ParaFi Capital LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), ParaFi Capital LP reported 10 stock positions worth $454.6 million. Its top holding was Bitwise Bitcoin ETF (BITB) at 26.8% of the portfolio, followed by Fidelity Wise Origin Bitcoin (FBTC, 23.9%) and iShares Bitcoin Trust ETF (IBIT, 21.1%). Compared with Q2 2025, it opened 3 new positions, sold out of 4 and reduced 4. The biggest buy was a new position in Nakamoto (NAKA) and the biggest sale Core Scientific (CORZ, shares −95%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001919332
Portfolio Value
$454.6M (Q3 2025)
SEC Filing
0001420506-25-003440 ↗ filed Nov 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q4 2024: $417.3M Q4 2024 Q1 2025: $205.2M Q1 2025 Q2 2025: $545.3M Q2 2025 Q3 2025: $454.6M $454.6M Q3 2025 Q4 2025: $336.6M Q4 2025 Q1 2026: $278.9M Q1 2026 Q2 2026: $262.4M Q2 2026

Holdings 10 stocks · $454.6M
BITB Bitwise Bitcoin ETF 26.83% 1,960,000 $122.0M No change
FBTC Fidelity Wise Origin Bitcoin 23.93% 1,090,000 $108.8M No change
IBIT iShares Bitcoin Trust ETF 21.09% 1,475,000 $95.9M Reduce -21.3%
SBET Sharplink Inc. 15.44% 4,125,430 $70.2M Reduce -12.5%
BTC Grayscale Bitcoin Mini ETF 5.79% 520,000 $26.3M No change
NAKA Nakamoto Inc. filed as KINDLY MD INC 4.18% 17,764,820 $19.0M New
COIN Coinbase Global Inc. Class A 0.97% 13,001 $4.4M Reduce -86.0%
CORZ Core Scientific Inc. 0.71% 179,613 $3.2M Reduce -94.7%
BRR Columbus Circle Capital Co. Class A 0.62% 280,050 $2.8M New
CEPF Cantor Equity Partners Class A 0.45% 200,000 $2.0M New

Options reported separately and not counted above: ISHARES BITCOIN TRUST ETF calls ($1.1M), COINBASE GLOBAL INC puts ($23K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $5.6M (not counted above)
SecurityClassShares / PrincipalValueChange
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 61,500$5.6MNew

Total filed on the 13F, all lines: $460.2M.

Portfolio Sells Q2 2025 → Q3 2025
CORZ Core Scientific Inc. Reduce -94.7% 0.71% −9.82
ETHW Bitwise Ethereum ETF Sold out 0.00% −6.03
COIN Coinbase Global Inc. Class A Reduce -86.0% 0.97% −5.01
COINBASE GLOBAL INC (COIN 0.25 04/01/30) Sold out 0.00% −1.92
COINBASE GLOBAL INC (COIN 0.5 06/01/26) Sold out 0.00% −1.06
TRON Tron Inc. Sold out 0.00% −0.45
IBIT iShares Bitcoin Trust ETF Reduce -21.3% 21.09% +0.04
SBET Sharplink Inc. Reduce -12.5% 15.44% +6.85

Portfolio Buys Q2 2025 → Q3 2025
NAKA Nakamoto Inc. New 4.18% +4.18
BRR Columbus Circle Capital Co. Class A New 0.62% +0.62
CEPF Cantor Equity Partners Class A New 0.45% +0.45

Options Activity Q2 2025 → Q3 2025
CORE SCIENTIFIC INC NEW call Sold out 4,084 $1.6Mbefore exit
ISHARES BITCOIN TRUST ETF call Add +149.9% 5,000 $1.1M
CIRCLE INTERNET GROUP INC put Sold out 101 $937Kbefore exit
COINBASE GLOBAL INC put New 150 $23K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF New 61,500 $5.6M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 17$262.4MBITB, FBTC, IBIT, HOOD, BMNR
Q1 2026 15$278.9MBITB, FBTC, IBIT, SBET, CRCL
Q4 2025 13$336.6MBITB, FBTC, IBIT, SBET, BTC
Q3 2025 10$454.6MBITB, FBTC, IBIT, SBET, BTC
Q2 2025 11$545.3MBITB, IBIT, FBTC, CORZ, SBET
Q1 2025 7$205.2MIBIT, FBTC, ETHW, CORZ, BTC
Q4 2024 9$417.3MIBIT, BITB, FBTC, ETHW, CORZ