Pale Fire Capital SE
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Pale Fire Capital SE reported 59 stock positions worth $958.3 million. Its top holding was Groupon (GRPN) at 35.5% of the portfolio, followed by B2GOLD (BTG, 24.8%) and Dole (DOLE, 9.0%). Compared with Q1 2025, it opened 13 new positions, sold out of 15, added to 24 and reduced 13. The biggest buy was B2GOLD (BTG, shares +1%) and the biggest sale an exit from Barrick Gold (B).
- Most Recent 13F
- Q2 2026
- Location
- Prague, 2N
- CIK
- 0001922318
- Portfolio Value
- $958.3M (Q2 2025)
- SEC Filing
- 0000921895-25-002194 ↗ filed Aug 13, 2025
Holdings Value
Holdings 59 stocks · $958.3M
| GRPN Groupon Inc. | 35.54% | 10,181,070 | $340.6M | No change |
| BTG B2GOLD Corp. | 24.77% | 65,760,909 | $237.4M | Add +1.4% |
| DOLE Dole PLC | 9.01% | 6,174,540 | $86.4M | Reduce -1.5% |
| HL Hecla Mining Co. | 4.65% | 7,438,818 | $44.6M | No change |
| NGD New Gold Inc. | 2.91% | 5,630,478 | $27.9M | Reduce -12.7% |
| CGAU Centerra Gold Inc. | 2.61% | 3,467,298 | $25.0M | No change |
| ANGI Angi Inc. | 2.06% | 1,292,517 | $19.7M | Add +185.7% |
| PAAS Pan American Silver Corp. | 1.92% | 649,493 | $18.4M | No change |
| TEVA Teva Pharmaceutical-SP ADR | 1.84% | 1,050,649 | $17.6M | New |
| SPPP Sprott Physical Platinum And | 1.44% | 1,172,523 | $13.8M | New |
| MTCH Match Group Inc. | 1.34% | 416,533 | $12.9M | New |
| IAUX I-80 Gold Corp. | 1.33% | 21,263,656 | $12.7M | Add +25.2% |
| ZD Ziff Davis Inc. | 1.08% | 342,885 | $10.4M | Add +37.5% |
| CDE Coeur Mining Inc. | 1.06% | 1,146,022 | $10.2M | Reduce -76.7% |
| INSW International Seaways Inc. | 1.02% | 269,133 | $9.8M | Reduce -2.7% |
| IAG Iamgold Corp. | 1.01% | 1,321,068 | $9.7M | New |
| GAU Galiano Gold Inc. | 0.80% | 6,011,627 | $7.6M | Add +67.2% |
| QURE Uniqure NV | 0.77% | 529,798 | $7.4M | Add +14.6% |
| TEN Tsakos Energy Navigation Ltd. | 0.72% | 360,433 | $6.9M | Add +2.1% |
| MLYS Mineralys Therapeutics Inc. | 0.63% | 446,626 | $6.0M | Add +11.8% |
| ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV | 0.60% | 2,640,384 | $5.8M | Add +1.8% |
| AQST Aquestive Therapeutics Inc. | 0.58% | 1,676,451 | $5.5M | Add +25.5% |
| OCUL Ocular Therapeutix Inc. | 0.51% | 530,135 | $4.9M | Add +20.6% |
| SSTK Shutterstock Inc. | 0.31% | 154,278 | $2.9M | Add +92.3% |
| BUR Burford Capital Ltd. | 0.19% | 128,054 | $1.8M | New |
| CIM Chimera Investment Corp. | 0.16% | 107,708 | $1.5M | Reduce -48.1% |
| LQDA Liquidia Corp. | 0.11% | 85,700 | $1.1M | New |
| CRBU Caribou Biosciences Inc. | 0.10% | 775,055 | $977K | Reduce -1.5% |
| HELP Cybin Inc. | 0.10% | 112,805 | $946K | No change |
| QIPT Quipt Home Medical Corp. | 0.09% | 460,303 | $824K | Add +86.7% |
| AGRO Adecoagro SA | 0.08% | 84,637 | $774K | New |
| ADVM Adverum Biotechnologies Inc. | 0.08% | 358,724 | $771K | Reduce -2.6% |
| TALO Talos Energy Inc. | 0.08% | 87,994 | $746K | Reduce -14.8% |
| MITT TPG Mortgage Investment Trus | 0.04% | 51,202 | $387K | No change |
