In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Two Seas Capital LP reported 33 stock positions worth $2.2 billion . Its top holding was Roivant Sciences (ROIV) at 11.9% of the portfolio, followed by Core Scientific (CORZ, 11.2% ) and Calumet (CLMT, 9.9% ). Compared with Q4 2025, it opened 8 new positions, sold out of 2, added to 13 and reduced 11. The biggest buy was Nektar Therapeutics (NKTR, shares +163% ) and the biggest sale Indivior Pharmaceuticals (INDV, shares −7% ).
Location RYE, NY
CIK 0001823138
Portfolio Value $2.2B (Q1 2026) Holdings 33 stocks · $2.2B 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 Q4 2025 ROIV Roivant Sciences Ltd. 9,328,291 $258.4M Reduce -4.7% CORZ Core Scientific Inc. 16,151,833 $241.6M Reduce -5.0% CLMT Calumet Inc. 5,960,292 $214.0M Reduce -14.6% TLN Talen Energy Corp. 579,129 $184.9M Add +47.8% INDV Indivior Pharmaceuticals Inc. 4,746,510 $144.7M Reduce -7.1% NKTR Nektar Therapeutics 1,959,178 $141.0M Add +162.9% TDAY USA Today Co. Inc. 14,045,443 $99.0M Reduce -3.5% SOC Sable Offshore Corp. 5,496,711 $90.8M Add +217.1% SHC Sotera Health Co. 6,023,371 $86.4M Add +36.5% ABUS Arbutus Biopharma Corp. 18,557,543 $83.5M Add +47.4% IMVT Immunovant Inc. 3,201,962 $79.5M Add +11.7% GLNG Golar LNG Ltd. 1,274,710 $69.0M Add +8.9% FTAI Ftai Aviation Ltd. 255,507 $62.6M Add +37.2% FSLR First Solar Inc. 302,984 $59.8M Add +6.6% WULF Terawulf Inc. 4,024,005 $58.1M Reduce -10.6% ECHO Echostar Corp. Class A 382,135 $44.7M Reduce -5.0% ESPR Esperion Therapeutics Inc. 11,394,833 $31.2M Reduce -4.3% VST Vistra Corp. 185,597 $27.9M Reduce -25.7% CIFR Cipher Digital Inc. 2,050,000 $26.4M Add +570.5% QURE Uniqure NV 1,300,000 $21.3M New TAC Transalta Corp. 1,597,900 $20.9M New NBIS Nebius Group NV 196,475 $20.4M Reduce -43.0% STAA Staar Surgical Co. 1,036,973 $19.4M New BTDR Bitdeer Technologies Group-A 2,223,999 $19.2M New SONO Sonos Inc. 919,327 $12.3M Add +185.1% HUT Hut 8 Corp. 250,000 $11.7M Reduce -49.1% MSOS Advisorshares Pure US Cann 3,302,409 $11.7M Add +1.5% SHAZ Sharonai Holdings Inc. 416,666 $9.5M New PAVM Pavmed Inc. 461,539 $4.7M New OMEX Odyssey Marine Exploration 5,592,985 $4.7M Add +7.9% LUCD Lucid Diagnostics Inc. 3,000,000 $3.5M No change DAR Darling Ingredients Inc. 16,527 $1.0M New FRMI Fermi Inc. 25,211 $147K New
Options reported separately and not counted above: SPY puts ($4.2B), XBI puts ($246.3M), AAPL puts ($215.7M), FSLR calls ($90.5M), MRNA puts ($55.9M), ECHO calls ($43.9M), CORZ calls ($37.9M), CORZ puts ($29.9M), ROIV calls ($20.3M), IBIT puts ($19.2M), GLNG calls ($13.5M), MSOS calls ($7.9M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.9M (not counted above) Security Class Shares / Principal Value Change CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 289,539 $2.5M No change CORZZ Core Scientific Inc. - 29 *W EXP 01/23/202 24,107 $362K No change
