Rpo LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Rpo LLC reported 21 stock positions worth $55.6 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 23.3% of the portfolio, followed by Fidelity Wise Origin Bitcoin (FBTC, 8.9%) and Bitwise Bitcoin ETF (BITB, 6.9%). Compared with Q2 2025, it opened 4 new positions, added to 2 and reduced 1. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale iShares Bitcoin Trust ETF (IBIT, shares −17%).

Most Recent 13F
Q2 2026
Location
Stamford, CT
CIK
0001885066
Portfolio Value
$55.6M (Q3 2025)
SEC Filing
0001885066-25-000002 ↗ filed Nov 12, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M Q1 2024: $67.7M Q1 2024 Q2 2024: $63.7M Q2 2024 Q3 2024: $64.4M Q3 2024 Q4 2024: $70.5M Q4 2024 Q1 2025: $43.9M Q1 2025 Q2 2025: $33.8M Q2 2025 Q3 2025: $55.6M $55.6M Q3 2025 Q4 2025: $77.1M Q4 2025 Q1 2026: $19.2M Q1 2026 Q2 2026: $14.7M Q2 2026

Holdings 21 stocks · $55.6M
SPY SS SPDR S&P 500 ETF Trust-US 23.30% 19,437 $12.9M New
FBTC Fidelity Wise Origin Bitcoin 8.94% 49,757 $5.0M No change
BITB Bitwise Bitcoin ETF 6.88% 61,485 $3.8M Add +2.0%
IBIT iShares Bitcoin Trust ETF 6.69% 57,200 $3.7M Reduce -17.5%
CUK Carnival PLC-ADR 5.82% 122,369 $3.2M New
STEW SRH Total Return Fund Inc. 5.52% 168,990 $3.1M No change
ARKB ARK 21SHARES Bitcoin ETF 5.31% 77,570 $2.9M Add +0.7%
EZBC Franklin Bitcoin ETF 4.22% 35,400 $2.3M No change
BTC Grayscale Bitcoin Mini ETF 4.18% 45,900 $2.3M No change
BTCO Invsco GLXY BTCN ETF 4.16% 20,300 $2.3M No change
HODL Vaneck Bitcoin ETF 4.06% 69,644 $2.3M No change
FETH Fidelity Ethereum Fund 3.87% 51,800 $2.2M No change
TETH 21SHARES Etherm Stak ETF-Usd 3.76% 100,400 $2.1M No change
BRRR Coinshares Bitcoin ETF 3.15% 54,159 $1.8M No change
ETHA iShares Ethereum Trust ETF 2.81% 49,500 $1.6M New
ETHW Bitwise Ethereum ETF 2.29% 42,600 $1.3M New
XGLQX Clough Global Equity Fund 1.26% 92,327 $703K No change
GLO Clough Global Opportunities 1.14% 111,479 $635K No change
DIAX Nuveen Dow 30 Dynamic Overwr 1.05% 39,270 $585K No change
CHW Calamos Global Dynamic Incom 0.84% 61,799 $466K No change
GLV Clough Global Dividend & Inc. 0.76% 70,753 $421K No change

Options reported separately and not counted above: SPY puts ($360.4M), SPY calls ($239.8M), NVDA puts ($44.2M), MSFT puts ($28.5M), BAC puts ($27.9M), BAC calls ($24.2M), COP puts ($23.1M), COP calls ($22.4M), XME puts ($22.0M), NVDA calls ($21.3M), MSFT calls ($16.1M), QCOM puts ($15.5M), and 6 more.

Other holdings (5): bonds, preferreds, convertibles and warrants · $24.0M (not counted above)
SecurityClassShares / PrincipalValueChange
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 5,000,000$14.3MNo change
STRATEGY INC (MSTR 0.625 09/15/28) NOTE 0.625% 9/1 · principal 5,000,000$9.5MNew
BULLW Webull Corp.-30 *W EXP 04/10/203 21,000$128KNo change
BZAIW Burtech Acquisition -CW23 *W EXP 01/13/203 45,520$28KNo change
ANNAW Aleanna Inc. Class A - 29 *W EXP 12/13/202 13,896$3KNo change

Total filed on the 13F, all lines: $79.5M.

Portfolio Sells Q2 2025 → Q3 2025
IBIT iShares Bitcoin Trust ETF Reduce -17.5% 6.69% −5.86

Portfolio Buys Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US New 23.30% +23.30
CUK Carnival PLC-ADR New 5.82% +5.82
ETHA iShares Ethereum Trust ETF New 2.81% +2.81
ETHW Bitwise Ethereum ETF New 2.29% +2.29
ARKB ARK 21SHARES Bitcoin ETF Add +0.7% 5.31% −2.86
BITB Bitwise Bitcoin ETF Add +2.0% 6.88% −3.57

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 541,000 $360.4M
SPY SS SPDR S&P 500 ETF Trust-US call New 360,000 $239.8M
NVDA Nvidia Corp. put New 237,000 $44.2M
MSFT Microsoft Corp. put New 55,000 $28.5M
BAC Bank of America Corp. put New 540,000 $27.9M
BAC Bank of America Corp. call New 470,000 $24.2M
COP Conocophillips put New 244,000 $23.1M
COP Conocophillips call New 237,000 $22.4M
XME SS SPDR S&P Metals Mining put New 236,000 $22.0M
NVDA Nvidia Corp. call New 114,000 $21.3M
MSFT Microsoft Corp. call New 31,000 $16.1M
QCOM Qualcomm Inc. put New 93,000 $15.5M
MS Morgan Stanley put New 74,000 $11.8M
MS Morgan Stanley call New 49,000 $7.8M
XME SS SPDR S&P Metals Mining call New 70,000 $6.5M
IBIT iShares Bitcoin Trust ETF call Reduce -33.3% 60,000 $3.9M
QCOM Qualcomm Inc. call New 23,000 $3.8M
RUN Sunrun Inc. put New 30,000 $519K

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 0.625 09/15/28) NOTE 0.625% 9/1 · principal New 5,000,000 $9.5M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 12$14.7MUSA, STEW, ASG, XRPZ, GLO
Q1 2026 18$19.2MUSA, STEW, ASG, ETH, XFLT
Q4 2025 48$77.1MSPY, MSFT, AAPL, USA, BSOL
Q3 2025 21$55.6MSPY, FBTC, BITB, IBIT, CUK
Q2 2025 17$33.8MFBTC, IBIT, BITB, STEW, ARKB
Q1 2025 19$43.9MBAC, ISRG, XME, CSCO, AAPL
Q4 2024 64$70.5MBITB, FBTC, COP, SPY, NUE
Q3 2024 24$64.4MFBTC, SPY, BITB, COP, NUE
Q2 2024 28$63.7MFBTC, BITB, COP, HQH, XGDVX
Q1 2024 30$67.7MFBTC, BITB, HQH, HQL, BSTZ