In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), NINE MASTS CAPITAL Ltd reported 53 stock positions worth $240.4 million . Its top holding was iShares Bitcoin Trust ETF (IBIT) at 30.4% of the portfolio, followed by Alphabet Class C (GOOG, 12.6% ) and Ryanair Holdings PLC-SP ADR (RYAAY, 6.5% ). Compared with Q1 2025, it opened 48 new positions, sold out of 6, added to 2 and reduced 3. The biggest buy was a new position in iShares Bitcoin Trust ETF (IBIT) and the biggest sale an exit from Alphabet Class A (GOOGL).
Location CENTRAL, K3
CIK 0001569356
Portfolio Value $240.4M (Q2 2025) Holdings 53 stocks · $240.4M 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 IBIT iShares Bitcoin Trust ETF 1,193,390 $73.0M New GOOG Alphabet Inc. Class C 170,936 $30.3M New RYAAY Ryanair Holdings PLC-SP ADR 269,832 $15.6M New FOX Fox Corp. Class B 221,086 $11.4M Add +38.2% LBRDK Liberty Broadband-C 101,209 $10.0M New HES Hess Corp. 70,000 $9.7M New HDB HDFC Bank Ltd.-ADR 94,657 $7.3M Reduce -60.6% GRND Grindr Inc. 315,886 $7.2M New TGT Target Corp. 274,000 $6.9M New ASX Ase Technology Holding -ADR 652,368 $6.7M Reduce -60.9% BEP Brookfield Renewable Partner 217,639 $5.6M New EW Edwards Lifesciences Corp. 400,000 $5.1M New K Kellanova 56,783 $4.5M New FYBR Frontier Communications Pare 106,381 $3.9M New JD Jd.com Inc.-ADR 101,873 $3.3M New AAPL Apple Inc. 15,742 $3.2M New MAGS Roundhill Magnificent Seven 53,725 $3.0M New BRK.A Berkshire Hathaway Inc. Class A 4 $2.9M Reduce -75.0% ANSS Ansys Inc. 7,065 $2.5M New NOW ServiceNow Inc. 2,152 $2.2M New MMYT Makemytrip Ltd. 15,600 $1.5M New TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 20,500 $1.5M New WBA Walgreens Boots Alliance Inc. 123,000 $1.4M New NVEE NV5 Global Inc. 59,774 $1.4M New XPEV Xpeng Inc. - ADR 76,250 $1.4M Add +175.8% IPG Interpublic Group of Cos Inc. 49,330 $1.2M New SKX Skechers USA Inc. Class A 19,087 $1.2M New CNA Cna Financial Corp. 24,790 $1.2M New EXPE Expedia Group Inc. 6,583 $1.1M New TXNM TXNM Energy Inc. 19,568 $1.1M New NVDA Nvidia Corp. 6,357 $1.0M New SPR Spirit Aerosystems Hold Class A 25,405 $969K New DVN Devon Energy Corp. 29,868 $950K New YUMC Yum China Holdings Inc. 20,038 $897K New BPMC Blueprint Medicines Corp. 6,000 $769K New SCHW Schwab (charles) Corp. 8,362 $763K New AXP American Express Co. 2,284 $729K New MDT Medtronic PLC 7,643 $666K New DDOG Datadog Inc. Class A 4,799 $645K New ALE Allete Inc. 8,588 $550K New WDS Woodside Energy Group-ADR 34,317 $533K New CORZ Core Scientific Inc. 30,000 $512K New ZK Zeekr Intelligent Techno-ADR 20,000 $510K New TASK Taskus Inc. Class A 30,000 $503K New AMLP Alerian MLP ETF 10,100 $493K New TIXT Telus International Cda Inc. 130,000 $472K New HOLX Hologic Inc. 7,000 $456K New AMD Advanced Micro Devices 2,822 $400K New XOM Exxon Mobil Corp. 3,441 $371K New DNB Dun & Bradstreet Holdings Inc. 37,475 $341K New GEHC GE Healthcare Technology 4,316 $320K New AMCR Amcor PLC 33,000 $303K New WBD Warner Bros Discovery Inc. 2,062 $24K New
Options reported separately and not counted above: SPY calls ($8.6M), RBLX calls ($1.9M), NFLX calls ($952K), TTD puts ($888K), AMD puts ($815K), AAPL puts ($722K), PDD calls ($606K), AMD calls ($548K), UBER calls ($523K), NOW puts ($497K), XBI puts ($443K), U calls ($420K), and 25 more.
