Murchinson Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Murchinson Ltd. reported 45 stock positions worth $507.0 million. Its top holding was TC Energy (TRP) at 43.5% of the portfolio, followed by Nutrien (NTR, 24.2%) and SS SPDR S&P 500 ETF Trust-US (SPY, 12.8%). Compared with Q2 2025, it opened 30 new positions, sold out of 32, added to 4 and reduced 5. The biggest buy was a new position in TC Energy (TRP) and the biggest sale an exit from South Bow (SOBO).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001838556
Portfolio Value
$507.0M (Q3 2025)
SEC Filing
0001838556-25-000011 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $884.2M Q1 2024 Q2 2024: $443.4M Q2 2024 Q3 2024: $226.1M Q3 2024 Q4 2024: $209.0M Q4 2024 Q1 2025: $561.6M Q1 2025 Q2 2025: $176.3M Q2 2025 Q3 2025: $507.0M $507.0M Q3 2025 Q4 2025: $160.2M Q4 2025 Q1 2026: $248.5M Q1 2026 Q2 2026: $203.2M Q2 2026

Holdings 45 stocks · $507.0M
TRP TC Energy Corp. 43.46% 4,050,068 $220.4M New
NTR Nutrien Ltd. 24.18% 1,500,032 $122.6M New
SPY SS SPDR S&P 500 ETF Trust-US 12.81% 97,500 $65.0M New
NNDM Nano Dimension Ltd. - ADR 4.82% 15,550,000 $24.4M No change
COOP Mr Cooper Group Inc. 2.27% 54,547 $11.5M Add +205.1%
MCGA Yorkville Acquisition Corp. Class A 2.10% 1,000,400 $10.7M New
VALE Vale SA-SP ADR 1.92% 1,000,000 $9.7M No change
PTHS Pelthos Therapeutics Inc. 1.55% 280,000 $7.8M New
ORMP Oramed Pharmaceuticals Inc. 0.91% 1,751,559 $4.6M No change
AUB Atlantic Union Bankshares Co. 0.74% 106,874 $3.8M No change
TASK Taskus Inc. Class A 0.61% 174,498 $3.1M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 0.48% 100,000 $2.4M New
WOLF Wolfspeed Inc. 0.44% 77,414 $2.2M New
TDAY USA Today Co. Inc. filed as GANNETT CO INC 0.41% 500,000 $2.1M Reduce -7.4%
SRDX Surmodics Inc. 0.31% 52,981 $1.6M Add +0.1%
SPR Spirit Aerosystems Hold Class A 0.30% 40,000 $1.5M Reduce -20.0%
MBX MBX Biosciences Inc. 0.28% 80,000 $1.4M New
EM Smart Share Global Ltd. - ADR 0.27% 1,000,000 $1.4M New
IAG Iamgold Corp. 0.25% 100,000 $1.3M New
ABUS Arbutus Biopharma Corp. 0.18% 200,000 $908K New
RAMP Liveramp Holdings Inc. 0.16% 30,000 $814K New
KLAR Klarna Group PLC 0.14% 20,000 $733K New
PERI Perion Network Ltd. 0.14% 71,295 $684K New
STAA Staar Surgical Co. 0.13% 25,000 $672K New
ADUR Aduro Clean Technologies Inc. 0.12% 44,396 $595K New
HUT Hut 8 Corp. 0.10% 15,000 $522K New
FTEK Fuel Tech Inc. 0.09% 150,000 $450K New
BARK Bark Inc. 0.08% 490,043 $407K Add +19.5%
LEXX Lexaria Bioscience Corp. 0.08% 419,590 $400K New
HTZ Hertz Global Hldgs Inc. 0.08% 57,446 $391K Add +41.0%
NWBI Northwest Bancshares Inc. 0.07% 30,000 $372K New
OPEN Opendoor Technologies Inc. 0.07% 42,000 $335K New
STKE Sol Strategies Inc. 0.06% 67,701 $294K New
SPIR Spire Global Inc. 0.05% 25,000 $275K New
PLCE The Children's Place Inc. 0.05% 40,000 $248K Reduce -33.3%
MBBC Marathon Bancorp Inc. 0.05% 22,802 $238K Reduce -0.0%
CGC Canopy Growth Corp. 0.04% 150,000 $219K No change
VTLE Vital Energy Inc. 0.04% 12,100 $204K New
RITHM PPTY TR INC 0.04% 71,888 $181K No change
ENVX Enovix Corp. 0.03% 13,000 $130K Reduce -64.9%
HBI Hanesbrands Inc. 0.02% 16,000 $105K New
AVDX Avidxchange Holdings Inc. 0.02% 10,100 $100K New
PHLT Performant Healthcare Inc. 0.02% 13,000 $100K New
WOW Wideopenwest Inc. 0.02% 19,400 $100K New
VMEO Vimeo Inc. 0.02% 12,900 $100K New

