Thames Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Thames Capital Management LLC reported 56 stock positions worth $688.8 million. Its top holding was GE Vernova (GEV) at 4.9% of the portfolio, followed by Vertiv Class A (VRT, 3.9%) and Hut 8 (HUT, 3.6%). Compared with Q2 2025, it opened 24 new positions, sold out of 11, added to 8 and reduced 7. The biggest buy was a new position in Hut 8 (HUT) and the biggest sale an exit from Super Micro Computer (SMCI).

Most Recent 13F
Q2 2026
Location
Roseland, NJ
CIK
0001714267
Portfolio Value
$688.8M (Q3 2025)
SEC Filing
0001714267-25-000009 ↗ filed Oct 28, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $240.3M Q1 2024 Q2 2024: $255.4M Q2 2024 Q3 2024: $321.0M Q3 2024 Q4 2024: $368.9M Q4 2024 Q1 2025: $260.4M Q1 2025 Q2 2025: $441.4M Q2 2025 Q3 2025: $688.8M $688.8M Q3 2025 Q4 2025: $687.8M Q4 2025 Q1 2026: $557.9M Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 56 stocks · $688.8M
GEV GE Vernova Inc. 4.86% 54,439 $33.5M No change
VRT Vertiv Holdings Co. Class A 3.92% 178,980 $27.0M No change
HUT Hut 8 Corp. 3.64% 720,587 $25.1M New
IREN Iren Ltd. filed as IREN LIMITED 3.50% 512,993 $24.1M New
RKT Rocket Cos Inc. Class A 3.11% 1,106,003 $21.4M Add +54.3%
MSFT Microsoft Corp. 3.07% 40,843 $21.2M No change
META Meta Platforms Inc. Class A 2.93% 27,462 $20.2M Add +9.0%
BITF Bitfarms Ltd./Canada 2.88% 7,033,331 $19.8M New
MA Mastercard Inc. Class A 2.84% 34,423 $19.6M No change
SPOT Spotify Technology SA 2.83% 27,881 $19.5M No change
CIFR Cipher Digital Inc. 2.77% 1,514,664 $19.1M New
GE General Electric filed as GE AEROSPACE 2.71% 62,061 $18.7M No change
TSM Taiwan Semiconductor-SP ADR 2.64% 65,127 $18.2M No change
BE Bloom Energy Corp. Class A 2.63% 213,901 $18.1M New
APH Amphenol Corp. Class A 2.52% 140,206 $17.4M No change
NVDA Nvidia Corp. 2.45% 90,475 $16.9M No change
WULF Terawulf Inc. 2.40% 1,449,091 $16.5M Add +27.7%
ETHU 2X Ether ETF 2.37% 125,556 $16.3M New
EVR Evercore Inc. Class A 2.30% 46,881 $15.8M Add +119.6%
AAPL Apple Inc. 2.28% 61,806 $15.7M No change
V Visa Inc. Class A 2.25% 45,489 $15.5M No change
UBER Uber Technologies Inc. 2.25% 157,970 $15.5M No change
ONDS Ondas Inc. filed as ONDAS HLDGS INC 2.20% 1,963,257 $15.2M New
PRIM Primoris Services Corp. 1.99% 100,005 $13.7M New
APP AppLovin Corp. Class A 1.74% 16,702 $12.0M Add +114.8%
NFLX Netflix Inc. 1.73% 9,963 $11.9M No change
BMNR Bitmine Immersion Technologi 1.72% 228,531 $11.9M New
RIOT Riot Platforms Inc. 1.63% 588,943 $11.2M New
AGX Argan Inc. 1.62% 41,383 $11.2M New
GOOGL Alphabet Inc. Class A 1.44% 40,702 $9.9M New
STT State Street Corp. 1.38% 82,216 $9.5M No change
VST Vistra Corp. 1.36% 47,648 $9.3M Reduce -26.3%
AXP American Express Co. 1.34% 27,784 $9.2M Reduce -33.2%
CCJ Cameco Corp. 1.30% 107,062 $9.0M Add +66.8%
QS Quantumscape Corp. 1.23% 686,706 $8.5M Add +65.3%
LYV Live Nation Entertainment Inc. 1.19% 49,972 $8.2M No change
OPEN Opendoor Technologies Inc. 1.13% 980,809 $7.8M New
CRM Salesforce Inc. 1.13% 32,695 $7.7M No change
FIX Comfort Systems USA Inc. 1.11% 9,273 $7.7M New
AMZN Amazon.com Inc. 1.07% 33,716 $7.4M Reduce -2.4%
TMO Thermo Fisher Scientific Inc. 0.93% 13,202 $6.4M Reduce -5.2%
TLN Talen Energy Corp. 0.86% 13,849 $5.9M New
GLXY Galaxy Digital Inc. Class A 0.84% 170,358 $5.8M New
CHWY Chewy Inc. Class A 0.83% 141,813 $5.7M Reduce -13.4%
AMPX Amprius Technologies Inc. 0.80% 526,832 $5.5M New
NOVT Novanta Inc. 0.78% 53,301 $5.3M Reduce -16.4%
EME Emcor Group Inc. 0.73% 7,791 $5.1M New
CLS Celestica Inc. 0.70% 19,655 $4.8M New
ORCL Oracle Corp. 0.67% 16,340 $4.6M Add +31.2%
IDR Idaho Strategic Resources Inc. 0.63% 127,632 $4.3M New
PGY Pagaya Technologies Ltd. Class A 0.59% 137,778 $4.1M New
BW Babcock & Wilcox Enterpr 0.59% 1,390,658 $4.0M New
NBIS Nebius Group NV 0.54% 33,087 $3.7M Reduce -66.0%
CECO Ceco Environmental Corp. 0.52% 69,403 $3.6M New
AIP Arteris Inc. 0.43% 293,973 $3.0M No change
GLW Corning Inc. 0.11% 8,888 $729K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $12.0M (not counted above)
SecurityClassShares / PrincipalValueChange
BETRW Better Home & Finance-CW26 *W EXP 08/22/202 145,138$8.1MNew
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 115,577$3.9MNew

Total filed on the 13F, all lines: $700.8M.

