Owl Creek Asset Management, L.P. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Owl Creek Asset Management, L.P. reported 24 stock positions worth $758.3 million . Its top holding was Anterix (ATEX) at 18.3% of the portfolio, followed by iShares Russell 2000 ETF (IWM, 7.1% ) and Humana (HUM, 6.3% ). Compared with Q1 2025, it opened 10 new positions, sold out of 6, added to 7 and reduced 6. The biggest buy was a new position in iShares Russell 2000 ETF (IWM) and the biggest sale P G & E (PCG, shares −55% ).
Location New York, NY
CIK 0001313756
Portfolio Value $758.3M (Q2 2025) Holdings 24 stocks · $758.3M 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 ATEX Anterix Inc. 5,411,776 $138.8M No change IWM iShares Russell 2000 ETF 250,653 $54.1M New HUM Humana Inc. 193,978 $47.4M Add +56.0% AMZN Amazon.com Inc. 213,311 $46.8M Add +84.9% VST Vistra Corp. 237,077 $45.9M New META Meta Platforms Inc. Class A 61,737 $45.6M Reduce -2.4% FLUT Flutter Entertainment PLC-Di 140,401 $40.1M Reduce -7.3% DKNG Draftkings Inc. Class A 903,481 $38.8M Add +6.5% FTAI Ftai Aviation Ltd. 320,179 $36.8M Add +183.5% PCG P G & E Corp. 2,549,374 $35.5M Reduce -55.5% TLN Talen Energy Corp. 121,064 $35.2M New XYZ Block Inc. 501,329 $34.1M Add +344.4% GEV GE Vernova Inc. 56,775 $30.0M New FISV Fiserv Inc. 154,610 $26.7M New EWY iShares MSCI South Korea ETF 304,386 $21.8M New MSFT Microsoft Corp. 37,053 $18.4M New UBER Uber Technologies Inc. 197,500 $18.4M Reduce -49.2% CEG Constellation Energy 35,353 $11.4M New SKYW Skywest Inc. 95,717 $9.9M New CYH Community Health Systems Inc. 1,863,221 $6.3M Add +26.4% UNH Unitedhealth Group Inc. 18,553 $5.8M Reduce -56.6% TSEOQ Trinseo PLC 1,669,952 $5.2M Add +337.1% LLY Eli Lilly & Co. 4,440 $3.5M New BITCOIN DEPOT INC 336,006 $1.7M Reduce -51.5%
Options reported separately and not counted above: SPY puts ($469.6M), EWY calls ($150.7M), AAPL puts ($81.6M), ASHR calls ($79.9M), UNH calls ($77.9M), DKNG calls ($77.2M), AI calls ($74.6M), HUM calls ($66.9M), UBER calls ($60.6M), TSLA puts ($51.7M), XYZ calls ($50.9M), HOOD calls ($37.5M), and 17 more.
Other holdings (3): bonds, preferreds, convertibles and warrants · $148K (not counted above) Security Class Shares / Principal Value Change BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 252,000 $100K No change DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 23,635 $45K No change AERTW Aeries Technology Inc. -CW23 *W EXP 11/06/202 100,000 $3K No change
Total filed on the 13F, all lines: $758.5M.
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 ▲ PCG P G & E Corp. Reduce -55.5% 4.69% −11.35 CVS CVS Health Corp. Sold out 0.00% −4.82 CI The Cigna Group Sold out 0.00% −4.39 CNC Centene Corp. Sold out 0.00% −3.07 UNH Unitedhealth Group Inc. Reduce -56.6% 0.76% −2.89 UBER Uber Technologies Inc. Reduce -49.2% 2.43% −2.19 UAL United Airlines Holdings Inc. Sold out 0.00% −1.05 DAL Delta Air Lines Inc. Sold out 0.00% −0.80 NOVAQ Sunnova Energy International Sold out 0.00% −0.24 FLUT Flutter Entertainment PLC-Di Reduce -7.3% 5.29% −0.18 BITCOIN DEPOT INC Reduce -51.5% 0.22% +0.05 META Meta Platforms Inc. Class A Reduce -2.4% 6.01% +0.07