Options reported separately and not counted above: WOLF puts ($109.7M), RY calls ($22.3M), RY puts ($22.3M), HOOD puts ($7.2M), UEC calls ($6.7M), AEM puts ($6.4M), AEM calls ($6.4M), RKT puts ($5.8M), TD puts ($5.7M), TD calls ($5.7M), OKLO puts ($5.6M), FSLR calls ($5.5M), and 33 more.

Other holdings (6): bonds, preferreds, convertibles and warrants · $10.0M (not counted above)
SecurityClassShares / PrincipalValueChange
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 4,000,000$3.7MReduce -20.0%
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal 4,000,000$3.0MNew
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 11,000,000$2.2MReduce -15.4%
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 111,569$824KNo change
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 250,000$263KNo change
BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 159,418$26KReduce -36.3%

Total filed on the 13F, all lines: $517.0M.

Portfolio Sells Q2 2025 → Q3 2025
SOBO South Bow Corp. Sold out 0.00% −18.10
ESGR Enstar Group Ltd. Sold out 0.00% −8.91
GLD SPDR Gold Shares Sold out 0.00% −8.64
ANSS Ansys Inc. Sold out 0.00% −4.24
GOOG Alphabet Inc. Class C Sold out 0.00% −4.15
AZEK The Azek Co. Inc. Sold out 0.00% −3.08
VZLA Vizsla Silver Corp. Sold out 0.00% −2.80
MCD McDonald's Corp. Sold out 0.00% −2.49
AMD Advanced Micro Devices Sold out 0.00% −2.01
HES Hess Corp. Sold out 0.00% −2.01
RDFN Redfin Corp. Sold out 0.00% −1.81
SKX Skechers USA Inc. Class A Sold out 0.00% −1.79
DJT Trump Media & Technology Gro Sold out 0.00% −1.53
SWTX Springworks Therapeutics Inc. Sold out 0.00% −1.33
MSOS Advisorshares Pure US Cann Sold out 0.00% −0.92
TSLA Tesla Inc. Sold out 0.00% −0.90
FLYYQ Spirit Aviation Holdings Inc. Sold out 0.00% −0.86
CORZ Core Scientific Inc. Sold out 0.00% −0.81
SPR Spirit Aerosystems Hold Class A Reduce -20.0% 0.30% −0.78
ECVT Ecovyst Inc. Sold out 0.00% −0.69
TDAY USA Today Co. Inc. Reduce -7.4% 0.41% −0.69
ASTS Ast Spacemobile Inc. Sold out 0.00% −0.66
CLF Cleveland-Cliffs Inc. Sold out 0.00% −0.65
OABI Omniab Inc. Sold out 0.00% −0.50
ETF OPPORTUNITIES TRUST Sold out 0.00% −0.34
INBX Inhibrx Biosciences Inc. Sold out 0.00% −0.27
HITI High Tide Inc. Sold out 0.00% −0.23
ENVX Enovix Corp. Reduce -64.9% 0.03% −0.19
BNC Cea Industries Inc. Sold out 0.00% −0.15
RDUS Radius Recycling Inc. Class A Sold out 0.00% −0.12
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.12
PLCE The Children's Place Inc. Reduce -33.3% 0.05% −0.10
NXH Neighborhood Intelligence Inc. Sold out 0.00% −0.09
MICROALGO INC Sold out 0.00% −0.09
BTAIQ Bioxcel Therapeutics Inc. Sold out 0.00% −0.08
MBBC Marathon Bancorp Inc. Reduce -0.0% 0.05% −0.08
LGCL Lucas GC Ltd. Class A Sold out 0.00% −0.06

