NINE MASTS CAPITAL Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), NINE MASTS CAPITAL Ltd reported 82 stock positions worth $517.7 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 40.0% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 15.6%) and SS SPDR S&P 500 ETF Trust-US (SPY, 9.4%). Compared with Q3 2024, it opened 46 new positions, sold out of 23, added to 20 and reduced 10. The biggest buy was a new position in iShares Core S&P 500 ETF (IVV) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- CENTRAL, K3
- CIK
- 0001569356
- Portfolio Value
- $517.7M (Q4 2024)
- SEC Filing
- 0001085146-25-000857 ↗ filed Feb 6, 2025
Holdings Value
Holdings 82 stocks · $517.7M
| IVV iShares Core S&P 500 ETF | 40.03% | 352,000 | $207.2M | New |
| IBIT iShares Bitcoin Trust ETF | 15.56% | 1,518,200 | $80.5M | Add +29.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 9.40% | 83,000 | $48.6M | New |
| HDB HDFC Bank Ltd.-ADR | 7.26% | 588,638 | $37.6M | Reduce -5.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 3.16% | 24 | $16.3M | No change |
| ASX Ase Technology Holding -ADR | 2.26% | 1,162,852 | $11.7M | Add +17.3% |
| ZG Zillow Group Inc. Class A | 2.24% | 163,658 | $11.6M | Add +47.4% |
| NWSA News Corp. Class A | 1.94% | 364,396 | $10.0M | Add +49.8% |
| LI Li Auto Inc. - ADR | 1.28% | 274,400 | $6.6M | New |
| ISRLF Israel Acquisitions Corp. Class A | 0.87% | 400,000 | $4.5M | No change |
| NDMO Nuveen Dynamic Municipal Opp | 0.83% | 427,617 | $4.3M | New |
| BBN BlackRock Taxable Muni BND | 0.68% | 218,463 | $3.5M | Add +324.4% |
| VOO Vanguard S&P 500 ETF | 0.67% | 6,464 | $3.5M | New |
| FCX Freeport-McMoran Inc. | 0.63% | 85,594 | $3.3M | New |
| BEP Brookfield Renewable Partner | 0.61% | 137,573 | $3.1M | Add +240.0% |
| BHP BHP Group Ltd.-Spon ADR | 0.57% | 60,800 | $3.0M | New |
| AMD Advanced Micro Devices | 0.51% | 21,720 | $2.6M | Add +2615.0% |
| NMCO Nuveen Municipal Credit Opp | 0.48% | 233,908 | $2.5M | Add +328.3% |
| REGN Regeneron Pharmaceuticals | 0.47% | 3,393 | $2.4M | New |
| VALE Vale SA-SP ADR | 0.43% | 253,362 | $2.2M | Add +279.4% |
| T AT&T Inc. | 0.39% | 89,287 | $2.0M | New |
| AER Aercap Holdings NV | 0.39% | 20,968 | $2.0M | New |
| FOX Fox Corp. Class B | 0.38% | 43,444 | $2.0M | No change |
| EOG EOG Resources Inc. | 0.37% | 15,690 | $1.9M | Add +76.0% |
| PML PIMCO Municipal Income FD II | 0.37% | 236,872 | $1.9M | Add +247.7% |
| ADBE Adobe Inc. | 0.36% | 4,236 | $1.9M | New |
| KHC The Kraft Heinz Co. | 0.36% | 59,990 | $1.8M | Add +110.5% |
| LIN Linde PLC | 0.35% | 4,369 | $1.8M | New |
| BTT BlackRock 2030 Muni TRGT TRM | 0.34% | 84,634 | $1.7M | No change |
| COP Conocophillips | 0.34% | 17,487 | $1.7M | Add +4.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.31% | 42,461 | $1.6M | Add +6.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.29% | 18,972 | $1.5M | Reduce -59.9% |
| VKTX Viking Therapeutics Inc. | 0.29% | 36,857 | $1.5M | Add +757.5% |
| GRND Grindr Inc. | 0.28% | 80,000 | $1.4M | No change |
| HAS Hasbro Inc. | 0.26% | 24,190 | $1.4M | New |
| TCOM Trip.com Group Ltd.-ADR | 0.26% | 19,445 | $1.4M | Add +455.6% |
| LEGN Legend Biotech Corp.-ADR | 0.24% | 38,466 | $1.3M | Add +182.7% |