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 ▼ IWM iShares Russell 2000 ETF New 7.13% +7.13 VST Vistra Corp. New 6.06% +6.06 TLN Talen Energy Corp. New 4.64% +4.64 GEV GE Vernova Inc. New 3.96% +3.96 FISV Fiserv Inc. New 3.52% +3.52 XYZ Block Inc. Add +344.4% 4.49% +3.49 EWY iShares MSCI South Korea ETF New 2.88% +2.88 FTAI Ftai Aviation Ltd. Add +183.5% 4.86% +2.81 AMZN Amazon.com Inc. Add +84.9% 6.17% +2.59 MSFT Microsoft Corp. New 2.43% +2.43 CEG Constellation Energy New 1.50% +1.50 SKYW Skywest Inc. New 1.30% +1.30 HUM Humana Inc. Add +56.0% 6.25% +0.89 DKNG Draftkings Inc. Class A Add +6.5% 5.11% +0.52 TSEOQ Trinseo PLC Add +337.1% 0.69% +0.46 LLY Eli Lilly & Co. New 0.46% +0.46 CYH Community Health Systems Inc. Add +26.4% 0.84% +0.19
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call Sold out 3,552,600 $2.0Bbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 1,569,700 $736.1Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Reduce -84.5% 760,000 $469.6M EWY iShares MSCI South Korea ETF call New 2,100,000 $150.7M AAPL Apple Inc. put Reduce -48.4% 397,700 $81.6M FXI iShares China Large-Cap ETF put Sold out 2,262,700 $81.1Mbefore exit ASHR Xtrackers Harvest Csi 300 CH call New 2,900,000 $79.9M UNH Unitedhealth Group Inc. call Add +135.7% 249,800 $77.9M DKNG Draftkings Inc. Class A call Add +16.0% 1,800,000 $77.2M AI C3.AI Inc. Class A call New 3,037,400 $74.6M RCL Royal Caribbean Cruises Ltd. put Sold out 350,800 $72.1Mbefore exit NVDA Nvidia Corp. put Sold out 635,500 $68.9Mbefore exit HUM Humana Inc. call Reduce -18.6% 273,700 $66.9M UBER Uber Technologies Inc. call Reduce -20.0% 649,200 $60.6M DELL Dell Technologies -C put Sold out 647,100 $59.0Mbefore exit TSLA Tesla Inc. put Reduce -87.2% 162,600 $51.7M XYZ Block Inc. call Add +275.0% 750,000 $50.9M KWEB Kranesh Csi China Internet put Sold out 1,408,000 $49.2Mbefore exit BIDU Baidu Inc. - Spon ADR call Sold out 502,600 $46.3Mbefore exit CRWD CrowdStrike Holdings Inc. Class A call Sold out 124,500 $43.9Mbefore exit HOOD Robinhood Markets Inc. Class A call New 400,000 $37.5M CRCL Circle Internet Group Inc. put New 190,900 $34.6M AVB Avalonbay Communities Inc. put New 140,000 $28.5M XHB SS SPDR S&P Homebldrs ETF put Sold out 261,600 $25.3Mbefore exit FLUT Flutter Entertainment PLC-Di call New 83,200 $23.8M IWM iShares Russell 2000 ETF put Sold out 115,000 $22.9Mbefore exit THC Tenet Healthcare Corp. put New 101,300 $17.8M KBH KB Home put New 323,500 $17.1M PGR Progressive Corp. put New 57,700 $15.4M SG Sweetgreen Inc. Class A call New 1,000,000 $14.9M FISV Fiserv Inc. call New 77,900 $13.4M HIMS Hims & Hers Health Inc. call New 225,100 $11.2M VNO Vornado Realty Trust put New 262,500 $10.0M EIX Edison International call Sold out 152,300 $9.0Mbefore exit OKLO Oklo Inc. call New 120,000 $6.7M PTON Peloton Interactive Inc. Class A call New 962,000 $6.7M IONQ Ionq Inc. call New 150,000 $6.4M PLAY Dave & Buster's Entertainmen call Sold out 363,700 $6.4Mbefore exit CVS CVS Health Corp. call Sold out 77,000 $5.2Mbefore exit TDOC Teladoc Health Inc. call New 500,000 $4.4M PZZA Papa John's Intl Inc. call Reduce -63.8% 85,000 $4.2M RKT Rocket Cos Inc. Class A call New 293,300 $4.2M QS Quantumscape Corp. call New 535,000 $3.6M MLCO Melco Resorts & Entert-ADR call Sold out 565,000 $3.0Mbefore 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 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 31 $1.1B ATEX, RJET, PCG, FTAI, APP Q1 2026 21 $517.5M ATEX, RJET, FTAI, PCG, SKYW Q4 2025 30 $830.8M ATEX, PCG, RJET, FTAI, AMZN Q3 2025 32 $880.7M ATEX, PCG, LYFT, TLN, FTAI Q2 2025 24 $758.3M ATEX, IWM, HUM, AMZN, VST Q1 2025 20 $613.5M ATEX, PCG, META, FLUT, HUM Q4 2024 17 $425.3M ATEX, PCG, UBER, MLCO, FLUT Q3 2024 25 $684.3M ATEX, PCG, META, PZZA, MSFT Q2 2024 15 $557.5M ATEX, PCG, AMZN, T, META Q1 2024 27 $703.6M ATEX, PCG, THC, AMZN, OXY