In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Pale Fire Capital SE reported 55 stock positions worth $775.8 million . Its top holding was Groupon (GRPN) at 23.1% of the portfolio, followed by B2GOLD (BTG, 22.9% ) and Dole (DOLE, 18.1% ). Compared with Q3 2025, it opened 20 new positions, sold out of 17, added to 18 and reduced 13. The biggest buy was Dole (DOLE, shares +9% ) and the biggest sale an exit from Iamgold (IAG).
Location Prague, 2N
CIK 0001922318
Portfolio Value $775.8M (Q4 2025) Holdings 55 stocks · $775.8M 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 GRPN Groupon Inc. 10,181,070 $179.3M No change BTG B2GOLD Corp. 39,311,603 $177.3M Reduce -21.4% DOLE Dole PLC 9,372,776 $140.5M Add +9.1% ZD Ziff Davis Inc. 1,209,952 $42.5M Add +201.1% BAX Baxter International Inc. 2,074,016 $39.6M New IAUX I-80 Gold Corp. 20,668,315 $30.2M Reduce -8.2% ANGI Angi Inc. 2,152,919 $27.8M Add +57.3% GAU Galiano Gold Inc. 7,914,409 $20.0M Add +18.9% TDOC Teladoc Health Inc. 1,944,203 $13.6M New LQDA Liquidia Corp. 379,392 $13.1M Add +57.6% CGAU Centerra Gold Inc. 591,222 $8.5M Reduce -74.7% CARS Cars.com Inc. 661,501 $8.1M New RGNX Regenxbio Inc. 499,526 $7.2M Add +95.4% GUTS Fractyl Health Inc. 3,209,942 $7.1M New TEN Tsakos Energy Navigation Ltd. 295,909 $6.6M Reduce -13.1% GERN Geron Corp. 4,788,594 $6.3M Add +109.9% SNDX Syndax Pharmaceuticals Inc. 284,460 $6.0M New TECX Tectonic Therapeutic Inc. 261,026 $5.4M Add +0.5% DAWN Day One Biopharmaceuticals I 544,063 $5.1M Add +79.9% KURA Kura Oncology Inc. 452,245 $4.7M Reduce -25.6% PPLI People Inc. filed as IAC INC 96,507 $3.8M New DERM Journey Medical Corp. 444,642 $3.4M Add +94.5% WIX Wix.com Ltd. 31,000 $3.2M New CMRC Commerce.com Inc. 748,925 $3.1M Add +150.8% HRTX Heron Therapeutics Inc. 1,469,655 $1.9M Add +211.9% SGMT Sagimet Biosciences Inc. Class A 221,875 $1.3M New HELP Cybin Inc. 153,505 $1.3M No change ABEO Abeona Therapeutics Inc. 174,705 $921K New AGRO Adecoagro SA 84,637 $671K No change XFOR X4 Pharmaceuticals Inc. 167,590 $670K Reduce -7.3% LFCR Lifecore Biomedical Inc. 71,040 $581K Add +9.9% HROW Harrow Inc. 11,785 $577K Add +45.6% PESI Perma-Fix Environmental SVCS 43,220 $544K Reduce -4.5% DCTH Delcath Systems Inc. 40,085 $405K New MLYS Mineralys Therapeutics Inc. 10,354 $376K Reduce -98.1% CRTO Criteo SA-Spon 18,097 $373K New AGIO Agios Pharmaceuticals Inc. 11,850 $323K New ONIT Onity Group Inc. 6,833 $313K New PTHS Pelthos Therapeutics Inc. 8,100 $251K New RARE Ultragenyx Pharmaceutical Inc. 10,211 $235K New LXEO Lexeo Therapeutics Inc. 22,302 $221K Reduce -33.7% ENGN Engene Holdings Inc. 24,004 $217K Add +39.1% RLMD Relmada Therapeutics Inc. 44,550 $215K New VZLA Vizsla Silver Corp. 38,201 $209K Add +24.3% TARS Tarsus Pharmaceuticals Inc. 2,452 $201K Reduce -65.3% CGEM Cullinan Therapeutics Inc. 19,318 $200K Add +32.2% ANNX Annexon Inc. 38,600 $194K New ATAIBECKLEY INC 45,811 $187K Reduce -95.8% LRMR Larimar Therapeutics Inc. 45,218 $172K No change IMTX Immatics NV 16,272 $171K Reduce -52.5% PALI Palisade Bio Inc. 70,710 $166K New CRBP Corbus Pharmaceuticals Holdi 18,650 $152K New NVCR Novocure Ltd. 10,723 $139K New NEWP New Pacific Metals Corp. 28,477 $100K Add +9.6% RZLT Rezolute Inc. 33,519 $79K Reduce -20.0%
Options reported separately and not counted above: COIN puts ($287.6M), TSLA puts ($233.9M), HOOD puts ($187.3M), OEF puts ($3.3M), NVDA puts ($2.1M).