| SCHW Schwab (charles) Corp. | 0.24% | 16,569 | $1.2M | New |
| MDT Medtronic PLC | 0.23% | 15,112 | $1.2M | New |
| IWM iShares Russell 2000 ETF | 0.23% | 5,300 | $1.2M | Reduce -70.9% |
| DVN Devon Energy Corp. | 0.22% | 35,299 | $1.2M | New |
| ACN Accenture PLC Class A | 0.20% | 2,966 | $1.0M | New |
| ESI Element Solutions Inc. | 0.19% | 38,192 | $971K | New |
| GTLB Gitlab Inc. Class A | 0.17% | 15,677 | $883K | Add +73.8% |
| LW Lamb Weston Holdings Inc. | 0.15% | 11,242 | $751K | New |
| ACI Albertsons Cos Inc. Class A | 0.14% | 38,000 | $746K | New |
| IAS Integral Ad Science Holding | 0.13% | 64,291 | $671K | New |
| TECK Teck Resources Ltd.-CLS B | 0.12% | 15,274 | $619K | Reduce -73.0% |
| SGRY Surgery Partners Inc. | 0.12% | 28,648 | $606K | New |
| LSPD Lightspeed Commerce Inc. | 0.11% | 38,000 | $579K | New |
| X United States Steel Corp. | 0.11% | 16,943 | $576K | New |
| INTC Intel Corp. | 0.11% | 28,500 | $571K | New |
| XOM Exxon Mobil Corp. | 0.11% | 5,295 | $570K | New |
| TPR Tapestry Inc. | 0.11% | 8,544 | $558K | New |
| ABNB Airbnb Inc. Class A | 0.11% | 4,228 | $556K | Reduce -24.0% |
| NUV Nuveen Municipal Value | 0.11% | 64,507 | $554K | New |
| LLY Eli Lilly & Co. | 0.10% | 700 | $540K | New |
| WDS Woodside Energy Group-ADR | 0.10% | 34,317 | $522K | No change |
| BST BlackRock Science & Tech TR | 0.10% | 13,972 | $511K | Reduce -88.4% |
| NOW ServiceNow Inc. | 0.10% | 471 | $499K | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.10% | 4,235 | $498K | New |
| GXO Gxo Logistics Inc. | 0.09% | 11,103 | $483K | New |
| PANW Palo Alto Networks Inc. | 0.09% | 2,554 | $465K | New |
| LYB Lyondellbasell Indu Class A | 0.08% | 5,725 | $425K | New |
| UBER Uber Technologies Inc. | 0.08% | 6,924 | $418K | New |
| INCY Incyte Corp. | 0.08% | 5,732 | $396K | New |
| MUJ BlackRock Munihold NJ QLTY | 0.07% | 34,224 | $379K | Reduce -26.6% |
| TTWO Take-Two Interactive Softwre | 0.07% | 2,017 | $371K | New |
| KWEB Kranesh Csi China Internet | 0.06% | 9,985 | $292K | New |
| NDAQ Nasdaq Inc. | 0.05% | 3,541 | $274K | New |
| PMO Franklin Muncipl Opps Tst-Ui | 0.05% | 26,736 | $271K | Reduce -66.4% |
| XBKNX BlackRock Invest QLTY Muni | 0.05% | 24,119 | $269K | Add +12.8% |
| IPG Interpublic Group of Cos Inc. | 0.05% | 9,278 | $260K | New |
| ANF Abercrombie & Fitch Co. Class A | 0.05% | 1,691 | $253K | New |
| NEM Newmont Corp. | 0.05% | 6,612 | $246K | New |
| GOOS Canada Goose Holdings Inc. | 0.04% | 21,172 | $212K | Add +63.2% |
| MUC BlackRock Munihold Ca QLTY | 0.04% | 19,706 | $209K | Reduce -75.3% |
| DD Dupont DE Nemours Inc. | 0.04% | 2,549 | $194K | New |
| WBD Warner Bros Discovery Inc. | 0.04% | 18,127 | $192K | New |
| API Agora Inc.-ADR | 0.04% | 44,000 | $183K | New |
| LEO BNY Mellon Strategic Muni | 0.03% | 26,608 | $161K | Reduce -63.7% |
| WDC Western Digital Corp. | 0.00% | 294 | $18K | New |
Options reported separately and not counted above: AMD puts ($2.3M), SPY calls ($1.8M), FCX puts ($1.6M), VALE puts ($1.1M), SHOP calls ($813K), ADBE puts ($760K), NOW puts ($709K), REGN puts ($706K), SLB puts ($687K), HON calls ($649K), AEM calls ($642K), LIN puts ($631K), and 70 more.
