Two Seas Capital LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Two Seas Capital LP reported 31 stock positions worth $1.0 billion. Its top holding was Indivior (INDV) at 16.6% of the portfolio, followed by Roivant Sciences (ROIV, 11.8%) and Core Scientific (CORZ, 11.4%). Compared with Q1 2025, it opened 10 new positions, sold out of 1, added to 16 and reduced 5. The biggest buy was USA Today (TDAY, shares +227%) and the biggest sale Talen Energy (TLN, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- RYE, NY
- CIK
- 0001823138
- Portfolio Value
- $1.0B (Q2 2025)
- SEC Filing
- 0001315863-25-000601 ↗ filed Aug 13, 2025
Holdings Value
Holdings 31 stocks · $1.0B
| INDV Indivior Ltd. | 16.55% | 11,407,795 | $168.2M | Add +0.4% |
| ROIV Roivant Sciences Ltd. | 11.76% | 10,598,040 | $119.4M | Add +4.6% |
| CORZ Core Scientific Inc. | 11.38% | 6,770,027 | $115.6M | Reduce -15.3% |
| TLN Talen Energy Corp. | 8.61% | 300,698 | $87.4M | Reduce -36.3% |
| CLMT Calumet Inc. | 6.98% | 4,497,609 | $70.9M | Add +56.9% |
| AVDL Avadel Pharmaceuticals Ltd. | 5.36% | 6,155,074 | $54.5M | Add +24.4% |
| VST Vistra Corp. | 4.41% | 231,257 | $44.8M | Add +9.4% |
| SHC Sotera Health Co. | 4.40% | 4,020,867 | $44.7M | Add +21.1% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 3.96% | 11,230,621 | $40.2M | Add +226.7% |
| GLNG Golar LNG Ltd. | 3.69% | 909,355 | $37.5M | Add +76.3% |
| IMVT Immunovant Inc. | 3.55% | 2,252,772 | $36.0M | Add +37.1% |
| ABUS Arbutus Biopharma Corp. | 3.18% | 10,443,317 | $32.3M | Add +10.3% |
| BUR Burford Capital Ltd. | 2.21% | 1,577,670 | $22.5M | New |
| FTAI Ftai Aviation Ltd. | 2.03% | 178,844 | $20.6M | Add +54.6% |
| CEG Constellation Energy | 1.52% | 47,688 | $15.4M | New |
| IREN Iren Ltd. filed as IREN LIMITED | 1.39% | 971,891 | $14.2M | Add +46.1% |
| NBIS Nebius Group NV | 1.36% | 250,000 | $13.8M | Add +66.7% |
| META Meta Platforms Inc. Class A | 1.09% | 15,065 | $11.1M | New |
| WULF Terawulf Inc. | 0.99% | 2,287,100 | $10.0M | Add +966.9% |
| ESPR Esperion Therapeutics Inc. | 0.96% | 9,954,975 | $9.8M | Add +43.6% |
| SQQQ Proshares TR | 0.96% | 500,000 | $9.8M | New |
| SOC Sable Offshore Corp. | 0.96% | 441,677 | $9.7M | New |
| ARDX Ardelyx Inc. | 0.59% | 1,539,416 | $6.0M | Reduce -27.4% |
| ADAPY Adaptimmune Therapeutics-ADR | 0.53% | 22,580,701 | $5.4M | Add +10.0% |
| APLD Applied Digital Corp. | 0.50% | 500,000 | $5.0M | New |
| SONO Sonos Inc. | 0.30% | 281,042 | $3.0M | Reduce -34.8% |
| NRG NRG Energy Inc. | 0.24% | 15,000 | $2.4M | New |
| OMEX Odyssey Marine Exploration | 0.17% | 1,430,769 | $1.7M | Reduce -43.9% |
| FSLR First Solar Inc. | 0.16% | 10,000 | $1.7M | New |
| CIFR Cipher Digital Inc. | 0.12% | 250,000 | $1.2M | New |
| WOLF Wolfspeed Inc. | 0.09% | 2,412,111 | $962K | New |
Options reported separately and not counted above: SPY puts ($3.7B), HYG puts ($590.8M), FSLR calls ($470.8M), HUM calls ($100.6M), CORZ calls ($58.0M), RUN puts ($15.9M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $4.1M (not counted above)
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| TDAY USA Today Co. Inc. | Add +226.7% | 3.96% | +2.41 |
| BUR Burford Capital Ltd. | New | 2.21% | +2.21 |
| CEG Constellation Energy | New | 1.52% | +1.52 |
| CLMT Calumet Inc. | Add +56.9% | 6.98% | +1.32 |
| META Meta Platforms Inc. Class A | New | 1.09% | +1.09 |
| SQQQ Proshares TR | New | 0.96% | +0.96 |
| SOC Sable Offshore Corp. | New | 0.96% | +0.96 |
| WULF Terawulf Inc. | Add +966.9% | 0.99% | +0.90 |
| NBIS Nebius Group NV | Add +66.7% | 1.36% | +0.87 |
| IREN Iren Ltd. | Add +46.1% | 1.39% | +0.76 |
| GLNG Golar LNG Ltd. | Add +76.3% | 3.69% | +0.64 |
| VST Vistra Corp. | Add +9.4% | 4.41% | +0.55 |
| APLD Applied Digital Corp. | New | 0.50% | +0.50 |
| NRG NRG Energy Inc. | New | 0.24% | +0.24 |
| FSLR First Solar Inc. | New | 0.16% | +0.16 |
| CIFR Cipher Digital Inc. | New | 0.12% | +0.12 |
| WOLF Wolfspeed Inc. | New | 0.09% | +0.09 |
| FTAI Ftai Aviation Ltd. | Add +54.6% | 2.03% | +0.03 |
| INDV Indivior Ltd. | Add +0.4% | 16.55% | −0.02 |
| ADAPY Adaptimmune Therapeutics-ADR | Add +10.0% | 0.53% | −0.10 |
| ESPR Esperion Therapeutics Inc. | Add +43.6% | 0.96% | −0.59 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +24.4% | 5.36% | −0.67 |
| IMVT Immunovant Inc. | Add +37.1% | 3.55% | −0.82 |
| SHC Sotera Health Co. | Add +21.1% | 4.40% | −1.63 |
| ABUS Arbutus Biopharma Corp. | Add +10.3% | 3.18% | −1.97 |
| ROIV Roivant Sciences Ltd. | Add +4.6% | 11.76% | −4.16 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +194.2% | 5,987,500 | $3.7B |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 1,525,000 | $715.1Mbefore exit |
| FSLR First Solar Inc. | call | New | 2,844,000 | $470.8M |
| HUM Humana Inc. | call | New | 411,500 | $100.6M |
| CORZ Core Scientific Inc. | call | Add +306.5% | 3,400,000 | $58.0M |
| TLN Talen Energy Corp. | call | Sold out | 250,000 | $49.9Mbefore exit |
| VST Vistra Corp. | call | Sold out | 300,000 | $35.2Mbefore exit |
| RUN Sunrun Inc. | put | New | 1,942,700 | $15.9M |
| TDAY USA Today Co. Inc. | call | Sold out | 2,814,900 | $8.1Mbefore 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
| CORZW Core Scientific Inc. - 27 | *W EXP 01/23/202 | Add +20.0% | 336,378 | $3.6M |
| CORZZ Core Scientific Inc. - 29 | *W EXP 01/23/202 | New | 24,107 | $414K |
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 | 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 2024Amended | 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 |