| PESI Perma-Fix Environmental SVCS | 0.03% | 25,689 | $270K | Add +154.8% |
| HROW Harrow Inc. | 0.03% | 8,683 | $265K | Add +6.8% |
| ETNB 89BIO Inc. | 0.03% | 26,578 | $261K | Add +7.3% |
| LFCR Lifecore Biomedical Inc. | 0.03% | 30,686 | $249K | New |
| DERM Journey Medical Corp. | 0.02% | 32,458 | $233K | Add +19.0% |
| RGNX Regenxbio Inc. | 0.02% | 27,846 | $229K | Add +7.7% |
| DAWN Day One Biopharmaceuticals I | 0.02% | 34,843 | $226K | Add +9.9% |
| RZLT Rezolute Inc. | 0.02% | 49,122 | $219K | Add +4.2% |
| SCPH Scpharmaceuticals Inc. | 0.02% | 57,128 | $218K | New |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.02% | 13,571 | $214K | Add +11.1% |
| CELC Celcuity Inc. | 0.02% | 15,940 | $213K | Reduce -9.6% |
| NE Noble Corp. PLC | 0.02% | 8,000 | $212K | New |
| RARE Ultragenyx Pharmaceutical Inc. | 0.02% | 5,600 | $204K | New |
| NUVB Nuvation Bio Inc. | 0.02% | 95,642 | $187K | Add +109.5% |
| IMTX Immatics NV | 0.02% | 34,270 | $184K | No change |
| MUX McEwen Inc. | 0.01% | 12,350 | $119K | New |
| KURA Kura Oncology Inc. | 0.01% | 20,100 | $116K | New |
| XFOR X4 Pharmaceuticals Inc. | 0.01% | 60,051 | $114K | Reduce -11.5% |
| VZLA Vizsla Silver Corp. | 0.01% | 38,800 | $114K | Add +25.6% |
| LXEO Lexeo Therapeutics Inc. | 0.01% | 27,650 | $111K | Add +46.3% |
| LRMR Larimar Therapeutics Inc. | 0.01% | 37,518 | $108K | No change |
| OSISKO DEVELOPMENT CORP | 0.01% | 49,065 | $105K | Reduce -24.8% |
| NEWP New Pacific Metals Corp. | 0.01% | 67,630 | $91K | Reduce -7.9% |
| ASPI Asp Isotopes Inc. | 0.01% | 10,300 | $76K | Reduce -3.7% |
| ENGN Engene Holdings Inc. | 0.01% | 17,254 | $63K | No change |
Options reported separately and not counted above: NVIDIA CORPORATION puts ($16.3M).
Portfolio Sells Q1 2025 → Q2 2025
| B Barrick Gold Corp. | Sold out | 0.00% | −17.56 |
| CDE Coeur Mining Inc. | Reduce -76.7% | 1.06% | −2.45 |
| DOLE Dole PLC | Reduce -1.5% | 9.01% | −1.90 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.26 |
| CIM Chimera Investment Corp. | Reduce -48.1% | 0.16% | −0.16 |
| NMM Navios Maritime Partners LP | Sold out | 0.00% | −0.16 |
| ADVM Adverum Biotechnologies Inc. | Reduce -2.6% | 0.08% | −0.11 |
| INSW International Seaways Inc. | Reduce -2.7% | 1.02% | −0.08 |
| INZY Inozyme Pharma Inc. | Sold out | 0.00% | −0.05 |
| XFOR X4 Pharmaceuticals Inc. | Reduce -11.5% | 0.01% | −0.05 |
| TALO Talos Energy Inc. | Reduce -14.8% | 0.08% | −0.04 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.03 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −0.03 |
| ADAM Adamas Trust Inc. | Sold out | 0.00% | −0.02 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.02 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.01 |
| COUR Coursera Inc. | Sold out | 0.00% | −0.01 |
| TCRX Tscan Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| BMBL Bumble Inc. Class A | Sold out | 0.00% | −0.01 |
| SGMT Sagimet Biosciences Inc. Class A | Sold out | 0.00% | −0.00 |
| CREATIVE MEDIA & CMNTY TR | Sold out | 0.00% | −0.00 |
