In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Rpo LLC reported 48 stock positions worth $77.1 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 49.3% of the portfolio, followed by Microsoft (MSFT, 9.7% ) and Apple (AAPL, 5.0% ). Compared with Q3 2025, it opened 37 new positions, sold out of 10, added to 2 and reduced 3. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +187% ) and the biggest sale an exit from iShares Bitcoin Trust ETF (IBIT).
Location Stamford, CT
CIK 0001885066
Portfolio Value $77.1M (Q4 2025) Holdings 48 stocks · $77.1M 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 Q3 2025 SPY SS SPDR S&P 500 ETF Trust-US 55,826 $38.1M Add +187.2% MSFT Microsoft Corp. 15,500 $7.5M New AAPL Apple Inc. 14,300 $3.9M New USA Liberty All Star Equity Fund 573,700 $3.6M New BSOL Bitwise Solana Staking ETF 201,100 $3.3M New STEW SRH Total Return Fund Inc. 168,990 $3.1M No change ARKB ARK 21SHARES Bitcoin ETF 92,570 $2.7M Add +19.3% FBTC Fidelity Wise Origin Bitcoin 30,960 $2.4M Reduce -37.8% BTCO Invsco GLXY BTCN ETF 20,300 $1.8M No change ETH Grayscale Ethereum Staking M 59,400 $1.7M New BITB Bitwise Bitcoin ETF 31,900 $1.5M Reduce -48.1% ETJ Eaton Vance RSK-MGD Divers 136,910 $1.2M New COP Conocophillips 11,834 $1.1M New XGLQX Clough Global Equity Fund 92,327 $707K No change ASG Liberty All-Star Growth FD 128,609 $682K New GLO Clough Global Opportunities 111,479 $631K No change CHW Calamos Global Dynamic Incom 61,799 $458K No change GLV Clough Global Dividend & Inc. 70,753 $422K No change CUK Carnival PLC-ADR 11,110 $337K Reduce -90.9% FSOL Fidelity Solana Fund 16,400 $239K New SOC Sable Offshore Corp. 14,018 $126K New WEAV Weave Communications Inc. 10,612 $81K New UDMY Udemy Inc. 13,186 $77K New UAA Under Armour Inc. Class A 15,272 $76K New SXC Suncoke Energy Inc. 10,202 $73K New TROX Tronox Holdings PLC 17,538 $73K New EVH Evolent Health Inc. Class A 17,673 $71K New AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC 10,250 $68K New JBLU Jetblue Airways Corp. 14,614 $66K New PSEC Prospect Capital Corp. 25,568 $66K New BLND Blend Labs Inc. Class A 21,768 $66K New PAYO Payoneer Global Inc. 11,758 $66K New BMBL Bumble Inc. Class A 18,448 $66K New BDN Brandywine Realty Trust 22,424 $65K New VTEX Vtex Class A 17,392 $65K New GDRX Goodrx Holdings Inc. Class A 24,072 $65K New WEST Westrock Coffee Co. 16,000 $65K New NWL Newell Brands Inc. 17,442 $65K New RBBN Ribbon Communications Inc. 22,208 $64K New CLVT Clarivate PLC 19,104 $64K New AUR Aurora Innovation Inc. 16,373 $63K New RXRX Recursion Pharmaceuticals-A 15,120 $62K New FUFU Bitfufu Inc. Class A 23,114 $61K New CINT Ci&t Inc./United States-A 14,864 $60K New CODI Compass Diversified Holdings 12,468 $60K New RC Ready Capital Corp. 27,154 $59K New AMC AMC Entertainment HLDS Class A 31,172 $49K New BTBT Bit Digital Inc. 12,361 $23K New
Options reported separately and not counted above: SPY puts ($382.6M), SPY calls ($204.6M), NVDA puts ($44.2M), MSFT puts ($26.6M), BAC calls ($24.5M), XME puts ($24.1M), BAC puts ($22.9M), COP puts ($22.8M), COP calls ($22.2M), NVDA calls ($21.3M), AAPL puts ($16.3M), QCOM puts ($15.9M), and 5 more.
