In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), ParaFi Capital LP reported 13 stock positions worth $336.6 million . Its top holding was Bitwise Bitcoin ETF (BITB) at 27.7% of the portfolio, followed by Fidelity Wise Origin Bitcoin (FBTC, 24.7% ) and iShares Bitcoin Trust ETF (IBIT, 21.8% ). Compared with Q3 2025, it opened 6 new positions, sold out of 3, added to 2 and reduced 1. The biggest buy was Core Scientific (CORZ, shares +523% ) and the biggest sale Sharplink (SBET, shares −5% ).
Location NEW YORK, NY
CIK 0001919332
Portfolio Value $336.6M (Q4 2025) Holdings 13 stocks · $336.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 BITB Bitwise Bitcoin ETF 1,960,000 $93.2M No change FBTC Fidelity Wise Origin Bitcoin 1,090,000 $83.1M No change IBIT iShares Bitcoin Trust ETF 1,475,046 $73.2M Add +0.0% SBET Sharplink Inc. 3,902,430 $34.9M Reduce -5.4% BTC Grayscale Bitcoin Mini ETF 520,000 $20.1M No change CORZ Core Scientific Inc. 1,119,724 $16.3M Add +523.4% HOOD Robinhood Markets Inc. Class A 50,000 $5.7M New COIN Coinbase Global Inc. Class A 13,001 $2.9M No change SVIA Silvia Inc. filed as PROCAP FINL INC 816,073 $2.9M New WULF Terawulf Inc. 200,200 $2.3M New CRCL Circle Internet Group Inc. 10,000 $793K New PYPL PayPal Holdings Inc. 10,000 $584K New WU Western Union Co. 60,100 $560K New
Options reported separately and not counted above: ISHARES BITCOIN TRUST ETF calls ($1.5M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $20.3M (not counted above) Total filed on the 13F, all lines: $356.9M.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ SBET Sharplink Inc. Reduce -5.4% 10.37% −5.07 NAKA Nakamoto Inc. Sold out 0.00% −4.18 BRR Columbus Circle Capital Co. Class A Sold out 0.00% −0.62 CEPF Cantor Equity Partners Class A Sold out 0.00% −0.45
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ CORZ Core Scientific Inc. Add +523.4% 4.84% +4.13 HOOD Robinhood Markets Inc. Class A New 1.68% +1.68 SVIA Silvia Inc. New 0.86% +0.86 WULF Terawulf Inc. New 0.68% +0.68 IBIT iShares Bitcoin Trust ETF Add +0.0% 21.76% +0.67 CRCL Circle Internet Group Inc. New 0.24% +0.24 PYPL PayPal Holdings Inc. New 0.17% +0.17 WU Western Union Co. New 0.17% +0.17
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ ISHARES BITCOIN TRUST ETF call Add +140.0% 12,000 $1.5M COINBASE GLOBAL INC put Sold out 150 $23Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 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 17 $262.4M BITB, FBTC, IBIT, HOOD, BMNR Q1 2026 15 $278.9M BITB, FBTC, IBIT, SBET, CRCL Q4 2025 13 $336.6M BITB, FBTC, IBIT, SBET, BTC Q3 2025 10 $454.6M BITB, FBTC, IBIT, SBET, BTC Q2 2025 11 $545.3M BITB, IBIT, FBTC, CORZ, SBET Q1 2025 7 $205.2M IBIT, FBTC, ETHW, CORZ, BTC Q4 2024 9 $417.3M IBIT, BITB, FBTC, ETHW, CORZ