| OSISKO DEVELOPMENT CORP | Reduce -24.8% | 0.01% | −0.00 |
| NEWP New Pacific Metals Corp. | Reduce -7.9% | 0.01% | −0.00 |
| CELC Celcuity Inc. | Reduce -9.6% | 0.02% | +0.00 |
| ASPI Asp Isotopes Inc. | Reduce -3.7% | 0.01% | +0.00 |
| CRBU Caribou Biosciences Inc. | Reduce -1.5% | 0.10% | +0.02 |
| NGD New Gold Inc. | Reduce -12.7% | 2.91% | +0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| BTG B2GOLD Corp. | Add +1.4% | 24.77% | +2.52 |
| TEVA Teva Pharmaceutical-SP ADR | New | 1.84% | +1.84 |
| SPPP Sprott Physical Platinum And | New | 1.44% | +1.44 |
| MTCH Match Group Inc. | New | 1.34% | +1.34 |
| ANGI Angi Inc. | Add +185.7% | 2.06% | +1.22 |
| IAG Iamgold Corp. | New | 1.01% | +1.01 |
| GAU Galiano Gold Inc. | Add +67.2% | 0.80% | +0.26 |
| BUR Burford Capital Ltd. | New | 0.19% | +0.19 |
| QURE Uniqure NV | Add +14.6% | 0.77% | +0.18 |
| ATAIBECKLEY INC | Add +1.8% | 0.60% | +0.18 |
| IAUX I-80 Gold Corp. | Add +25.2% | 1.33% | +0.14 |
| OCUL Ocular Therapeutix Inc. | Add +20.6% | 0.51% | +0.13 |
| SSTK Shutterstock Inc. | Add +92.3% | 0.31% | +0.13 |
| AQST Aquestive Therapeutics Inc. | Add +25.5% | 0.58% | +0.11 |
| LQDA Liquidia Corp. | New | 0.11% | +0.11 |
| AGRO Adecoagro SA | New | 0.08% | +0.08 |
| LFCR Lifecore Biomedical Inc. | New | 0.03% | +0.03 |
| SCPH Scpharmaceuticals Inc. | New | 0.02% | +0.02 |
| NE Noble Corp. PLC | New | 0.02% | +0.02 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.02% | +0.02 |
| PESI Perma-Fix Environmental SVCS | Add +154.8% | 0.03% | +0.02 |
| QIPT Quipt Home Medical Corp. | Add +86.7% | 0.09% | +0.02 |
| MUX McEwen Inc. | New | 0.01% | +0.01 |
| KURA Kura Oncology Inc. | New | 0.01% | +0.01 |
| NUVB Nuvation Bio Inc. | Add +109.5% | 0.02% | +0.01 |
| RZLT Rezolute Inc. | Add +4.2% | 0.02% | +0.01 |
| ETNB 89BIO Inc. | Add +7.3% | 0.03% | +0.01 |
| DERM Journey Medical Corp. | Add +19.0% | 0.02% | +0.00 |
| LXEO Lexeo Therapeutics Inc. | Add +46.3% | 0.01% | +0.00 |
| ARWR Arrowhead Pharmaceuticals Inc. | Add +11.1% | 0.02% | +0.00 |
| VZLA Vizsla Silver Corp. | Add +25.6% | 0.01% | +0.00 |
| HROW Harrow Inc. | Add +6.8% | 0.03% | +0.00 |
| RGNX Regenxbio Inc. | Add +7.7% | 0.02% | +0.00 |
| TEN Tsakos Energy Navigation Ltd. | Add +2.1% | 0.72% | −0.00 |
| DAWN Day One Biopharmaceuticals I | Add +9.9% | 0.02% | −0.01 |
| ZD Ziff Davis Inc. | Add +37.5% | 1.08% | −0.05 |
| MLYS Mineralys Therapeutics Inc. | Add +11.8% | 0.63% | −0.13 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 71 | $1.4B | GRPN, BTG, ZD, DOLE, COUR |
| Q1 2026 | 60 | $1.1B | BTG, DOLE, GRPN, ZD, PHR |
| Q4 2025 | 55 | $775.8M | GRPN, BTG, DOLE, ZD, BAX |
| Q3 2025 | 52 | $912.4M | BTG, GRPN, DOLE, IAG, NGD |
| Q2 2025 | 59 | $958.3M | GRPN, BTG, DOLE, HL, NGD |
| Q1 2025 | 61 | $830.4M | GRPN, BTG, B, DOLE, HL |
| Q4 2024 | 50 | $426.9M | BTG, GRPN, DOLE, INSW, CGAU |
| Q3 2024 | 54 | $637.7M | T, DOLE, GRPN, BTG, INSW |
| Q2 2024 | 43 | $886.8M | T, SHEL, GRPN, DOLE, INSW |
| Q1 2024 | 46 | $717.3M | SHEL, GRPN, DOLE, INSW, STNG |