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 ▲ IAG Iamgold Corp. Sold out 0.00% −5.57 NGD New Gold Inc. Sold out 0.00% −4.89 BTG B2GOLD Corp. Reduce -21.4% 22.85% −4.28 TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −3.74 MLYS Mineralys Therapeutics Inc. Reduce -98.1% 0.05% −2.16 CGAU Centerra Gold Inc. Reduce -74.7% 1.10% −1.65 ATAIBECKLEY INC Reduce -95.8% 0.02% −0.60 NUVB Nuvation Bio Inc. Sold out 0.00% −0.59 INSW International Seaways Inc. Sold out 0.00% −0.38 SSTK Shutterstock Inc. Sold out 0.00% −0.35 CRBU Caribou Biosciences Inc. Sold out 0.00% −0.20 ADVM Adverum Biotechnologies Inc. Sold out 0.00% −0.18 QDEL Quidelortho Corp. Sold out 0.00% −0.06 AQST Aquestive Therapeutics Inc. Sold out 0.00% −0.06 ETNB 89BIO Inc. Sold out 0.00% −0.04 ARWR Arrowhead Pharmaceuticals Inc. Sold out 0.00% −0.04 RZLT Rezolute Inc. Reduce -20.0% 0.01% −0.03 MITT TPG Mortgage Investment Trus Sold out 0.00% −0.02 MUX McEwen Inc. Sold out 0.00% −0.02 TARS Tarsus Pharmaceuticals Inc. Reduce -65.3% 0.03% −0.02 BHVN Biohaven Ltd. Sold out 0.00% −0.02 AKBA Akebia Therapeutics Inc. Sold out 0.00% −0.01 IMTX Immatics NV Reduce -52.5% 0.02% −0.01 OSISKO DEVELOPMENT CORP Sold out 0.00% −0.01 LXEO Lexeo Therapeutics Inc. Reduce -33.7% 0.03% +0.00 KURA Kura Oncology Inc. Reduce -25.6% 0.61% +0.02 XFOR X4 Pharmaceuticals Inc. Reduce -7.3% 0.09% +0.02 PESI Perma-Fix Environmental SVCS Reduce -4.5% 0.07% +0.02 TEN Tsakos Energy Navigation Ltd. Reduce -13.1% 0.86% +0.03 IAUX I-80 Gold Corp. Reduce -8.2% 3.89% +1.53
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 ▼ DOLE Dole PLC Add +9.1% 18.11% +5.46 BAX Baxter International Inc. New 5.11% +5.11 ZD Ziff Davis Inc. Add +201.1% 5.48% +3.80 TDOC Teladoc Health Inc. New 1.75% +1.75 ANGI Angi Inc. Add +57.3% 3.59% +1.15 LQDA Liquidia Corp. Add +57.6% 1.69% +1.09 CARS Cars.com Inc. New 1.04% +1.04 GAU Galiano Gold Inc. Add +18.9% 2.58% +0.98 GUTS Fractyl Health Inc. New 0.91% +0.91 SNDX Syndax Pharmaceuticals Inc. New 0.77% +0.77 RGNX Regenxbio Inc. Add +95.4% 0.93% +0.66 PPLI People Inc. New 0.49% +0.49 GERN Geron Corp. Add +109.9% 0.81% +0.47 DAWN Day One Biopharmaceuticals I Add +79.9% 0.65% +0.42 WIX Wix.com Ltd. New 0.42% +0.42 DERM Journey Medical Corp. Add +94.5% 0.44% +0.26 TECX Tectonic Therapeutic Inc. Add +0.5% 0.70% +0.26 CMRC Commerce.com Inc. Add +150.8% 0.40% +0.23 HRTX Heron Therapeutics Inc. Add +211.9% 0.25% +0.18 SGMT Sagimet Biosciences Inc. Class A New 0.17% +0.17 ABEO Abeona Therapeutics Inc. New 0.12% +0.12 DCTH Delcath Systems Inc. New 0.05% +0.05 CRTO Criteo SA-Spon New 0.05% +0.05 AGIO Agios Pharmaceuticals Inc. New 0.04% +0.04 ONIT Onity Group Inc. New 0.04% +0.04 PTHS Pelthos Therapeutics Inc. New 0.03% +0.03 HROW Harrow Inc. Add +45.6% 0.07% +0.03 RARE Ultragenyx Pharmaceutical Inc. New 0.03% +0.03 RLMD Relmada Therapeutics Inc. New 0.03% +0.03 ANNX Annexon Inc. New 0.03% +0.03 LFCR Lifecore Biomedical Inc. Add +9.9% 0.07% +0.02 PALI Palisade Bio Inc. New 0.02% +0.02 CRBP Corbus Pharmaceuticals Holdi New 0.02% +0.02 NVCR Novocure Ltd. New 0.02% +0.02 CGEM Cullinan Therapeutics Inc. Add +32.2% 0.03% +0.02 ENGN Engene Holdings Inc. Add +39.1% 0.03% +0.01 VZLA Vizsla Silver Corp. Add +24.3% 0.03% +0.01 NEWP New Pacific Metals Corp. Add +9.6% 0.01% +0.01
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ COIN Coinbase Global Inc. Class A put New 1,271,800 $287.6M TSLA Tesla Inc. put New 520,000 $233.9M HOOD Robinhood Markets Inc. Class A put New 1,656,000 $187.3M OEF iShares S&P 100 ETF put New 19,600 $3.3M NVDA Nvidia Corp. put New 11,000 $2.1M SPDR INDEX SHS FDS put Sold out 10,000 $621Kbefore exit NVIDIA CORPORATION put Sold out 3,000 $560Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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