Potrero Capital Research LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Potrero Capital Research LLC reported 37 stock positions worth $329.1 million. Its top holding was Talen Energy (TLN) at 12.1% of the portfolio, followed by Transalta (TAC, 10.5%) and Microsoft (MSFT, 6.1%). Compared with Q2 2025, it opened 19 new positions, sold out of 6, added to 2 and reduced 6. The biggest buy was a new position in Ivanhoe Electric Inc. / US (IE) and the biggest sale an exit from Adams Diversified Equity (ADX).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001536630
Portfolio Value
$329.1M (Q3 2025)
SEC Filing
0001536630-25-000007 ↗ filed Nov 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $160.9M Q1 2024 Q2 2024: $232.0M Q2 2024 Q3 2024: $297.8M Q3 2024 Q4 2024: $236.4M Q4 2024 Q1 2025: $203.5M Q1 2025 Q2 2025: $215.1M Q2 2025 Q3 2025: $329.1M $329.1M Q3 2025 Q4 2025: $297.0M Q4 2025 Q1 2026: $162.9M Q1 2026 Q2 2026: $163.2M Q2 2026

Holdings 37 stocks · $329.1M
TLN Talen Energy Corp. 12.08% 93,498 $39.8M No change
TAC Transalta Corp. 10.46% 2,518,944 $34.4M No change
MSFT Microsoft Corp. 6.09% 38,694 $20.0M No change
STX Seagate Technology Holdings 5.89% 82,100 $19.4M No change
IE Ivanhoe Electric Inc. / US 5.28% 1,384,914 $17.4M New
DBRG Digitalbridge Group Inc. 4.73% 1,330,547 $15.6M No change
U Unity Software Inc. 4.08% 335,327 $13.4M Add +108.5%
TPB Turning Point Brands Inc. 3.96% 131,751 $13.0M Reduce -21.1%
AMRZ Amrize Ltd. 3.76% 255,087 $12.4M Add +292.4%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 3.74% 370,769 $12.3M New
BSTZ BlackRock Sci & Tech TRM TR 3.63% 539,713 $12.0M No change
METC Ramaco Resources Inc. Class A 3.52% 348,760 $11.6M New
BILL Bill Holdings Inc. 3.22% 200,000 $10.6M New
SSD Simpson Manufacturing Co. Inc. 3.05% 60,000 $10.0M New
GEV GE Vernova Inc. 3.01% 16,130 $9.9M No change
ROKU Roku Inc. 2.69% 88,268 $8.8M New
AMBA Ambarella Inc. 2.64% 105,373 $8.7M Reduce -29.8%
RDDT Reddit Inc. Class A 2.34% 33,500 $7.7M Reduce -49.6%
CMRC Commerce.com Inc. 2.15% 1,415,339 $7.1M Reduce -17.1%
NXDR Nextdoor Holdings Inc. 1.63% 2,565,355 $5.4M New
SIMO Silicon Motion Technol-ADR 1.49% 51,858 $4.9M New
FRSH Freshworks Inc. Class A 1.41% 393,412 $4.6M New
LGN Legence Corp. Class A 1.34% 143,349 $4.4M New
CEPT Cantor Equity Partners Class A 1.18% 368,878 $3.9M No change
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 1.01% 311,603 $3.3M New
AIFC AI Financial Corp. filed as ALT5 SIGMA CORP 0.90% 1,104,805 $3.0M New
WLAC Willow Lane Acquisition Class A 0.80% 227,202 $2.6M New
SPT Sprout Social Inc. Class A 0.59% 150,000 $1.9M New
BELFB Bel Fuse Inc. Class B 0.54% 12,676 $1.8M Reduce -62.2%
NXH Neighborhood Intelligence Inc. filed as BED BATH & BEYOND INC 0.54% 180,733 $1.8M New
RDAG Republic Digital Acquis Class A 0.47% 150,000 $1.5M New
STRZ Starz Entertainment Corp. 0.42% 93,585 $1.4M No change
PD Pagerduty Inc. 0.41% 82,366 $1.4M New
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 0.32% 100,000 $1.1M No change
BARK Bark Inc. 0.26% 1,013,366 $842K Reduce -76.7%
ETHZILLA CORPORATION 0.22% 300,000 $723K New
IBP Installed Building Products 0.15% 2,066 $510K New

Options reported separately and not counted above: QQQ puts ($300.2M), SPY puts ($199.9M), TLN puts ($39.6M).

