In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Murchinson Ltd. reported 37 stock positions worth $160.2 million . Its top holding was TC Energy (TRP) at 33.8% of the portfolio, followed by Nano Dimension Ltd. - ADR (NNDM, 14.9% ) and Sunococorp (SUNC, 9.8% ). Compared with Q3 2025, it opened 21 new positions, sold out of 29, added to 5 and reduced 5. The biggest buy was a new position in Sunococorp (SUNC) and the biggest sale an exit from Nutrien (NTR).
Location TORONTO, A6
CIK 0001838556
Portfolio Value $160.2M (Q4 2025) Holdings 37 stocks · $160.2M 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 Q3 2025 TRP TC Energy Corp. 984,068 $54.1M Reduce -75.7% NNDM Nano Dimension Ltd. - ADR 15,550,000 $23.9M No change SUNC Sunococorp LLC 317,768 $15.7M New MCGA Yorkville Acquisition Corp. Class A 1,000,400 $10.1M No change PTHS Pelthos Therapeutics Inc. 289,479 $9.0M Add +3.4% DAY Dayforce Inc. 100,371 $6.9M New RKT Rocket Cos Inc. Class A 300,015 $5.8M New NFLX Netflix Inc. 50,000 $4.7M New CLST Catalyst Bancorp Inc. 259,067 $4.1M New ORMP Oramed Pharmaceuticals Inc. 1,340,247 $3.8M Reduce -23.5% AUB Atlantic Union Bankshares Co. 106,874 $3.8M No change GIL Gildan Activewear Inc. 51,012 $3.2M New KVUE Kenvue Inc. 150,000 $2.6M New TDAY USA Today Co. Inc. 420,000 $2.2M Reduce -16.0% TASK Taskus Inc. Class A 168,798 $2.0M Reduce -3.3% BMO Bank of Montreal filed as BANK MONTREAL QUE 13,347 $1.7M New ABUS Arbutus Biopharma Corp. 275,000 $1.3M Add +37.5% NGD New Gold Inc. 100,000 $871K New WOLF Wolfspeed Inc. 49,553 $863K Reduce -36.0% LNSR Lensar Inc. 31,110 $362K New NWBI Northwest Bancshares Inc. 30,000 $360K No change SPIR Spire Global Inc. 40,008 $300K Add +60.0% BARK Bark Inc. 490,043 $295K No change CWH Camping World Holdings Inc. Class A 30,000 $292K New APRE Aprea Therapeutics Inc. 340,139 $290K New TVA Texas Ventures Acquisition-A 25,000 $266K New ENB Enbridge Inc. 5,144 $246K New RPT Rithm Property Trust Inc. 11,981 $199K No change ENVX Enovix Corp. 25,000 $183K Add +92.3% PLCE The Children's Place Inc. 43,000 $171K Add +7.5% WEN The Wendy's Co. 18,000 $150K New CIO City Office REIT Inc. 14,400 $101K New EB Eventbrite Inc. Class A 22,500 $100K New DENN Denny's Corp. 16,000 $100K New BYND Beyond Meat Inc. 105,001 $86K New PEW Grabagun Digital Holdings Inc. 15,000 $45K New OPAD Offerpad Solutions Inc. 12,000 $15K New
Options reported separately and not counted above: TRP puts ($109.1M), WOLF puts ($66.8M), NTR puts ($55.3M), SOBO puts ($40.3M), SPY puts ($34.1M), ORCL calls ($19.5M), MSTR puts ($15.2M), RY calls ($10.6M), RY puts ($9.1M), TD puts ($8.5M), TD calls ($8.5M), MRNA puts ($5.9M), and 22 more.