Portfolio Sells Q2 2025 → Q3 2025
SMCI Super Micro Computer Inc. Sold out 0.00% −2.89
MU Micron Technology Inc. Sold out 0.00% −2.58
LPLA LPL Financial Holdings Inc. Sold out 0.00% −2.46
CART Maplebear Inc. Sold out 0.00% −1.97
AXP American Express Co. Reduce -33.2% 1.34% −1.66
TBBB BBB Foods Inc. Class A Sold out 0.00% −1.66
VST Vistra Corp. Reduce -26.3% 1.36% −1.48
NOVT Novanta Inc. Reduce -16.4% 0.78% −1.09
AMRZ Amrize Ltd. Sold out 0.00% −1.06
TWLO Twilio Inc. Class A Sold out 0.00% −1.01
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.94
EXLS Exlservice Holdings Inc. Sold out 0.00% −0.93
CHWY Chewy Inc. Class A Reduce -13.4% 0.83% −0.75
NBIS Nebius Group NV Reduce -66.0% 0.54% −0.68
AMZN Amazon.com Inc. Reduce -2.4% 1.07% −0.64
IBM Intl Business Machines Corp. Sold out 0.00% −0.61
SBET Sharplink Inc. Sold out 0.00% −0.35
TMO Thermo Fisher Scientific Inc. Reduce -5.2% 0.93% −0.35

Portfolio Buys Q2 2025 → Q3 2025
HUT Hut 8 Corp. New 3.64% +3.64
IREN Iren Ltd. New 3.50% +3.50
BITF Bitfarms Ltd./Canada New 2.88% +2.88
CIFR Cipher Digital Inc. New 2.77% +2.77
BE Bloom Energy Corp. Class A New 2.63% +2.63
ETHU 2X Ether ETF New 2.37% +2.37
ONDS Ondas Inc. New 2.20% +2.20
PRIM Primoris Services Corp. New 1.99% +1.99
BMNR Bitmine Immersion Technologi New 1.72% +1.72
RIOT Riot Platforms Inc. New 1.63% +1.63
AGX Argan Inc. New 1.62% +1.62
GOOGL Alphabet Inc. Class A New 1.44% +1.44
WULF Terawulf Inc. Add +27.7% 2.40% +1.28
OPEN Opendoor Technologies Inc. New 1.13% +1.13
APP AppLovin Corp. Class A Add +114.8% 1.74% +1.13
FIX Comfort Systems USA Inc. New 1.11% +1.11
EVR Evercore Inc. Class A Add +119.6% 2.30% +0.99
TLN Talen Energy Corp. New 0.86% +0.86
GLXY Galaxy Digital Inc. Class A New 0.84% +0.84
RKT Rocket Cos Inc. Class A Add +54.3% 3.11% +0.81
AMPX Amprius Technologies Inc. New 0.80% +0.80
EME Emcor Group Inc. New 0.73% +0.73
CLS Celestica Inc. New 0.70% +0.70
IDR Idaho Strategic Resources Inc. New 0.63% +0.63
QS Quantumscape Corp. Add +65.3% 1.23% +0.60
PGY Pagaya Technologies Ltd. Class A New 0.59% +0.59
BW Babcock & Wilcox Enterpr New 0.59% +0.59
CECO Ceco Environmental Corp. New 0.52% +0.52
CCJ Cameco Corp. Add +66.8% 1.30% +0.22
GLW Corning Inc. New 0.11% +0.11
ORCL Oracle Corp. Add +31.2% 0.67% +0.05
META Meta Platforms Inc. Class A Add +9.0% 2.93% −1.28

Notes & Other Activity Q2 2025 → Q3 2025
BETRW Better Home & Finance-CW26 *W EXP 08/22/202 New 145,138 $8.1M
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 New 115,577 $3.9M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 56$1.2BSTT, GE, MU, GEV, VRT
Q1 2026 43$557.9MGEV, VRT, TSM, NVDA, HUT
Q4 2025 48$687.8MGEV, STT, NVDA, AXP, VRT
Q3 2025 56$688.8MGEV, VRT, HUT, IREN, RKT
Q2 2025 43$441.4MGEV, VRT, SPOT, MSFT, MA
Q1 2025 28$260.4MMA, GEV, FAS, V, SPOT
Q4 2024 37$368.9MGEV, META, SPOT, VRT, NVDA
Q3 2024 38$321.0MMETA, MSFT, MA, GEV, VRT
Q2 2024 25$255.4MMSFT, AAPL, META, MA, AMZN
Q1 2024 24$240.3MMSFT, META, MA, UBER, AAPL