Portfolio Buys Q2 2025 → Q3 2025
TRP TC Energy Corp. New 43.46% +43.46
NTR Nutrien Ltd. New 24.18% +24.18
SPY SS SPDR S&P 500 ETF Trust-US New 12.81% +12.81
MCGA Yorkville Acquisition Corp. Class A New 2.10% +2.10
PTHS Pelthos Therapeutics Inc. New 1.55% +1.55
COOP Mr Cooper Group Inc. Add +205.1% 2.27% +0.76
TASK Taskus Inc. Class A New 0.61% +0.61
YPF YPF S.A.-Sponsored ADR New 0.48% +0.48
WOLF Wolfspeed Inc. New 0.44% +0.44
MBX MBX Biosciences Inc. New 0.28% +0.28
EM Smart Share Global Ltd. - ADR New 0.27% +0.27
IAG Iamgold Corp. New 0.25% +0.25
ABUS Arbutus Biopharma Corp. New 0.18% +0.18
RAMP Liveramp Holdings Inc. New 0.16% +0.16
KLAR Klarna Group PLC New 0.14% +0.14
PERI Perion Network Ltd. New 0.14% +0.14
STAA Staar Surgical Co. New 0.13% +0.13
ADUR Aduro Clean Technologies Inc. New 0.12% +0.12
HUT Hut 8 Corp. New 0.10% +0.10
FTEK Fuel Tech Inc. New 0.09% +0.09
LEXX Lexaria Bioscience Corp. New 0.08% +0.08
NWBI Northwest Bancshares Inc. New 0.07% +0.07
OPEN Opendoor Technologies Inc. New 0.07% +0.07
STKE Sol Strategies Inc. New 0.06% +0.06
SPIR Spire Global Inc. New 0.05% +0.05
VTLE Vital Energy Inc. New 0.04% +0.04
HBI Hanesbrands Inc. New 0.02% +0.02
AVDX Avidxchange Holdings Inc. New 0.02% +0.02
PHLT Performant Healthcare Inc. New 0.02% +0.02
VMEO Vimeo Inc. New 0.02% +0.02
WOW Wideopenwest Inc. New 0.02% +0.02
HTZ Hertz Global Hldgs Inc. Add +41.0% 0.08% −0.08
BARK Bark Inc. Add +19.5% 0.08% −0.12
SRDX Surmodics Inc. Add +0.1% 0.31% −0.58