Other holdings (4): bonds, preferreds, convertibles and warrants · $1.1M (not counted above) Total filed on the 13F, all lines: $161.4M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ NTR Nutrien Ltd. Sold out 0.00% −24.18 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −12.81 TRP TC Energy Corp. Reduce -75.7% 33.78% −9.68 COOP Mr Cooper Group Inc. Sold out 0.00% −2.27 VALE Vale SA-SP ADR Sold out 0.00% −1.92 YPF YPF S.A.-Sponsored ADR Sold out 0.00% −0.48 SRDX Surmodics Inc. Sold out 0.00% −0.31 SPR Spirit Aerosystems Hold Class A Sold out 0.00% −0.30 MBX MBX Biosciences Inc. Sold out 0.00% −0.28 EM Smart Share Global Ltd. - ADR Sold out 0.00% −0.27 IAG Iamgold Corp. Sold out 0.00% −0.25 RAMP Liveramp Holdings Inc. Sold out 0.00% −0.16 KLAR Klarna Group PLC Sold out 0.00% −0.14 PERI Perion Network Ltd. Sold out 0.00% −0.14 STAA Staar Surgical Co. Sold out 0.00% −0.13 ADUR Aduro Clean Technologies Inc. Sold out 0.00% −0.12 HUT Hut 8 Corp. Sold out 0.00% −0.10 FTEK Fuel Tech Inc. Sold out 0.00% −0.09 LEXX Lexaria Bioscience Corp. Sold out 0.00% −0.08 HTZ Hertz Global Hldgs Inc. Sold out 0.00% −0.08 OPEN Opendoor Technologies Inc. Sold out 0.00% −0.07 STKE Sol Strategies Inc. Sold out 0.00% −0.06 MBBC Marathon Bancorp Inc. Sold out 0.00% −0.05 CGC Canopy Growth Corp. Sold out 0.00% −0.04 VTLE Vital Energy Inc. Sold out 0.00% −0.04 HBI Hanesbrands Inc. Sold out 0.00% −0.02 AVDX Avidxchange Holdings Inc. Sold out 0.00% −0.02 PHLT Performant Healthcare Inc. Sold out 0.00% −0.02 VMEO Vimeo Inc. Sold out 0.00% −0.02 WOW Wideopenwest Inc. Sold out 0.00% −0.02 WOLF Wolfspeed Inc. Reduce -36.0% 0.54% +0.10 TASK Taskus Inc. Class A Reduce -3.3% 1.24% +0.63 TDAY USA Today Co. Inc. Reduce -16.0% 1.35% +0.94 ORMP Oramed Pharmaceuticals Inc. Reduce -23.5% 2.38% +1.47
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ SUNC Sunococorp LLC New 9.77% +9.77 DAY Dayforce Inc. New 4.33% +4.33 PTHS Pelthos Therapeutics Inc. Add +3.4% 5.60% +4.05 RKT Rocket Cos Inc. Class A New 3.62% +3.62 NFLX Netflix Inc. New 2.93% +2.93 CLST Catalyst Bancorp Inc. New 2.55% +2.55 GIL Gildan Activewear Inc. New 1.99% +1.99 KVUE Kenvue Inc. New 1.61% +1.61 BMO Bank of Montreal New 1.08% +1.08 ABUS Arbutus Biopharma Corp. Add +37.5% 0.83% +0.65 NGD New Gold Inc. New 0.54% +0.54 LNSR Lensar Inc. New 0.23% +0.23 CWH Camping World Holdings Inc. Class A New 0.18% +0.18 APRE Aprea Therapeutics Inc. New 0.18% +0.18 TVA Texas Ventures Acquisition-A New 0.17% +0.17 ENB Enbridge Inc. New 0.15% +0.15 SPIR Spire Global Inc. Add +60.0% 0.19% +0.13 WEN The Wendy's Co. New 0.09% +0.09 ENVX Enovix Corp. Add +92.3% 0.11% +0.09 CIO City Office REIT Inc. New 0.06% +0.06 EB Eventbrite Inc. Class A New 0.06% +0.06 DENN Denny's Corp. New 0.06% +0.06 PLCE The Children's Place Inc. Add +7.5% 0.11% +0.06 BYND Beyond Meat Inc. New 0.05% +0.05 PEW Grabagun Digital Holdings Inc. New 0.03% +0.03 OPAD Offerpad Solutions Inc. New 0.01% +0.01