Portfolio Sells Q2 2025 → Q3 2025
ADX Adams Diversified Equity Sold out 0.00% −4.47
DEFT Defi Technologies Inc. Sold out 0.00% −3.96
LMB Limbach Holdings Inc. Sold out 0.00% −3.02
UNF Unifirst Corp. Sold out 0.00% −2.68
RDDT Reddit Inc. Class A Reduce -49.6% 2.34% −2.31
AMBA Ambarella Inc. Reduce -29.8% 2.64% −1.96
TPB Turning Point Brands Inc. Reduce -21.1% 3.96% −1.92
CMRC Commerce.com Inc. Reduce -17.1% 2.15% −1.82
BARK Bark Inc. Reduce -76.7% 0.26% −1.52
LION Lionsgate Studios Corp. Sold out 0.00% −1.33
BELFB Bel Fuse Inc. Class B Reduce -62.2% 0.54% −0.98
LZ Legalzoomcom Inc. Sold out 0.00% −0.41

Portfolio Buys Q2 2025 → Q3 2025
IE Ivanhoe Electric Inc. / US New 5.28% +5.28
YETI Yeti Holdings Inc. New 3.74% +3.74
METC Ramaco Resources Inc. Class A New 3.52% +3.52
BILL Bill Holdings Inc. New 3.22% +3.22
SSD Simpson Manufacturing Co. Inc. New 3.05% +3.05
ROKU Roku Inc. New 2.69% +2.69
U Unity Software Inc. Add +108.5% 4.08% +2.27
AMRZ Amrize Ltd. Add +292.4% 3.76% +2.26
NXDR Nextdoor Holdings Inc. New 1.63% +1.63
SIMO Silicon Motion Technol-ADR New 1.49% +1.49
FRSH Freshworks Inc. Class A New 1.41% +1.41
LGN Legence Corp. Class A New 1.34% +1.34
JAMF Jamf Holding Corp. New 1.01% +1.01
AIFC AI Financial Corp. New 0.90% +0.90
WLAC Willow Lane Acquisition Class A New 0.80% +0.80
SPT Sprout Social Inc. Class A New 0.59% +0.59
NXH Neighborhood Intelligence Inc. New 0.54% +0.54
RDAG Republic Digital Acquis Class A New 0.47% +0.47
PD Pagerduty Inc. New 0.41% +0.41
ETHZILLA CORPORATION New 0.22% +0.22
IBP Installed Building Products New 0.15% +0.15

Options Activity Q2 2025 → Q3 2025
QQQ Invesco QQQ Trust Series 1 put Add +100.0% 500,000 $300.2M
SPY SS SPDR S&P 500 ETF Trust-US put New 300,000 $199.9M
HOOD Robinhood Markets Inc. Class A call Sold out 200,000 $18.7Mbefore exit
AMBA Ambarella Inc. put Sold out 150,000 $9.9Mbefore exit
AMBA Ambarella Inc. call Sold out 62,200 $4.1Mbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 44$163.2MGMTL, STX, GEV, GLW, CCXI
Q1 2026 31$162.9MBL, STX, BIRK, TAC, AMRZ
Q4 2025 34$297.0MTLN, TAC, BL, MSFT, STX
Q3 2025 37$329.1MTLN, TAC, MSFT, STX, IE
Q2 2025 24$215.1MTLN, TAC, MSFT, DBRG, TPB
Q1 2025 18$203.5MTAC, YEXT, UNF, DBRG, MSFT
Q4 2024 25$236.4MTAC, ZUO, GEV, DBRG, YEXT
Q3 2024 34$297.8MGEV, ZUO, YEXT, DBRG, VRT
Q2 2024 27$232.0MZUO, GEV, SFIX, MSFT, BSTZ
Q1 2024 25$160.9MBLMN, MSFT, CXM, SFIX, BSTZ