Other holdings (7): bonds, preferreds, convertibles and warrants · $9.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | 5,000 | $3.5M | New |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | 3,000 | $2.9M | New |
| GRND.WS Grindr Inc. -26 | *W EXP 11/18/202 · principal | 407,186 | $2.7M | No change |
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 · principal | 299,447 | $47K | No change |
| NIO INC (NIO 0.5 02/01/27) | NOTE 0.500% 2/0 · principal | 17,700 | $18K | Add +136.0% |
| ISLWF Israel Acquisitions Corp.-28 | *W EXP 99/99/999 · principal | 400,000 | $16K | No change |
| PRENW Prenetics Global Ltd. -CW26 | *W EXP 05/18/202 · principal | 362,456 | $3K | No change |
Total filed on the 13F, all lines: $526.9M.
Portfolio Sells Q3 2024 → Q4 2024
| HDB HDFC Bank Ltd.-ADR | Reduce -5.7% | 7.26% | −12.42 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −6.85 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −4.81 |
| ONC Beone Medicines Ltd.-ADR | Sold out | 0.00% | −2.12 |
| BST BlackRock Science & Tech TR | Reduce -88.4% | 0.10% | −2.05 |
| IWM iShares Russell 2000 ETF | Reduce -70.9% | 0.23% | −1.80 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -59.9% | 0.29% | −1.63 |
| TECK Teck Resources Ltd.-CLS B | Reduce -73.0% | 0.12% | −1.37 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.78 |
| SMAR Smartsheet Inc. Class A | Sold out | 0.00% | −0.70 |
| BLE BlackRock Muni Inc. TR II | Sold out | 0.00% | −0.50 |
| BFK BlackRock Municipal Inc. TRST | Sold out | 0.00% | −0.47 |
| HQH Abrdn Healthcare Investors | Sold out | 0.00% | −0.43 |
| MUC BlackRock Munihold Ca QLTY | Reduce -75.3% | 0.04% | −0.42 |
| PMO Franklin Muncipl Opps Tst-Ui | Reduce -66.4% | 0.05% | −0.39 |
| ABNB Airbnb Inc. Class A | Reduce -24.0% | 0.11% | −0.25 |
| DSM BNYM Strat Muni BND | Sold out | 0.00% | −0.24 |
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −0.21 |
| MUJ BlackRock Munihold NJ QLTY | Reduce -26.6% | 0.07% | −0.21 |
| LEO BNY Mellon Strategic Muni | Reduce -63.7% | 0.03% | −0.21 |
| JOYY Joyy Inc.-ADR | Sold out | 0.00% | −0.18 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.18 |
| NAD Nuveen Quality Municipal Inc. | Sold out | 0.00% | −0.16 |
| NBH Neuberger Municipal Fund Inc. | Sold out | 0.00% | −0.16 |
| VGM Invesco Trust for Investmen | Sold out | 0.00% | −0.15 |
| VKQ Invesco Municipal Trust | Sold out | 0.00% | −0.15 |
| RTO Rentokil Initial PLC-SP ADR | Sold out | 0.00% | −0.14 |
| NAC Nuveen Ca QLTY Muni Inc. | Sold out | 0.00% | −0.12 |
| MMU Western Asset Managed Munici | Sold out | 0.00% | −0.12 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.12 |
| XMVFX BlackRock Munivest Fund | Sold out | 0.00% | −0.11 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.09 |
| VMO Invesco Municipal Opport | Sold out | 0.00% | −0.06 |
Portfolio Buys Q3 2024 → Q4 2024
| IVV iShares Core S&P 500 ETF | New | 40.03% | +40.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 9.40% | +9.40 |
| LI Li Auto Inc. - ADR | New | 1.28% | +1.28 |
| NDMO Nuveen Dynamic Municipal Opp | New | 0.83% | +0.83 |
| VOO Vanguard S&P 500 ETF | New | 0.67% | +0.67 |
| FCX Freeport-McMoran Inc. | New | 0.63% | +0.63 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.57% | +0.57 |
