In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Murchinson Ltd. reported 47 stock positions worth $176.3 million . Its top holding was South Bow (SOBO) at 18.1% of the portfolio, followed by Nano Dimension Ltd. - ADR (NNDM, 14.3% ) and Enstar (ESGR, 8.9% ). Compared with Q1 2025, it opened 21 new positions, sold out of 46, added to 6 and reduced 12. The biggest buy was a new position in Enstar (ESGR) and the biggest sale an exit from Bank of Nova Scotia (BNS).
Location TORONTO, A6
CIK 0001838556
Portfolio Value $176.3M (Q2 2025) Holdings 47 stocks · $176.3M 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 Q1 2025 SOBO South Bow Corp. 1,231,600 $31.9M Reduce -76.7% NNDM Nano Dimension Ltd. - ADR 15,550,000 $25.2M No change ESGR Enstar Group Ltd. 46,709 $15.7M New GLD SPDR Gold Shares 50,000 $15.2M New VALE Vale SA-SP ADR 1,000,000 $9.7M No change ANSS Ansys Inc. 21,313 $7.5M Add +1523.2% GOOG Alphabet Inc. Class C 41,250 $7.3M Reduce -17.5% AZEK The Azek Co. Inc. 100,000 $5.4M New VZLA Vizsla Silver Corp. 1,670,000 $4.9M New MCD McDonald's Corp. 15,000 $4.4M New ORMP Oramed Pharmaceuticals Inc. 1,751,559 $3.9M Reduce -0.0% AMD Advanced Micro Devices 25,000 $3.5M New HES Hess Corp. 25,584 $3.5M Add +752.8% AUB Atlantic Union Bankshares Co. 106,874 $3.3M No change RDFN Redfin Corp. 285,052 $3.2M New SKX Skechers USA Inc. Class A 50,000 $3.2M New DJT Trump Media & Technology Gro 150,006 $2.7M New COOP Mr Cooper Group Inc. 17,877 $2.7M New SWTX Springworks Therapeutics Inc. 50,000 $2.3M No change TDAY USA Today Co. Inc. filed as GANNETT CO INC 540,000 $1.9M Reduce -5.3% SPR Spirit Aerosystems Hold Class A 50,000 $1.9M No change MSOS Advisorshares Pure US Cann 671,300 $1.6M Reduce -65.6% TSLA Tesla Inc. 5,000 $1.6M New SRDX Surmodics Inc. 52,900 $1.6M Reduce -0.1% FLYYQ Spirit Aviation Holdings Inc. 304,258 $1.5M New CORZ Core Scientific Inc. 83,600 $1.4M Reduce -24.0% ECVT Ecovyst Inc. 148,200 $1.2M New ASTS Ast Spacemobile Inc. 25,000 $1.2M New CLF Cleveland-Cliffs Inc. 150,000 $1.1M New OABI Omniab Inc. 502,810 $875K Reduce -50.1% ETF OPPORTUNITIES TRUST 68,675 $594K Reduce -31.3% INBX Inhibrx Biosciences Inc. 33,790 $482K No change HITI High Tide Inc. 173,204 $398K New ENVX Enovix Corp. 37,000 $383K Reduce -26.0% BARK Bark Inc. 410,043 $361K Add +150.7% HTZ Hertz Global Hldgs Inc. 40,734 $278K New BNC Cea Industries Inc. 26,520 $266K Add +2.7% PLCE The Children's Place Inc. 59,983 $266K Add +97.0% MBBC Marathon Bancorp Inc. 22,808 $227K New RDUS Radius Recycling Inc. Class A 7,000 $208K No change WBA Walgreens Boots Alliance Inc. 18,000 $207K No change RITHM PPTY TR INC 71,888 $194K Add +69.2% CGC Canopy Growth Corp. 150,000 $183K New NXH Neighborhood Intelligence Inc. filed as BEYOND INC 24,000 $165K Reduce -76.0% MICROALGO INC 300,000 $153K New BTAIQ Bioxcel Therapeutics Inc. 80,618 $146K Reduce -40.8% LGCL Lucas GC Ltd. Class A 100,000 $107K New
Options reported separately and not counted above: SPY calls ($92.7M), BYND puts ($2.9M), LUMN puts ($544K), XIFR puts ($410K), GSAT calls ($330K), TLRY puts ($164K), LAZRQ calls ($144K), XIFR calls ($82K).
