In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), Two Seas Capital LP reported 35 stock positions worth $2.6 billion . Its top holding was Roivant Sciences (ROIV) at 11.5% of the portfolio, followed by Calumet (CLMT, 9.1% ) and Core Scientific (CORZ, 8.8% ). Compared with Q1 2026, it opened 6 new positions, sold out of 4, added to 13 and reduced 14. The biggest buy was Sharonai (SHAZ, shares +211% ) and the biggest sale Core Scientific (CORZ, shares −44% ).
Location RYE, NY
CIK 0001823138
Portfolio Value $2.6B (Q2 2026) Holdings 35 stocks · $2.6B 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 2026 ROIV Roivant Sciences Ltd. 8,475,356 $299.9M Reduce -9.1% CLMT Calumet Inc. 6,619,708 $238.4M Add +11.1% CORZ Core Scientific Inc. 9,028,509 $231.0M Reduce -44.1% NKTR Nektar Therapeutics 3,092,234 $215.9M Add +57.8% TLN Talen Energy Corp. 507,208 $194.9M Reduce -12.4% INDV Indivior Pharmaceuticals Inc. 3,479,493 $142.8M Reduce -26.7% IMVT Immunovant Inc. 3,148,505 $121.3M Reduce -1.7% TDAY USA Today Co. Inc. 14,070,311 $120.3M Add +0.2% SHAZ Sharonai Holdings Inc. 1,293,753 $109.5M Add +210.5% SHC Sotera Health Co. 5,836,053 $103.6M Reduce -3.1% ABUS Arbutus Biopharma Corp. 19,095,583 $91.7M Add +2.9% VST Vistra Corp. 430,621 $68.3M Add +132.0% FTAI Ftai Aviation Ltd. 248,962 $67.4M Reduce -2.6% QURE Uniqure NV 1,441,410 $66.4M Add +10.9% WULF Terawulf Inc. 2,493,139 $61.6M Reduce -38.0% GLNG Golar LNG Ltd. 1,221,779 $60.9M Reduce -4.2% ECHO Echostar Corp. Class A 502,975 $51.1M Add +31.6% CIFR Cipher Digital Inc. 2,040,000 $50.0M Reduce -0.5% SPCX Space Exploration Techn Class A 208,890 $35.7M New ABVX Abivax SA-ADR 244,590 $32.6M New STAA Staar Surgical Co. 1,064,389 $30.5M Add +2.6% FSLR First Solar Inc. 127,984 $30.2M Reduce -57.8% DAR Darling Ingredients Inc. 516,527 $28.2M Add +3025.3% QMCO Quantum Corp. 2,488,535 $27.4M New SOC Sable Offshore Corp. 8,377,636 $25.8M Add +52.4% BTDR Bitdeer Technologies Group-A 1,500,000 $23.8M Reduce -32.5% XE X-Energy Inc. 1,000,000 $18.4M New HUT Hut 8 Corp. 158,082 $18.2M Reduce -36.8% CRWV Coreweave Inc. Class A 153,139 $15.2M New SONO Sonos Inc. 710,612 $9.6M Reduce -22.7% LUCD Lucid Diagnostics Inc. 6,000,000 $6.4M Add +100.0% IREN Iren Ltd. filed as IREN LIMITED 140,000 $6.4M New OMEX Odyssey Marine Exploration 5,592,985 $4.8M No change FRMI Fermi Inc. 352,671 $3.2M Add +1298.9% PAVM Pavmed Inc. 461,539 $2.7M No change
Options reported separately and not counted above: SPY puts ($1.9B), CORZ calls ($153.5M), FSLR calls ($111.3M), ROIV calls ($52.5M), WULF calls ($42.0M), ABVX calls ($35.5M), CIFR calls ($35.4M), BTDR calls ($30.4M), GLNG calls ($12.5M), MSOS calls ($11.3M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $6.0M (not counted above) Security Class Shares / Principal Value Change CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 289,539 $5.4M No change CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 24,107 $601K No change
Total filed on the 13F, all lines: $2.6B.
