In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Rpo LLC reported 17 stock positions worth $33.8 million . Its top holding was Fidelity Wise Origin Bitcoin (FBTC) at 13.8% of the portfolio, followed by iShares Bitcoin Trust ETF (IBIT, 12.6% ) and Bitwise Bitcoin ETF (BITB, 10.5% ). Compared with Q1 2025, it opened 4 new positions, sold out of 6, added to 6 and reduced 1. The biggest buy was iShares Bitcoin Trust ETF (IBIT, shares +132% ) and the biggest sale an exit from Bank of America (BAC).
Location Stamford, CT
CIK 0001885066
Portfolio Value $33.8M (Q2 2025) Holdings 17 stocks · $33.8M 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 Q1 2025 FBTC Fidelity Wise Origin Bitcoin 49,757 $4.7M Add +52.6% IBIT iShares Bitcoin Trust ETF 69,300 $4.2M Add +132.1% BITB Bitwise Bitcoin ETF 60,285 $3.5M Add +28.9% STEW SRH Total Return Fund Inc. 168,990 $3.0M Reduce -0.2% ARKB ARK 21SHARES Bitcoin ETF 77,070 $2.8M Add +38.6% EZBC Franklin Bitcoin ETF 35,400 $2.2M Add +32.6% BTC Grayscale Bitcoin Mini ETF 45,900 $2.2M New BTCO Invsco GLXY BTCN ETF 20,300 $2.2M New HODL Vaneck Bitcoin ETF 69,644 $2.1M Add +35.4% BRRR Coinshares Bitcoin ETF 54,159 $1.7M No change FETH Fidelity Ethereum Fund 51,800 $1.3M New TETH 21SHARES Etherm Stak ETF-Usd 100,400 $1.3M New XGLQX Clough Global Equity Fund 92,327 $658K No change GLO Clough Global Opportunities 111,479 $605K No change DIAX Nuveen Dow 30 Dynamic Overwr 39,270 $563K No change CHW Calamos Global Dynamic Incom 61,799 $441K No change GLV Clough Global Dividend & Inc. 70,753 $402K No change
Options reported separately and not counted above: IBIT calls ($5.5M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $9.1M (not counted above) Security Class Shares / Principal Value Change SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 5,000,000 $9.0M No change BULLW Webull Corp.-30 *W EXP 04/10/203 21,000 $85K New BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 45,520 $17K No change ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 13,896 $3K No change
Total filed on the 13F, all lines: $42.9M.
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 ▲ BAC Bank of America Corp. Sold out 0.00% −19.71 ISRG Intuitive Surgical Inc. Sold out 0.00% −11.41 XME SS SPDR S&P Metals Mining Sold out 0.00% −10.80 CSCO Cisco Systems Inc. Sold out 0.00% −8.49 AAPL Apple Inc. Sold out 0.00% −7.14 MXF Mexico Fund Inc. Sold out 0.00% −4.88 STEW SRH Total Return Fund Inc. Reduce -0.2% 8.84% +2.19
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 ▼ IBIT iShares Bitcoin Trust ETF Add +132.1% 12.55% +9.37 FBTC Fidelity Wise Origin Bitcoin Add +52.6% 13.84% +8.50 BTC Grayscale Bitcoin Mini ETF New 6.49% +6.49 BTCO Invsco GLXY BTCN ETF New 6.46% +6.46 BITB Bitwise Bitcoin ETF Add +28.9% 10.45% +5.67 ARKB ARK 21SHARES Bitcoin ETF Add +38.6% 8.16% +4.69 FETH Fidelity Ethereum Fund New 3.86% +3.86 TETH 21SHARES Etherm Stak ETF-Usd New 3.74% +3.74 EZBC Franklin Bitcoin ETF Add +32.6% 6.54% +3.64 HODL Vaneck Bitcoin ETF Add +35.4% 6.28% +3.55
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ BAC Bank of America Corp. put Sold out 359,000 $15.0Mbefore exit COP Conocophillips put Sold out 139,100 $14.6Mbefore exit COP Conocophillips call Sold out 136,300 $14.3Mbefore exit XME SS SPDR S&P Metals Mining put Sold out 198,900 $11.1Mbefore exit AAPL Apple Inc. put Sold out 45,000 $10.0Mbefore exit AAPL Apple Inc. call Sold out 42,000 $9.3Mbefore exit CSCO Cisco Systems Inc. put Sold out 147,500 $9.1Mbefore exit ISRG Intuitive Surgical Inc. put Sold out 15,000 $7.4Mbefore exit IBIT iShares Bitcoin Trust ETF call New 90,000 $5.5M BAC Bank of America Corp. call Sold out 125,000 $5.2Mbefore exit XME SS SPDR S&P Metals Mining call Sold out 92,200 $5.2Mbefore exit ISRG Intuitive Surgical Inc. call Sold out 10,000 $5.0Mbefore exit CSCO Cisco Systems Inc. call Sold out 16,000 $987Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ BULLW Webull Corp.-30 *W EXP 04/10/203 New 21,000 $85K EVEX.WS Eve Holdng Inc. -CW25 *W EXP 05/09/202 Sold out 76,283 $20Kbefore exit SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 Sold out 99,855 $19Kbefore exit LVWR.WS Livewire Group Inc.-27 *W EXP 09/26/202 Sold out 462,822 $10Kbefore exit DHAIW Aurora Technology Acquis -28 *W EXP 04/20/202 Sold out 513,886 $7Kbefore exit AIIOW NWTN Inc. -CW27 *W EXP 11/11/202 Sold out 95,559 $2Kbefore exit
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 12 $14.7M USA, STEW, ASG, XRPZ, GLO Q1 2026 18 $19.2M USA, STEW, ASG, ETH, XFLT Q4 2025 48 $77.1M SPY, MSFT, AAPL, USA, BSOL Q3 2025 21 $55.6M SPY, FBTC, BITB, IBIT, CUK Q2 2025 17 $33.8M FBTC, IBIT, BITB, STEW, ARKB Q1 2025 19 $43.9M BAC, ISRG, XME, CSCO, AAPL Q4 2024 64 $70.5M BITB, FBTC, COP, SPY, NUE Q3 2024 24 $64.4M FBTC, SPY, BITB, COP, NUE Q2 2024 28 $63.7M FBTC, BITB, COP, HQH, XGDVX Q1 2024 30 $67.7M FBTC, BITB, HQH, HQL, BSTZ