Other holdings (7): bonds, preferreds, convertibles and warrants · $8.8M (not counted above) Security Class Shares / Principal Value Change GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 5,000,000 $4.5M Reduce -16.7% BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 13,000,000 $1.1M Add +13.0% REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 1,000,000 $997K No change IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 29,277 $923K New GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 111,569 $895K New SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 250,000 $263K New BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 250,201 $73K Reduce -7.3%
Total filed on the 13F, all lines: $185.1M.
Portfolio Sells Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ BNS Bank of Nova Scotia Sold out 0.00% −36.32 X United States Steel Corp. Sold out 0.00% −6.03 SOBO South Bow Corp. Reduce -76.7% 18.10% −5.87 ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −2.82 WEX Wex Inc. Sold out 0.00% −2.80 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −2.08 DFS Discover Financial Services Sold out 0.00% −1.86 QSR Restaurant Brands Intern Sold out 0.00% −1.74 ML Moneylion Inc. Sold out 0.00% −1.72 GS Goldman Sachs Group Inc. Sold out 0.00% −0.97 FNA Paragon 28 Inc. Sold out 0.00% −0.93 TXNM TXNM Energy Inc. Sold out 0.00% −0.71 DM Desktop Metal Inc. Class A Sold out 0.00% −0.66 LYFT LYFT Inc. Class A Sold out 0.00% −0.63 RNST Renasant Corp. Sold out 0.00% −0.57 CYTK Cytokinetics Inc. Sold out 0.00% −0.56 PERI Perion Network Ltd. Sold out 0.00% −0.41 PLYA Playa Hotels & Resorts NV Sold out 0.00% −0.26 FTAI Ftai Aviation Ltd. Sold out 0.00% −0.20 IONQ Ionq Inc. Sold out 0.00% −0.20 NBIS Nebius Group NV Sold out 0.00% −0.19 CLVT Clarivate PLC Sold out 0.00% −0.17 PPLI People Inc. Sold out 0.00% −0.17 CRWV Coreweave Inc. Class A Sold out 0.00% −0.17 DMAAU Drugs Made in America Acquis Sold out 0.00% −0.16 HOPE Hope Bancorp Inc. Sold out 0.00% −0.14 NTGR Netgear Inc. Sold out 0.00% −0.14 SFM Sprouts Farmers Market Inc. Sold out 0.00% −0.14 SPCE Virgin Galactic Holdings Inc. Sold out 0.00% −0.13 FRO Frontline PLC Sold out 0.00% −0.12 SPRO Spero Therapeutics Inc. Sold out 0.00% −0.11 SMCI Super Micro Computer Inc. Sold out 0.00% −0.08 GRYPHON DIGITAL MNG INC Sold out 0.00% −0.07 ENSC Ensysce Biosciences Inc. Sold out 0.00% −0.06 TSSI TSS Inc. Sold out 0.00% −0.06 BLUEBIRD BIO INC Sold out 0.00% −0.05 BECN Beacon Roofing Supply Inc. Sold out 0.00% −0.04 CMRX Chimerix Inc. Sold out 0.00% −0.04 TSVT 2SEVENTY Bio Inc. Sold out 0.00% −0.04 USAS Americas Gold and Silver Cor Sold out 0.00% −0.02 ACCD Accolade Inc. Sold out 0.00% −0.02 AMPS Altus Power Inc. Sold out 0.00% −0.02 VOXX Voxx International Corp. Sold out 0.00% −0.02 SPIR Spire Global Inc. Sold out 0.00% −0.01 NXH Neighborhood Intelligence Inc. Reduce -76.0% 0.09% −0.01 EPSM Epsium Enterprise Ltd. Class A Sold out 0.00% −0.01 RLAY Relay Therapeutics Inc. Sold out 0.00% −0.00 HUMA Humacyte Inc. Sold out 0.00% −0.00 MSOS Advisorshares Pure US Cann Reduce -65.6% 0.92% +0.01 BTAIQ Bioxcel Therapeutics Inc. Reduce -40.8% 0.08% +0.03