Portfolio Sells Q1 2026 → Q2 2026 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 2026 % Of Portfolio Change To Portfolio ▲ CORZ Core Scientific Inc. Reduce -44.1% 8.84% −2.33 FSLR First Solar Inc. Reduce -57.8% 1.16% −1.61 ESPR Esperion Therapeutics Inc. Sold out 0.00% −1.44 INDV Indivior Pharmaceuticals Inc. Reduce -26.7% 5.46% −1.22 TLN Talen Energy Corp. Reduce -12.4% 7.46% −1.09 TAC Transalta Corp. Sold out 0.00% −0.97 NBIS Nebius Group NV Sold out 0.00% −0.94 GLNG Golar LNG Ltd. Reduce -4.2% 2.33% −0.86 MSOS Advisorshares Pure US Cann Sold out 0.00% −0.54 ROIV Roivant Sciences Ltd. Reduce -9.1% 11.47% −0.47 WULF Terawulf Inc. Reduce -38.0% 2.36% −0.33 FTAI Ftai Aviation Ltd. Reduce -2.6% 2.58% −0.32 SONO Sonos Inc. Reduce -22.7% 0.37% −0.20 SHC Sotera Health Co. Reduce -3.1% 3.96% −0.03 BTDR Bitdeer Technologies Group-A Reduce -32.5% 0.91% +0.02 HUT Hut 8 Corp. Reduce -36.8% 0.70% +0.16 CIFR Cipher Digital Inc. Reduce -0.5% 1.91% +0.69 IMVT Immunovant Inc. Reduce -1.7% 4.64% +0.96
Portfolio Buys Q1 2026 → Q2 2026 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 2026 % Of Portfolio Change To Portfolio ▼ SHAZ Sharonai Holdings Inc. Add +210.5% 4.19% +3.75 NKTR Nektar Therapeutics Add +57.8% 8.26% +1.74 QURE Uniqure NV Add +10.9% 2.54% +1.56 SPCX Space Exploration Techn Class A New 1.37% +1.37 VST Vistra Corp. Add +132.0% 2.61% +1.32 ABVX Abivax SA-ADR New 1.25% +1.25 QMCO Quantum Corp. New 1.05% +1.05 DAR Darling Ingredients Inc. Add +3025.3% 1.08% +1.03 XE X-Energy Inc. New 0.70% +0.70 CRWV Coreweave Inc. Class A New 0.58% +0.58 STAA Staar Surgical Co. Add +2.6% 1.17% +0.27 IREN Iren Ltd. New 0.24% +0.24 FRMI Fermi Inc. Add +1298.9% 0.12% +0.12 LUCD Lucid Diagnostics Inc. Add +100.0% 0.25% +0.09 TDAY USA Today Co. Inc. Add +0.2% 4.60% +0.03 ECHO Echostar Corp. Class A Add +31.6% 1.95% −0.11 ABUS Arbutus Biopharma Corp. Add +2.9% 3.51% −0.35 CLMT Calumet Inc. Add +11.1% 9.12% −0.77 SOC Sable Offshore Corp. Add +52.4% 0.99% −3.21
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -59.8% 2,603,500 $1.9B XBI SS SPDR S&P Biotech ETF put Sold out 1,928,000 $246.3Mbefore exit AAPL Apple Inc. put Sold out 850,000 $215.7Mbefore exit CORZ Core Scientific Inc. call Add +136.8% 6,000,000 $153.5M FSLR First Solar Inc. call Add +2.8% 471,500 $111.3M MRNA Moderna Inc. put Sold out 1,100,000 $55.9Mbefore exit ROIV Roivant Sciences Ltd. call Add +102.5% 1,482,600 $52.5M ECHO Echostar Corp. Class A call Sold out 375,000 $43.9Mbefore exit WULF Terawulf Inc. call New 1,700,000 $42.0M ABVX Abivax SA-ADR call New 266,400 $35.5M CIFR Cipher Digital Inc. call New 1,446,600 $35.4M BTDR Bitdeer Technologies Group-A call New 1,917,500 $30.4M CORZ Core Scientific Inc. put Sold out 2,000,000 $29.9Mbefore exit IBIT iShares Bitcoin Trust ETF put Sold out 500,000 $19.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 35 $2.6B ROIV, CLMT, CORZ, NKTR, TLN Q1 2026 33 $2.2B ROIV, CORZ, CLMT, TLN, INDV Q4 2025 27 $1.7B CORZ, ROIV, INDV, TLN, CLMT Q3 2025 30 $1.7B CORZ, INDV, ROIV, TLN, CLMT Q2 2025 31 $1.0B INDV, ROIV, CORZ, TLN, CLMT Q1 2025 22 $642.5M INDV, ROIV, TLN, CORZ, AVDL Q4 2024 Amended 25 $838.8M INDV, ROIV, TLN, CORZ, VST Q3 2024 22 $584.4M INDV, ROIV, TLN, CORZ, ABUS Q2 2024 16 $590.7M INDV, ROIV, CORZ, TLN, AVDL Q1 2024 15 $492.7M INDV, ROIV, ABUS, IMVT, META