In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Two Seas Capital LP reported 30 stock positions worth $1.7 billion . Its top holding was Core Scientific (CORZ) at 16.6% of the portfolio, followed by Indivior (INDV, 15.3% ) and Roivant Sciences (ROIV, 10.7% ). Compared with Q2 2025, it opened 7 new positions, sold out of 8, added to 16 and reduced 7. The biggest buy was Core Scientific (CORZ, shares +127% ) and the biggest sale Vistra (VST, shares −26% ).
Location RYE, NY
CIK 0001823138
Portfolio Value $1.7B (Q3 2025) Holdings 30 stocks · $1.7B 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 Q2 2025 CORZ Core Scientific Inc. 15,363,978 $275.6M Add +126.9% INDV Indivior Ltd. 10,504,152 $253.3M Reduce -7.9% ROIV Roivant Sciences Ltd. 11,754,164 $177.8M Add +10.9% TLN Talen Energy Corp. 266,888 $113.5M Reduce -11.2% CLMT Calumet Inc. 5,752,538 $105.0M Add +27.9% AVDL Avadel Pharmaceuticals Ltd. 5,369,082 $82.0M Reduce -12.8% FSLR First Solar Inc. 340,692 $75.1M Add +3306.9% TDAY USA Today Co. Inc. filed as GANNETT CO INC 14,180,621 $58.6M Add +26.3% SHC Sotera Health Co. 3,373,228 $53.1M Reduce -16.1% ABUS Arbutus Biopharma Corp. 10,991,261 $49.9M Add +5.3% FTAI Ftai Aviation Ltd. 269,601 $45.0M Add +50.8% IMVT Immunovant Inc. 2,762,040 $44.5M Add +22.6% GLNG Golar LNG Ltd. 1,095,998 $44.3M Add +20.5% WULF Terawulf Inc. 3,851,188 $44.0M Add +68.4% CRWV Coreweave Inc. Class A 279,051 $38.2M New VST Vistra Corp. 170,000 $33.3M Reduce -26.5% NBIS Nebius Group NV 234,482 $26.3M Reduce -6.2% ESPR Esperion Therapeutics Inc. 9,749,724 $25.8M Reduce -2.1% ECHO Echostar Corp. Class A 292,470 $22.3M New BUR Burford Capital Ltd. 1,602,067 $19.2M Add +1.6% META Meta Platforms Inc. Class A 24,272 $17.8M Add +61.1% SOC Sable Offshore Corp. 614,044 $10.7M Add +39.0% OMEX Odyssey Marine Exploration 4,570,011 $8.9M Add +219.4% SONO Sonos Inc. 531,042 $8.4M Add +89.0% BTDR Bitdeer Technologies Group-A 450,000 $7.7M New MSOS Advisorshares Pure US Cann 1,500,000 $7.2M New CIFR Cipher Digital Inc. 462,000 $5.8M Add +84.8% LUCD Lucid Diagnostics Inc. 3,000,000 $3.0M New ANIP Ani Pharmaceuticals Inc. 25,721 $2.4M New GLXY Galaxy Digital Inc. Class A 35,000 $1.2M New
Options reported separately and not counted above: SPY puts ($3.9B), IWM puts ($350.8M), CRWV calls ($161.5M), CORZ calls ($61.0M), ROIV calls ($36.8M), PCG calls ($28.8M), SOC calls ($26.2M), CLMT calls ($18.3M), MSOS calls ($17.1M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.8M (not counted above) Security Class Shares / Principal Value Change CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 289,539 $3.4M Reduce -13.9% CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 24,107 $432K No change
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ VST Vistra Corp. Reduce -26.5% 2.01% −2.41 TLN Talen Energy Corp. Reduce -11.2% 6.84% −1.77 CEG Constellation Energy Sold out 0.00% −1.52 IREN Iren Ltd. Sold out 0.00% −1.39 INDV Indivior Ltd. Reduce -7.9% 15.26% −1.30 SHC Sotera Health Co. Reduce -16.1% 3.20% −1.21 SQQQ Proshares TR Sold out 0.00% −0.96 ARDX Ardelyx Inc. Sold out 0.00% −0.59 ADAPY Adaptimmune Therapeutics-ADR Sold out 0.00% −0.53 APLD Applied Digital Corp. Sold out 0.00% −0.50 AVDL Avadel Pharmaceuticals Ltd. Reduce -12.8% 4.94% −0.42 NRG NRG Energy Inc. Sold out 0.00% −0.24 WOLF Wolfspeed Inc. Sold out 0.00% −0.09 NBIS Nebius Group NV Reduce -6.2% 1.59% +0.22 ESPR Esperion Therapeutics Inc. Reduce -2.1% 1.56% +0.59
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CORZ Core Scientific Inc. Add +126.9% 16.61% +5.23 FSLR First Solar Inc. Add +3306.9% 4.53% +4.36 CRWV Coreweave Inc. Class A New 2.30% +2.30 WULF Terawulf Inc. Add +68.4% 2.65% +1.66 ECHO Echostar Corp. Class A New 1.35% +1.35 FTAI Ftai Aviation Ltd. Add +50.8% 2.71% +0.68 BTDR Bitdeer Technologies Group-A New 0.46% +0.46 MSOS Advisorshares Pure US Cann New 0.43% +0.43 OMEX Odyssey Marine Exploration Add +219.4% 0.54% +0.37 CIFR Cipher Digital Inc. Add +84.8% 0.35% +0.23 SONO Sonos Inc. Add +89.0% 0.51% +0.21 LUCD Lucid Diagnostics Inc. New 0.18% +0.18 ANIP Ani Pharmaceuticals Inc. New 0.14% +0.14 GLXY Galaxy Digital Inc. Class A New 0.07% +0.07 META Meta Platforms Inc. Class A Add +61.1% 1.07% −0.02 ABUS Arbutus Biopharma Corp. Add +5.3% 3.01% −0.17 SOC Sable Offshore Corp. Add +39.0% 0.65% −0.31 TDAY USA Today Co. Inc. Add +26.3% 3.53% −0.43 CLMT Calumet Inc. Add +27.9% 6.32% −0.65 IMVT Immunovant Inc. Add +22.6% 2.68% −0.87 GLNG Golar LNG Ltd. Add +20.5% 2.67% −1.02 ROIV Roivant Sciences Ltd. Add +10.9% 10.71% −1.05 BUR Burford Capital Ltd. Add +1.6% 1.15% −1.06
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Reduce -3.1% 5,802,300 $3.9B HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 7,325,500 $590.8Mbefore exit FSLR First Solar Inc. call Sold out 2,844,000 $470.8Mbefore exit IWM iShares Russell 2000 ETF put New 1,450,000 $350.8M CRWV Coreweave Inc. Class A call New 1,180,000 $161.5M HUM Humana Inc. call Sold out 411,500 $100.6Mbefore exit ROIV Roivant Sciences Ltd. call New 2,435,500 $36.8M PCG P G & E Corp. call New 1,910,800 $28.8M SOC Sable Offshore Corp. call New 1,500,000 $26.2M CLMT Calumet Inc. call New 1,000,000 $18.3M MSOS Advisorshares Pure US Cann call New 3,575,300 $17.1M RUN Sunrun Inc. put Sold out 1,942,700 $15.9Mbefore exit
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 Security Class Change vs Q2 2025 Shares / Principal Value ▼ CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 Reduce -13.9% 289,539 $3.4M
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 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