD |
| Q1 2024Amended | 47 | $884.2M | TRP, X, NNDM, PXD, IBIT |