Other holdings (4): bonds, preferreds, convertibles and warrants · $146K (not counted above) Security Class Shares / Principal Value Change ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 · principal 400,000 $89K New NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 · principal 299,447 $30K New PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 · principal 362,456 $14K New NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal 20,500 $13K Add +36.7%
Total filed on the 13F, all lines: $240.5M.
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 ▲ GOOGL Alphabet Inc. Class A Sold out 0.00% −41.48 HDB HDFC Bank Ltd.-ADR Reduce -60.6% 3.02% −11.30 ASX Ase Technology Holding -ADR Reduce -60.9% 2.80% −10.31 BRK.A Berkshire Hathaway Inc. Class A Reduce -75.0% 1.21% −10.24 ONC Beone Medicines Ltd.-ADR Sold out 0.00% −4.16 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −2.57 TCOM Trip.com Group Ltd.-ADR Sold out 0.00% −2.28 ZLAB Zai Lab Ltd.-ADR Sold out 0.00% −1.66 LI Li Auto Inc. - ADR Sold out 0.00% −0.91
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 ▼ IBIT iShares Bitcoin Trust ETF New 30.39% +30.39 GOOG Alphabet Inc. Class C New 12.61% +12.61 RYAAY Ryanair Holdings PLC-SP ADR New 6.47% +6.47 LBRDK Liberty Broadband-C New 4.14% +4.14 HES Hess Corp. New 4.03% +4.03 GRND Grindr Inc. New 2.98% +2.98 TGT Target Corp. New 2.89% +2.89 BEP Brookfield Renewable Partner New 2.31% +2.31 EW Edwards Lifesciences Corp. New 2.10% +2.10 K Kellanova New 1.88% +1.88 FYBR Frontier Communications Pare New 1.61% +1.61 JD Jd.com Inc.-ADR New 1.38% +1.38 AAPL Apple Inc. New 1.34% +1.34 MAGS Roundhill Magnificent Seven New 1.24% +1.24 ANSS Ansys Inc. New 1.03% +1.03 NOW ServiceNow Inc. New 0.92% +0.92 MMYT Makemytrip Ltd. New 0.64% +0.64 TTD Trade Desk Inc./the Class A New 0.61% +0.61 WBA Walgreens Boots Alliance Inc. New 0.59% +0.59 NVEE NV5 Global Inc. New 0.57% +0.57 IPG Interpublic Group of Cos Inc. New 0.50% +0.50 SKX Skechers USA Inc. Class A New 0.50% +0.50 CNA Cna Financial Corp. New 0.48% +0.48 EXPE Expedia Group Inc. New 0.46% +0.46 TXNM TXNM Energy Inc. New 0.46% +0.46 NVDA Nvidia Corp. New 0.42% +0.42 SPR Spirit Aerosystems Hold Class A New 0.40% +0.40 DVN Devon Energy Corp. New 0.40% +0.40 YUMC Yum China Holdings Inc. New 0.37% +0.37 BPMC Blueprint Medicines Corp. New 0.32% +0.32 SCHW Schwab (charles) Corp. New 0.32% +0.32 AXP American Express Co. New 0.30% +0.30 MDT Medtronic PLC New 0.28% +0.28 DDOG Datadog Inc. Class A New 0.27% +0.27 ALE Allete Inc. New 0.23% +0.23 WDS Woodside Energy Group-ADR New 0.22% +0.22 CORZ Core Scientific Inc. New 0.21% +0.21 ZK Zeekr Intelligent Techno-ADR New 0.21% +0.21 TASK Taskus Inc. Class A New 0.21% +0.21 AMLP Alerian MLP ETF New 0.21% +0.21 TIXT Telus International Cda Inc. New 0.20% +0.20 HOLX Hologic Inc. New 0.19% +0.19 AMD Advanced Micro Devices New 0.17% +0.17 XOM Exxon Mobil Corp. New 0.15% +0.15 DNB Dun & Bradstreet Holdings Inc. New 0.14% +0.14 GEHC GE Healthcare Technology New 0.13% +0.13 AMCR Amcor PLC New 0.13% +0.13 XPEV Xpeng Inc. - ADR Add +175.8% 0.57% +0.07 WBD Warner Bros Discovery Inc. New 0.01% +0.01 FOX Fox Corp. Class B Add +38.2% 4.75% −2.81