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ TRP TC Energy Corp. put Add +39580.0% 1,984,000 $109.1M NTR Nutrien Ltd. put New 895,300 $55.3M SOBO South Bow Corp. put New 1,467,400 $40.3M SPY SS SPDR S&P 500 ETF Trust-US put New 50,000 $34.1M ORCL Oracle Corp. call New 100,000 $19.5M MSTR Strategy Inc. put New 100,000 $15.2M RY Royal Bank of Canada call Reduce -58.8% 62,300 $10.6M RY Royal Bank of Canada put Reduce -64.7% 53,300 $9.1M TD Toronto-Dominion Bank put Add +26.8% 90,000 $8.5M TD Toronto-Dominion Bank call Add +26.8% 90,000 $8.5M HOOD Robinhood Markets Inc. Class A put Sold out 50,000 $7.2Mbefore exit UEC Uranium Energy Corp. call Sold out 500,000 $6.7Mbefore exit MRNA Moderna Inc. put New 200,000 $5.9M PYPL PayPal Holdings Inc. call New 100,000 $5.8M OKLO Oklo Inc. put Sold out 50,000 $5.6Mbefore exit BMO Bank of Montreal call Add +41.7% 42,500 $5.5M BMO Bank of Montreal put Add +41.7% 42,500 $5.5M FSLR First Solar Inc. call Sold out 25,000 $5.5Mbefore exit CNI Canadian Natl Railway Co. put Sold out 56,500 $5.3Mbefore exit CNI Canadian Natl Railway Co. call Sold out 56,500 $5.3Mbefore exit INTC Intel Corp. call Sold out 150,000 $5.0Mbefore exit IREN Iren Ltd. put Sold out 100,000 $4.7Mbefore exit RGTI Rigetti Computing Inc. put Sold out 150,000 $4.5Mbefore exit FLR Fluor Corp. put New 100,000 $4.0M PFE Pfizer Inc. call New 150,000 $3.7M FIGR Figure Technology Solut Class A call Sold out 100,000 $3.6Mbefore exit NTR Nutrien Ltd. call New 52,300 $3.2M DFDV Defi Development Corp. put Sold out 200,000 $3.1Mbefore exit ENB Enbridge Inc. call New 60,000 $2.9M AEM Agnico Eagle Mines Ltd. put Reduce -60.3% 15,000 $2.5M AEM Agnico Eagle Mines Ltd. call Reduce -60.3% 15,000 $2.5M CP Canadian Pacific Kansas City put Sold out 32,500 $2.4Mbefore exit CP Canadian Pacific Kansas City call Sold out 32,500 $2.4Mbefore exit RICK Rci Hospitality Holdings Inc. call New 100,000 $2.4M B Barrick Mining Corp. call New 43,200 $1.9M B Barrick Mining Corp. put New 43,200 $1.9M IMO Imperial Oil Ltd. call Sold out 17,300 $1.6Mbefore exit IMO Imperial Oil Ltd. put Sold out 17,300 $1.6Mbefore exit SNAP Snap Inc. Class A call Sold out 200,000 $1.5Mbefore exit SU Suncor Energy Inc. call Sold out 25,000 $1.0Mbefore exit SU Suncor Energy Inc. put Sold out 25,000 $1.0Mbefore exit QSR Restaurant Brands Intern put Sold out 15,900 $1.0Mbefore exit QSR Restaurant Brands Intern call Sold out 15,900 $1.0Mbefore exit ENB Enbridge Inc. put New 20,000 $957K KYIV Kyivstar Group Ltd. put Sold out 75,000 $938Kbefore exit BCE Bce Inc. put Add +50.0% 37,500 $893K BCE Bce Inc. call Add +50.0% 37,500 $893K DPRO Draganfly Inc. call Sold out 100,000 $881Kbefore exit LAC Lithium Americas Corp. call Sold out 150,000 $857Kbefore exit LUMN Lumen Technologies Inc. put Sold out 118,200 $723Kbefore exit
Showing the first 50 of 59.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 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