| REGN Regeneron Pharmaceuticals | New | 0.47% | +0.47 |
| AMD Advanced Micro Devices | Add +2615.0% | 0.51% | +0.44 |
| T AT&T Inc. | New | 0.39% | +0.39 |
| AER Aercap Holdings NV | New | 0.39% | +0.39 |
| ADBE Adobe Inc. | New | 0.36% | +0.36 |
| LIN Linde PLC | New | 0.35% | +0.35 |
| HAS Hasbro Inc. | New | 0.26% | +0.26 |
| SCHW Schwab (charles) Corp. | New | 0.24% | +0.24 |
| MDT Medtronic PLC | New | 0.23% | +0.23 |
| DVN Devon Energy Corp. | New | 0.22% | +0.22 |
| BBN BlackRock Taxable Muni BND | Add +324.4% | 0.68% | +0.22 |
| ACN Accenture PLC Class A | New | 0.20% | +0.20 |
| ESI Element Solutions Inc. | New | 0.19% | +0.19 |
| NMCO Nuveen Municipal Credit Opp | Add +328.3% | 0.48% | +0.16 |
| TCOM Trip.com Group Ltd.-ADR | Add +455.6% | 0.26% | +0.15 |
| VKTX Viking Therapeutics Inc. | Add +757.5% | 0.29% | +0.15 |
| LW Lamb Weston Holdings Inc. | New | 0.15% | +0.15 |
| ACI Albertsons Cos Inc. Class A | New | 0.14% | +0.14 |
| IAS Integral Ad Science Holding | New | 0.13% | +0.13 |
| SGRY Surgery Partners Inc. | New | 0.12% | +0.12 |
| LSPD Lightspeed Commerce Inc. | New | 0.11% | +0.11 |
| X United States Steel Corp. | New | 0.11% | +0.11 |
| INTC Intel Corp. | New | 0.11% | +0.11 |
| XOM Exxon Mobil Corp. | New | 0.11% | +0.11 |
| TPR Tapestry Inc. | New | 0.11% | +0.11 |
| NUV Nuveen Municipal Value | New | 0.11% | +0.11 |
| LLY Eli Lilly & Co. | New | 0.10% | +0.10 |
| NOW ServiceNow Inc. | New | 0.10% | +0.10 |
| TTD Trade Desk Inc./the Class A | New | 0.10% | +0.10 |
| GXO Gxo Logistics Inc. | New | 0.09% | +0.09 |
| PANW Palo Alto Networks Inc. | New | 0.09% | +0.09 |
| LYB Lyondellbasell Indu Class A | New | 0.08% | +0.08 |
| UBER Uber Technologies Inc. | New | 0.08% | +0.08 |
| INCY Incyte Corp. | New | 0.08% | +0.08 |
| TTWO Take-Two Interactive Softwre | New | 0.07% | +0.07 |
| KWEB Kranesh Csi China Internet | New | 0.06% | +0.06 |
| NDAQ Nasdaq Inc. | New | 0.05% | +0.05 |
| IPG Interpublic Group of Cos Inc. | New | 0.05% | +0.05 |
| ANF Abercrombie & Fitch Co. Class A | New | 0.05% | +0.05 |
| NEM Newmont Corp. | New | 0.05% | +0.05 |
| PML PIMCO Municipal Income FD II | Add +247.7% | 0.37% | +0.05 |
| VALE Vale SA-SP ADR | Add +279.4% | 0.43% | +0.04 |
| DD Dupont DE Nemours Inc. | New | 0.04% | +0.04 |
Options Activity Q3 2024 → Q4 2024
| AMD Advanced Micro Devices | put | Add +364.7% | 69,700 | $2.3M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 325,000 | $1.8M |
| VALE Vale SA-SP ADR | put | New | 263,200 | $1.1M |
| ADBE Adobe Inc. | put | Add +44.4% | 6,500 | $760K |
| NOW ServiceNow Inc. | put | New | 5,000 | $709K |
| HON Honeywell International Inc. | call | New | 43,000 | $649K |
| LIN Linde PLC | put | Add +218.2% | 17,500 | $631K |
| U Unity Software Inc. | put | New | 122,700 | $584K |
| AAPL Apple Inc. | call | New | 16,000 | $572K |
| U Unity Software Inc. | call | New | 100,000 | $568K |
| AMD Advanced Micro Devices | call | Add +437.3% | 40,300 | $547K |
| COP Conocophillips | put | Sold out | 17,500 | $524Kbefore exit |
| RBLX Roblox Corp. Class A | put | New | 55,000 | $496K |
| UBER Uber Technologies Inc. | put | New | 27,500 | $482K |
| SNOW Snowflake Inc. | put | New | 20,000 | $429K |