Other holdings (5): bonds, preferreds, convertibles and warrants · $10.1M (not counted above) Total filed on the 13F, all lines: $87.2M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ IBIT iShares Bitcoin Trust ETF Sold out 0.00% −6.69 FBTC Fidelity Wise Origin Bitcoin Reduce -37.8% 3.06% −5.88 CUK Carnival PLC-ADR Reduce -90.9% 0.44% −5.38 BITB Bitwise Bitcoin ETF Reduce -48.1% 1.97% −4.92 EZBC Franklin Bitcoin ETF Sold out 0.00% −4.22 BTC Grayscale Bitcoin Mini ETF Sold out 0.00% −4.18 HODL Vaneck Bitcoin ETF Sold out 0.00% −4.06 FETH Fidelity Ethereum Fund Sold out 0.00% −3.87 TETH 21SHARES Etherm Stak ETF-Usd Sold out 0.00% −3.76 BRRR Coinshares Bitcoin ETF Sold out 0.00% −3.15 ETHA iShares Ethereum Trust ETF Sold out 0.00% −2.81 ETHW Bitwise Ethereum ETF Sold out 0.00% −2.29 DIAX Nuveen Dow 30 Dynamic Overwr Sold out 0.00% −1.05
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US Add +187.2% 49.35% +26.05 MSFT Microsoft Corp. New 9.72% +9.72 AAPL Apple Inc. New 5.04% +5.04 USA Liberty All Star Equity Fund New 4.67% +4.67 BSOL Bitwise Solana Staking ETF New 4.28% +4.28 ETH Grayscale Ethereum Staking M New 2.16% +2.16 ETJ Eaton Vance RSK-MGD Divers New 1.57% +1.57 COP Conocophillips New 1.44% +1.44 ASG Liberty All-Star Growth FD New 0.88% +0.88 FSOL Fidelity Solana Fund New 0.31% +0.31 SOC Sable Offshore Corp. New 0.16% +0.16 WEAV Weave Communications Inc. New 0.10% +0.10 UDMY Udemy Inc. New 0.10% +0.10 UAA Under Armour Inc. Class A New 0.10% +0.10 SXC Suncoke Energy Inc. New 0.10% +0.10 TROX Tronox Holdings PLC New 0.09% +0.09 EVH Evolent Health Inc. Class A New 0.09% +0.09 AHRT Ah Realty Trust Inc. New 0.09% +0.09 JBLU Jetblue Airways Corp. New 0.09% +0.09 BLND Blend Labs Inc. Class A New 0.09% +0.09 PSEC Prospect Capital Corp. New 0.09% +0.09 PAYO Payoneer Global Inc. New 0.09% +0.09 BMBL Bumble Inc. Class A New 0.09% +0.09 BDN Brandywine Realty Trust New 0.08% +0.08 VTEX Vtex Class A New 0.08% +0.08 GDRX Goodrx Holdings Inc. Class A New 0.08% +0.08 WEST Westrock Coffee Co. New 0.08% +0.08 NWL Newell Brands Inc. New 0.08% +0.08 RBBN Ribbon Communications Inc. New 0.08% +0.08 CLVT Clarivate PLC New 0.08% +0.08 AUR Aurora Innovation Inc. New 0.08% +0.08 RXRX Recursion Pharmaceuticals-A New 0.08% +0.08 FUFU Bitfufu Inc. Class A New 0.08% +0.08 CINT Ci&t Inc./United States-A New 0.08% +0.08 CODI Compass Diversified Holdings New 0.08% +0.08 RC Ready Capital Corp. New 0.08% +0.08 AMC AMC Entertainment HLDS Class A New 0.06% +0.06 BTBT Bit Digital Inc. New 0.03% +0.03 ARKB ARK 21SHARES Bitcoin ETF Add +19.3% 3.48% −1.82
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +3.7% 561,000 $382.6M SPY SS SPDR S&P 500 ETF Trust-US call Reduce -16.7% 300,000 $204.6M BAC Bank of America Corp. call Reduce -5.3% 445,000 $24.5M XME SS SPDR S&P Metals Mining put Reduce -1.3% 233,000 $24.1M BAC Bank of America Corp. put Reduce -23.0% 416,000 $22.9M AAPL Apple Inc. put New 60,000 $16.3M MS Morgan Stanley put Reduce -1.4% 73,000 $13.0M MS Morgan Stanley call Reduce -6.1% 46,000 $8.2M IBIT iShares Bitcoin Trust ETF call Sold out 60,000 $3.9Mbefore exit QCOM Qualcomm Inc. call Reduce -13.0% 20,000 $3.4M XME SS SPDR S&P Metals Mining call Reduce -82.9% 12,000 $1.2M RUN Sunrun Inc. put Sold out 30,000 $519Kbefore 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 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