Options Activity Q2 2025 → Q3 2025
WOLF Wolfspeed Inc. put New 3,834,800 $109.7M
SPY SS SPDR S&P 500 ETF Trust-US call Sold out 150,000 $92.7Mbefore exit
RY Royal Bank of Canada call New 151,100 $22.3M
RY Royal Bank of Canada put New 151,100 $22.3M
HOOD Robinhood Markets Inc. Class A put New 50,000 $7.2M
UEC Uranium Energy Corp. call New 500,000 $6.7M
AEM Agnico Eagle Mines Ltd. put New 37,800 $6.4M
AEM Agnico Eagle Mines Ltd. call New 37,800 $6.4M
RKT Rocket Cos Inc. Class A put New 300,000 $5.8M
TD Toronto-Dominion Bank put New 71,000 $5.7M
TD Toronto-Dominion Bank call New 71,000 $5.7M
OKLO Oklo Inc. put New 50,000 $5.6M
FSLR First Solar Inc. call New 25,000 $5.5M
CNI Canadian Natl Railway Co. put New 56,500 $5.3M
CNI Canadian Natl Railway Co. call New 56,500 $5.3M
INTC Intel Corp. call New 150,000 $5.0M
IREN Iren Ltd. put New 100,000 $4.7M
RGTI Rigetti Computing Inc. put New 150,000 $4.5M
BMO Bank of Montreal call New 30,000 $3.9M
BMO Bank of Montreal put New 30,000 $3.9M
FIGR Figure Technology Solut Class A call New 100,000 $3.6M
DFDV Defi Development Corp. put New 200,000 $3.1M
CP Canadian Pacific Kansas City put New 32,500 $2.4M
CP Canadian Pacific Kansas City call New 32,500 $2.4M
IMO Imperial Oil Ltd. call New 17,300 $1.6M
IMO Imperial Oil Ltd. put New 17,300 $1.6M
SNAP Snap Inc. Class A call New 200,000 $1.5M
SU Suncor Energy Inc. put New 25,000 $1.0M
SU Suncor Energy Inc. call New 25,000 $1.0M
QSR Restaurant Brands Intern put New 15,900 $1.0M
QSR Restaurant Brands Intern call New 15,900 $1.0M
ABUS Arbutus Biopharma Corp. call New 222,900 $1.0M
KYIV Kyivstar Group Ltd. put New 75,000 $938K
DPRO Draganfly Inc. call New 100,000 $881K
LAC Lithium Americas Corp. call New 150,000 $857K
BCE Bce Inc. call New 25,000 $585K
BCE Bce Inc. put New 25,000 $585K
RXRX Recursion Pharmaceuticals-A call New 100,000 $488K
XIFR XPLR Infrastructure LP put Sold out 50,000 $410Kbefore exit
GSAT Globalstar Inc. call Sold out 14,000 $330Kbefore exit
SPIR Spire Global Inc. call New 29,600 $325K
BAM Brookfield Asset Mgmt-A put New 5,000 $285K
BAM Brookfield Asset Mgmt-A call New 5,000 $285K
TRP TC Energy Corp. call New 5,000 $272K
TRP TC Energy Corp. put New 5,000 $272K
TLRY Tilray Brands Inc. put Sold out 400,000 $164Kbefore exit
LAZRQ Luminar Technologies Inc. call Sold out 50,000 $144Kbefore exit
XIFR XPLR Infrastructure LP call Sold out 10,000 $82Kbefore exit
NFE New Fortress Energy Inc. put New 31,500 $70K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Reduce -20.0% 4,000,000 $3.7M
VERITONE INC (VERI 1.75 11/15/26) NOTE 1.750%11/1 · principal New 4,000,000 $3.0M
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Reduce -15.4% 11,000,000 $2.2M
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Sold out 1,000,000 $997Kbefore exit
IONQ.WS Ionq Inc. -CW26 *W EXP 09/30/202 Sold out 29,277 $923Kbefore exit
BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 Reduce -36.3% 159,418 $26K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 50$203.2MNNDM, GTLS, EWY, NWAX, CM
Q1 2026 58$248.5MSOBO, NTR, NNDM, GTLS, RY
Q4 2025 37$160.2MTRP, NNDM, SUNC, MCGA, PTHS
Q3 2025 45$507.0MTRP, NTR, SPY, NNDM, COOP
Q2 2025 47$176.3MSOBO, NNDM, ESGR, GLD, VALE
Q1 2025 72$561.6MBNS, SOBO, X, NNDM, ITCI
Q4 2024 38$209.0MNNDM, HES, X, SPY, ACI
Q3 2024 52$226.1MNNDM, X, QQQ, HES, MSOS
Q2 2024Amended 37$443.4MTRP, X, IBIT, NNDM, GLD
Q1 2024Amended 47$884.2MTRP, X, NNDM, PXD, IBIT