Portfolio Buys Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ ESGR Enstar Group Ltd. New 8.91% +8.91 GLD SPDR Gold Shares New 8.64% +8.64 ANSS Ansys Inc. Add +1523.2% 4.24% +4.17 AZEK The Azek Co. Inc. New 3.08% +3.08 VZLA Vizsla Silver Corp. New 2.80% +2.80 MCD McDonald's Corp. New 2.49% +2.49 AMD Advanced Micro Devices New 2.01% +2.01 HES Hess Corp. Add +752.8% 2.01% +1.92 RDFN Redfin Corp. New 1.81% +1.81 SKX Skechers USA Inc. Class A New 1.79% +1.79 DJT Trump Media & Technology Gro New 1.53% +1.53 COOP Mr Cooper Group Inc. New 1.51% +1.51 TSLA Tesla Inc. New 0.90% +0.90 FLYYQ Spirit Aviation Holdings Inc. New 0.86% +0.86 ECVT Ecovyst Inc. New 0.69% +0.69 ASTS Ast Spacemobile Inc. New 0.66% +0.66 CLF Cleveland-Cliffs Inc. New 0.65% +0.65 HITI High Tide Inc. New 0.23% +0.23 BARK Bark Inc. Add +150.7% 0.20% +0.16 HTZ Hertz Global Hldgs Inc. New 0.16% +0.16 MBBC Marathon Bancorp Inc. New 0.13% +0.13 BNC Cea Industries Inc. Add +2.7% 0.15% +0.11 CGC Canopy Growth Corp. New 0.10% +0.10 PLCE The Children's Place Inc. Add +97.0% 0.15% +0.10 RITHM PPTY TR INC Add +69.2% 0.11% +0.09 MICROALGO INC New 0.09% +0.09 LGCL Lucas GC Ltd. Class A New 0.06% +0.06
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ MCD McDonald's Corp. call Sold out 150,000 $310.9Mbefore exit WEX Wex Inc. put Sold out 100,000 $177.0Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US call Reduce -70.0% 150,000 $92.7M JNJ Johnson & Johnson call Sold out 100,000 $78.8Mbefore exit GDX Vaneck Gold Miners ETF call Sold out 250,000 $46.8Mbefore exit NTR Nutrien Ltd. put Sold out 275,000 $13.7Mbefore exit AEM Agnico Eagle Mines Ltd. call Sold out 90,000 $9.8Mbefore exit AEM Agnico Eagle Mines Ltd. put Sold out 90,000 $9.8Mbefore exit SU Suncor Energy Inc. put Sold out 250,000 $9.7Mbefore exit SU Suncor Energy Inc. call Sold out 250,000 $9.7Mbefore exit INOD Innodata Inc. put Sold out 20,000 $4.8Mbefore exit FWRD Forward Air Corp. put Sold out 100,000 $2.8Mbefore exit SPCE Virgin Galactic Holdings Inc. put Sold out 244,500 $741Kbefore exit FUBO Fubotv Inc. put Sold out 50,000 $500Kbefore exit ARBE Arbe Robotics Ltd. call Sold out 100,000 $250Kbefore exit TLRY Tilray Brands Inc. put New 400,000 $164K LAZRQ Luminar Technologies Inc. call New 50,000 $144K FLNA Filana Therapeutics Inc. call Sold out 42,500 $115Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Reduce -16.7% 5,000,000 $4.5M CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) NOTE 5.125%11/1 · principal Sold out 3,500,000 $3.4Mbefore exit BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Add +13.0% 13,000,000 $1.1M IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 New 29,277 $923K GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 New 111,569 $895K SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal New 250,000 $263K BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 Reduce -7.3% 250,201 $73K
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