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ ADBE Adobe Inc. put Sold out 6,500 $1.1Mbefore exit AMD Advanced Micro Devices put Add +264.7% 54,700 $815K PDD PDD Holdings Inc. call New 39,500 $606K AMD Advanced Micro Devices call Add +337.3% 32,800 $548K NOW ServiceNow Inc. put Add +133.3% 3,500 $497K SHOP Shopify Inc. Class A call Sold out 33,000 $460Kbefore exit ABNB Airbnb Inc. Class A put Sold out 20,000 $441Kbefore exit AMZN Amazon.com Inc. put Sold out 12,400 $440Kbefore exit EXPE Expedia Group Inc. put Sold out 14,300 $392Kbefore exit PDD PDD Holdings Inc. put New 40,000 $349K U Unity Software Inc. put Add +2.7% 102,700 $335K LIN Linde PLC put Reduce -76.2% 14,300 $310K SHOP Shopify Inc. Class A put Sold out 30,000 $233Kbefore exit ADSK Autodesk Inc. put Sold out 8,800 $224Kbefore exit WDC Western Digital Corp. put Sold out 18,600 $196Kbefore exit XLI SS Industrial Select Sector call Sold out 72,000 $173Kbefore exit XOM Exxon Mobil Corp. put New 11,500 $170K CTSH Cognizant Tech Solutions-A put Sold out 30,000 $162Kbefore exit DKS Dick's Sporting Goods Inc. call New 10,400 $139K HON Honeywell International Inc. call Sold out 43,000 $131Kbefore exit DD Dupont DE Nemours Inc. put Sold out 15,000 $127Kbefore exit EXPE Expedia Group Inc. call Sold out 11,000 $124Kbefore exit DIS The Walt Disney Co. put Sold out 14,000 $121Kbefore exit PATH Uipath Inc. Class A put Sold out 38,500 $116Kbefore exit WDAY Workday Inc. Class A put Sold out 6,000 $113Kbefore exit TGT Target Corp. put Sold out 11,500 $109Kbefore exit WDAY Workday Inc. Class A call Sold out 6,000 $88Kbefore exit ADSK Autodesk Inc. call Sold out 8,000 $79Kbefore exit MDT Medtronic PLC call Add +300.0% 20,000 $68K CTSH Cognizant Tech Solutions-A call Sold out 33,000 $60Kbefore exit CCL Carnival Corp. put New 3,000,000 $60K LIN Linde PLC call Reduce -45.0% 11,000 $58K DIS The Walt Disney Co. call Sold out 15,000 $50Kbefore exit SPY SS SPDR S&P 500 ETF Trust-US put New 15,000 $47K SNOW Snowflake Inc. call Sold out 13,000 $38Kbefore exit RBLX Roblox Corp. Class A put Add +25.0% 55,000 $38K ABNB Airbnb Inc. Class A call Sold out 10,000 $28Kbefore exit FCX Freeport-McMoran Inc. call Sold out 50,000 $20Kbefore exit DD Dupont DE Nemours Inc. call Sold out 15,000 $12Kbefore exit XOM Exxon Mobil Corp. call New 8,200 $11K AMZN Amazon.com Inc. call Sold out 9,000 $8Kbefore exit WDC Western Digital Corp. call Sold out 12,500 $7Kbefore exit ADBE Adobe Inc. call Sold out 5,000 $2Kbefore exit PATH Uipath Inc. Class A call Sold out 22,500 $2Kbefore 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 ▼ PDD HOLDINGS INC (PDD 0 12/01/25) NOTE 12/0 · principal Sold out 10,000 $9.9Mbefore exit ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 · principal New 400,000 $89K NOTEW Fiscalnote Holdings Inc.-CW25 *W EXP 07/29/202 · principal New 299,447 $30K PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 · principal New 362,456 $14K NIO INC (NIO 4.625 10/15/30) NOTE 4.625%10/1 · principal Add +36.7% 20,500 $13K
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