Potrero Capital Research LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Potrero Capital Research LLC reported 24 stock positions worth $215.1 million . Its top holding was Talen Energy (TLN) at 12.6% of the portfolio, followed by Transalta (TAC, 12.6% ) and Microsoft (MSFT, 8.9% ). Compared with Q1 2025, it opened 11 new positions, sold out of 5, added to 2 and reduced 8. The biggest buy was Talen Energy (TLN, shares +71% ) and the biggest sale an exit from Yext (YEXT).
Location SAN FRANCISCO, CA
CIK 0001536630
Portfolio Value $215.1M (Q2 2025) Holdings 24 stocks · $215.1M 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 TLN Talen Energy Corp. 93,498 $27.2M Add +71.1% TAC Transalta Corp. 2,518,944 $27.2M Add +3.7% MSFT Microsoft Corp. 38,694 $19.2M No change DBRG Digitalbridge Group Inc. 1,330,547 $13.8M Reduce -25.3% TPB Turning Point Brands Inc. 166,938 $12.6M No change STX Seagate Technology Holdings 82,100 $11.8M New BSTZ BlackRock Sci & Tech TRM TR 539,713 $11.2M Reduce -13.9% RDDT Reddit Inc. Class A 66,500 $10.0M New AMBA Ambarella Inc. 150,000 $9.9M New ADX Adams Diversified Equity 442,735 $9.6M No change GEV GE Vernova Inc. 16,130 $8.5M Reduce -23.7% CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 1,706,523 $8.5M Reduce -0.8% DEFT Defi Technologies Inc. 2,910,187 $8.5M New LMB Limbach Holdings Inc. 46,305 $6.5M Reduce -64.3% UNF Unifirst Corp. 30,595 $5.8M Reduce -66.9% CEPT Cantor Equity Partners Class A 368,878 $4.1M New U Unity Software Inc. 160,810 $3.9M New BARK Bark Inc. 4,351,876 $3.8M Reduce -34.5% BELFB Bel Fuse Inc. Class B 33,500 $3.3M Reduce -80.8% AMRZ Amrize Ltd. 65,000 $3.2M New LION Lionsgate Studios Corp. 490,795 $2.9M New STRZ Starz Entertainment Corp. 93,585 $1.5M New VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 100,000 $1.1M New LZ Legalzoomcom Inc. 100,000 $891K New
Options reported separately and not counted above: QQQ puts ($137.9M), TLN puts ($27.0M), HOOD calls ($18.7M), AMBA puts ($9.9M), AMBA calls ($4.1M).
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 ▲ YEXT Yext Inc. Sold out 0.00% −8.28 UNF Unifirst Corp. Reduce -66.9% 2.68% −5.23 SSD Simpson Manufacturing Co. Inc. Sold out 0.00% −5.18 BELFB Bel Fuse Inc. Class B Reduce -80.8% 1.52% −4.91 FLR Fluor Corp. Sold out 0.00% −4.02 BARK Bark Inc. Reduce -34.5% 1.78% −2.76 NXDR Nextdoor Holdings Inc. Sold out 0.00% −2.67 REVG Rev Group Inc. Sold out 0.00% −2.33 LMB Limbach Holdings Inc. Reduce -64.3% 3.02% −1.74 DBRG Digitalbridge Group Inc. Reduce -25.3% 6.40% −1.32 CMRC Commerce.com Inc. Reduce -0.8% 3.97% −0.90 BSTZ BlackRock Sci & Tech TRM TR Reduce -13.9% 5.21% −0.26 GEV GE Vernova Inc. Reduce -23.7% 3.97% +0.80
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 ▼ TLN Talen Energy Corp. Add +71.1% 12.64% +7.28 STX Seagate Technology Holdings New 5.51% +5.51 RDDT Reddit Inc. Class A New 4.65% +4.65 AMBA Ambarella Inc. New 4.61% +4.61 DEFT Defi Technologies Inc. New 3.96% +3.96 CEPT Cantor Equity Partners Class A New 1.89% +1.89 U Unity Software Inc. New 1.81% +1.81 AMRZ Amrize Ltd. New 1.50% +1.50 TAC Transalta Corp. Add +3.7% 12.63% +1.48 LION Lionsgate Studios Corp. New 1.33% +1.33 STRZ Starz Entertainment Corp. New 0.70% +0.70 VLOS Velos Acquisition I Corp. New 0.52% +0.52 LZ Legalzoomcom Inc. New 0.41% +0.41
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 250,000 $137.9M TLN Talen Energy Corp. put New 93,000 $27.0M HOOD Robinhood Markets Inc. Class A call New 200,000 $18.7M AMBA Ambarella Inc. put New 150,000 $9.9M AMBA Ambarella Inc. call New 62,200 $4.1M
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 44 $163.2M GMTL, STX, GEV, GLW, CCXI Q1 2026 31 $162.9M BL, STX, BIRK, TAC, AMRZ Q4 2025 34 $297.0M TLN, TAC, BL, MSFT, STX Q3 2025 37 $329.1M TLN, TAC, MSFT, STX, IE Q2 2025 24 $215.1M TLN, TAC, MSFT, DBRG, TPB Q1 2025 18 $203.5M TAC, YEXT, UNF, DBRG, MSFT Q4 2024 25 $236.4M TAC, ZUO, GEV, DBRG, YEXT Q3 2024 34 $297.8M GEV, ZUO, YEXT, DBRG, VRT Q2 2024 27 $232.0M ZUO, GEV, SFIX, MSFT, BSTZ Q1 2024 25 $160.9M BLMN, MSFT, CXM, SFIX, BSTZ