| DDOG Datadog Inc. Class A | put | New | 20,300 | $400K |
| TMUS T-Mobile US Inc. | put | New | 20,000 | $393K |
| RBLX Roblox Corp. Class A | call | New | 40,000 | $387K |
| DVN Devon Energy Corp. | put | New | 66,400 | $372K |
| XBI SS SPDR S&P Biotech ETF | put | New | 20,000 | $358K |
| TTD Trade Desk Inc./the Class A | put | New | 20,500 | $353K |
| WBD Warner Bros Discovery Inc. | put | New | 210,000 | $344K |
| DDOG Datadog Inc. Class A | call | New | 10,000 | $329K |
| SCHW Schwab (charles) Corp. | put | New | 31,500 | $322K |
| AAPL Apple Inc. | put | New | 31,800 | $310K |
| WBD Warner Bros Discovery Inc. | call | New | 175,000 | $291K |
| NFLX Netflix Inc. | call | New | 2,000 | $290K |
| EXPE Expedia Group Inc. | put | New | 14,300 | $289K |
| EXPE Expedia Group Inc. | call | New | 11,000 | $265K |
| PBR Petroleo Brasileiro-Spon ADR | put | Sold out | 200,000 | $248Kbefore exit |
| AMZN Amazon.com Inc. | put | New | 12,400 | $239K |
| CTSH Cognizant Tech Solutions-A | put | Sold out | 30,000 | $230Kbefore exit |
| CTSH Cognizant Tech Solutions-A | call | Sold out | 33,000 | $219Kbefore exit |
| XOM Exxon Mobil Corp. | put | New | 11,500 | $195K |
| MDT Medtronic PLC | put | Add +20.0% | 30,000 | $191K |
| NOW ServiceNow Inc. | call | New | 2,000 | $187K |
| WDC Western Digital Corp. | put | New | 18,600 | $179K |
| DD Dupont DE Nemours Inc. | call | Sold out | 15,000 | $175Kbefore exit |
| XLI SS Industrial Select Sector | call | New | 72,000 | $173K |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Sold out | 315,000 | $143Kbefore exit |
| LIN Linde PLC | call | Add +560.0% | 33,000 | $140K |
| GEHC GE Healthcare Technology | call | New | 20,000 | $137K |
| GEHC GE Healthcare Technology | put | New | 15,900 | $127K |
| UBER Uber Technologies Inc. | call | New | 25,000 | $126K |
| SNOW Snowflake Inc. | call | New | 13,000 | $125K |
| AMZN Amazon.com Inc. | call | New | 9,000 | $110K |
| TGT Target Corp. | put | New | 12,000 | $107K |
| PBR Petroleo Brasileiro-Spon ADR | call | Sold out | 200,000 | $101Kbefore exit |
| TGT Target Corp. | call | New | 10,000 | $82K |
| XBI SS SPDR S&P Biotech ETF | call | New | 20,000 | $82K |
Showing the first 50 of 63.
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
| NIO INC (NIO 4.625 10/15/30) | NOTE 4.625%10/1 · principal | New | 5,000 | $3.5M |
| PDD HOLDINGS INC (PDD 0 12/01/25) | NOTE 12/0 · principal | New | 3,000 | $2.9M |
| NIO INC (NIO 0.5 02/01/27) | NOTE 0.500% 2/0 · principal | Add +136.0% | 17,700 | $18K |
| BILIBILI INC (BILI 0.5 12/01/26) | NOTE 0.500%12/0 · principal | Sold out | 5,500 | $5Kbefore 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 | 87 | $713.8M | SPY, HDB, WBD, FOX, SLAB |
| Q1 2026 | 155 | $451.1M | GOOG, HDB, FOX, WBD, SLAB |
| Q4 2025 | 110 | $445.7M | IBIT, SPY, NSC, FOX, CYBR |
| Q3 2025 | 35 | $220.0M | GOOG, FOX, HDB, CUK, VALE |
| Q2 2025 | 53 | $240.4M | IBIT, GOOG, RYAAY, FOX, LBRDK |
| Q1 2025 | 11 | $111.6M | GOOGL, HDB, ASX, BRK.A, FOX |
| Q4 2024 | 82 | $517.7M | IVV, IBIT, SPY, HDB, BRK.A |
| Q3 2024 | 59 | $198.3M | IBIT, HDB, BRK.A, QQQ, ASX |
| Q2 2024 | 109 | $222.2M | HDB, GOOGL, XLK, EEM, TYL |
| Q1 2024 | 57 | $142.5M | GOOGL, HDB, EEM, BHC, TYL |