In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Two Seas Capital LP reported 27 stock positions worth $1.7 billion . Its top holding was Core Scientific (CORZ) at 14.5% of the portfolio, followed by Roivant Sciences (ROIV, 12.5% ) and Indivior (INDV, 10.8% ). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 16 and reduced 8. The biggest buy was a new position in Nektar Therapeutics (NKTR) and the biggest sale an exit from Avadel Pharmaceuticals (AVDL).
Location RYE, NY
CIK 0001823138
Portfolio Value $1.7B (Q4 2025) Holdings 27 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 Q3 2025 CORZ Core Scientific Inc. 17,011,221 $247.7M Add +10.7% ROIV Roivant Sciences Ltd. 9,791,891 $212.5M Reduce -16.7% INDV Indivior Ltd. 5,109,198 $183.3M Reduce -51.4% TLN Talen Energy Corp. 391,974 $146.9M Add +46.9% CLMT Calumet Inc. 6,976,229 $138.6M Add +21.3% SHC Sotera Health Co. 4,412,106 $77.8M Add +30.8% TDAY USA Today Co. Inc. 14,552,621 $74.9M Add +2.6% FSLR First Solar Inc. 284,259 $74.3M Reduce -16.6% IMVT Immunovant Inc. 2,866,962 $72.9M Add +3.8% ABUS Arbutus Biopharma Corp. 12,589,158 $60.6M Add +14.5% WULF Terawulf Inc. 4,502,794 $51.7M Add +16.9% ESPR Esperion Therapeutics Inc. 11,902,521 $44.0M Add +22.1% ECHO Echostar Corp. Class A 402,135 $43.7M Add +37.5% GLNG Golar LNG Ltd. 1,170,998 $43.6M Add +6.8% VST Vistra Corp. 249,707 $40.3M Add +46.9% FTAI Ftai Aviation Ltd. 186,209 $36.7M Reduce -30.9% NKTR Nektar Therapeutics 745,185 $31.5M New NBIS Nebius Group NV 344,482 $28.8M Add +46.9% HUT Hut 8 Corp. 491,500 $22.6M New SOC Sable Offshore Corp. 1,733,239 $15.6M Add +182.3% MSOS Advisorshares Pure US Cann 3,252,409 $15.4M Add +116.8% OMEX Odyssey Marine Exploration 5,185,029 $10.2M Add +13.5% META Meta Platforms Inc. Class A 14,272 $9.4M Reduce -41.2% CRWV Coreweave Inc. Class A 110,000 $7.9M Reduce -60.6% SONO Sonos Inc. 322,462 $5.7M Reduce -39.3% CIFR Cipher Digital Inc. 305,756 $4.5M Reduce -33.8% LUCD Lucid Diagnostics Inc. 3,000,000 $3.3M No change
Options reported separately and not counted above: SPY puts ($2.5B), IWM puts ($258.5M), CORZ calls ($123.4M), HUT calls ($80.5M), IBIT puts ($60.5M), ROIV calls ($52.9M), CLMT calls ($22.3M), MSOS calls ($16.9M), CORZ puts ($3.5M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.8M (not counted above) Security Class Shares / Principal Value Change CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 289,539 $2.4M No change CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 24,107 $351K No change
Total filed on the 13F, all lines: $1.7B.
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 ▲ AVDL Avadel Pharmaceuticals Ltd. Sold out 0.00% −4.94 INDV Indivior Ltd. Reduce -51.4% 10.76% −4.50 CRWV Coreweave Inc. Class A Reduce -60.6% 0.46% −1.84 BUR Burford Capital Ltd. Sold out 0.00% −1.15 FTAI Ftai Aviation Ltd. Reduce -30.9% 2.15% −0.56 META Meta Platforms Inc. Class A Reduce -41.2% 0.55% −0.52 BTDR Bitdeer Technologies Group-A Sold out 0.00% −0.46 SONO Sonos Inc. Reduce -39.3% 0.33% −0.17 FSLR First Solar Inc. Reduce -16.6% 4.36% −0.17 ANIP Ani Pharmaceuticals Inc. Sold out 0.00% −0.14 CIFR Cipher Digital Inc. Reduce -33.8% 0.26% −0.09 GLXY Galaxy Digital Inc. Class A Sold out 0.00% −0.07 ROIV Roivant Sciences Ltd. Reduce -16.7% 12.47% +1.75
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 ▼ NKTR Nektar Therapeutics New 1.85% +1.85 CLMT Calumet Inc. Add +21.3% 8.13% +1.81 TLN Talen Energy Corp. Add +46.9% 8.62% +1.78 IMVT Immunovant Inc. Add +3.8% 4.28% +1.59 SHC Sotera Health Co. Add +30.8% 4.57% +1.37 HUT Hut 8 Corp. New 1.32% +1.32 ECHO Echostar Corp. Class A Add +37.5% 2.56% +1.22 ESPR Esperion Therapeutics Inc. Add +22.1% 2.58% +1.03 TDAY USA Today Co. Inc. Add +2.6% 4.40% +0.87 ABUS Arbutus Biopharma Corp. Add +14.5% 3.55% +0.55 MSOS Advisorshares Pure US Cann Add +116.8% 0.90% +0.47 WULF Terawulf Inc. Add +16.9% 3.04% +0.39 VST Vistra Corp. Add +46.9% 2.36% +0.36 SOC Sable Offshore Corp. Add +182.3% 0.92% +0.27 NBIS Nebius Group NV Add +46.9% 1.69% +0.11 OMEX Odyssey Marine Exploration Add +13.5% 0.60% +0.06 GLNG Golar LNG Ltd. Add +6.8% 2.56% −0.11 CORZ Core Scientific Inc. Add +10.7% 14.53% −2.07
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 Reduce -36.1% 3,707,000 $2.5B IWM iShares Russell 2000 ETF put Reduce -27.6% 1,050,000 $258.5M CRWV Coreweave Inc. Class A call Sold out 1,180,000 $161.5Mbefore exit CORZ Core Scientific Inc. call Add +149.3% 8,477,600 $123.4M HUT Hut 8 Corp. call New 1,752,500 $80.5M IBIT iShares Bitcoin Trust ETF put New 1,218,000 $60.5M PCG P G & E Corp. call Sold out 1,910,800 $28.8Mbefore exit SOC Sable Offshore Corp. call Sold out 1,500,000 $26.2Mbefore exit CLMT Calumet Inc. call Add +12.2% 1,122,000 $22.3M CORZ Core Scientific Inc. put New 240,000 $3.5M
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