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q4 2025 → Q1 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ INDV Indivior Pharmaceuticals Inc. Reduce -7.1% 6.69% −4.07 CORZ Core Scientific Inc. Reduce -5.0% 11.17% −3.37 ESPR Esperion Therapeutics Inc. Reduce -4.3% 1.44% −1.14 VST Vistra Corp. Reduce -25.7% 1.29% −1.07 HUT Hut 8 Corp. Reduce -49.1% 0.54% −0.78 NBIS Nebius Group NV Reduce -43.0% 0.94% −0.75 META Meta Platforms Inc. Class A Sold out 0.00% −0.55 ROIV Roivant Sciences Ltd. Reduce -4.7% 11.94% −0.53 ECHO Echostar Corp. Class A Reduce -5.0% 2.07% −0.50 CRWV Coreweave Inc. Class A Sold out 0.00% −0.46 WULF Terawulf Inc. Reduce -10.6% 2.68% −0.35 TDAY USA Today Co. Inc. Reduce -3.5% 4.58% +0.18 CLMT Calumet Inc. Reduce -14.6% 9.89% +1.76
Portfolio Buys Q4 2025 → Q1 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ NKTR Nektar Therapeutics Add +162.9% 6.51% +4.67 SOC Sable Offshore Corp. Add +217.1% 4.20% +3.28 QURE Uniqure NV New 0.98% +0.98 TAC Transalta Corp. New 0.97% +0.97 CIFR Cipher Digital Inc. Add +570.5% 1.22% +0.95 STAA Staar Surgical Co. New 0.90% +0.90 BTDR Bitdeer Technologies Group-A New 0.89% +0.89 FTAI Ftai Aviation Ltd. Add +37.2% 2.89% +0.74 GLNG Golar LNG Ltd. Add +8.9% 3.19% +0.63 SHAZ Sharonai Holdings Inc. New 0.44% +0.44 ABUS Arbutus Biopharma Corp. Add +47.4% 3.86% +0.31 SONO Sonos Inc. Add +185.1% 0.57% +0.24 PAVM Pavmed Inc. New 0.22% +0.22 DAR Darling Ingredients Inc. New 0.05% +0.05 FRMI Fermi Inc. New 0.01% +0.01 TLN Talen Energy Corp. Add +47.8% 8.54% −0.08 MSOS Advisorshares Pure US Cann Add +1.5% 0.54% −0.36 OMEX Odyssey Marine Exploration Add +7.9% 0.22% −0.38 SHC Sotera Health Co. Add +36.5% 3.99% −0.57 IMVT Immunovant Inc. Add +11.7% 3.68% −0.60 FSLR First Solar Inc. Add +6.6% 2.76% −1.59
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +74.5% 6,468,600 $4.2B IWM iShares Russell 2000 ETF put Sold out 1,050,000 $258.5Mbefore exit XBI SS SPDR S&P Biotech ETF put New 1,928,000 $246.3M AAPL Apple Inc. put New 850,000 $215.7M FSLR First Solar Inc. call New 458,700 $90.5M HUT Hut 8 Corp. call Sold out 1,752,500 $80.5Mbefore exit MRNA Moderna Inc. put New 1,100,000 $55.9M ECHO Echostar Corp. Class A call New 375,000 $43.9M CORZ Core Scientific Inc. call Reduce -70.1% 2,534,000 $37.9M CORZ Core Scientific Inc. put Add +733.3% 2,000,000 $29.9M CLMT Calumet Inc. call Sold out 1,122,000 $22.3Mbefore exit ROIV Roivant Sciences Ltd. call Reduce -69.9% 732,300 $20.3M IBIT iShares Bitcoin Trust ETF put Reduce -59.0% 500,000 $19.2M GLNG Golar LNG Ltd. call New 250,000 $13.5M MSOS Advisorshares Pure US Cann call Reduce -37.8% 2,225,300 $7.9M
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