Ursa Fund Management, LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Ursa Fund Management, LLC reported 9 stock positions worth $556.2 million . Its top holding was Microsoft (MSFT) at 76.4% of the portfolio, followed by Apple (AAPL, 10.4% ) and Strategy (MSTR, 8.8% ). Compared with Q3 2024, it opened 7 new positions, sold out of 6 and added to 2. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale an exit from iShares 0-3 Month Treasury B (SGOV).
Location Danville, CA
CIK 0001693838
Portfolio Value $556.2M (Q4 2024) Holdings 9 stocks · $556.2M 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 2024 MSFT Microsoft Corp. 1,008,500 $425.1M New AAPL Apple Inc. 229,900 $57.6M New MSTR Strategy Inc. filed as MICROSTRATEGY INC 169,100 $49.0M New EQC Equity Commonwealth 6,213,178 $11.0M New EDR Endeavor Group Hold Class A 300,000 $9.4M Add +130.9% LIONS GATE ENTMNT CORP 358,540 $3.1M Add +939.3% PPLI People Inc. filed as IAC INC 15,000 $647K New BE Bloom Energy Corp. Class A 15,000 $333K New SNAP Snap Inc. Class A 10,000 $108K New
Options reported separately and not counted above: MSFT puts ($450.4M), MSTR puts ($137.1M), MSTR calls ($88.1M), AAPL puts ($57.6M), MSFT calls ($25.3M), EDR puts ($13.3M), SRG calls ($2.0M), SILV calls ($455K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $667K (not counted above) Total filed on the 13F, all lines: $556.8M.
Portfolio Sells Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▲ SGOV iShares 0-3 Month Treasury B Sold out 0.00% −55.04 BOXX Alpha Architect 1-3 MNTH Box Sold out 0.00% −25.18 SIRI Sirius XM Holdings Inc. Sold out 0.00% −4.60 HHH Howard Hughes Holdings Inc. Sold out 0.00% −1.19 NWS News Corp. Class B Sold out 0.00% −0.86 STHO Star Holdings Sold out 0.00% −0.85
Portfolio Buys Q3 2024 → Q4 2024 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 2024 % Of Portfolio Change To Portfolio ▼ MSFT Microsoft Corp. New 76.43% +76.43 AAPL Apple Inc. New 10.35% +10.35 MSTR Strategy Inc. New 8.81% +8.81 EQC Equity Commonwealth New 1.98% +1.98 PPLI People Inc. New 0.12% +0.12 BE Bloom Energy Corp. Class A New 0.06% +0.06 SNAP Snap Inc. Class A New 0.02% +0.02 LIONS GATE ENTMNT CORP Add +939.3% 0.55% −0.28 EDR Endeavor Group Hold Class A Add +130.9% 1.69% −9.75
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ MSFT Microsoft Corp. put New 1,068,500 $450.4M MSTR Strategy Inc. put New 473,300 $137.1M MSTR Strategy Inc. call New 304,200 $88.1M AAPL Apple Inc. put New 230,000 $57.6M SIRI Sirius XM Holdings Inc. call Sold out 1,354,300 $32.0Mbefore exit MSFT Microsoft Corp. call New 60,000 $25.3M EDR Endeavor Group Hold Class A put Add +6754.8% 425,000 $13.3M SIRI Sirius XM Holdings Inc. put Sold out 200,800 $4.7Mbefore exit SAFE Safehold Inc. call Sold out 75,000 $2.0Mbefore exit INFN Infinera Corp. call Sold out 200,000 $1.4Mbefore exit EDR Endeavor Group Hold Class A call Sold out 22,100 $631Kbefore exit SILV Silvercrest Metals Inc. call New 50,000 $455K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 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 19 $608.9M MSFT, MU, TSLA, AMZN, GAB Q1 2026 9 $31.4M PEN, CLBK, IBIT, GAB, SGOV Q4 2025 21 $1.2B MSFT, AAPL, JPM, NVDA, AMZN Q3 2025 9 $50.7M AIV, COOP, IBIT, FBTC, SRG Q2 2025 21 $39.5M KWEB, SKX, CRF, IBIT, CLM Q1 2025 14 $28.2M EQC, AB, LIONS GATE ENTMNT CORP, IBIT, FBTC Q4 2024 9 $556.2M MSFT, AAPL, MSTR, EQC, EDR Q3 2024 8 $32.4M SGOV, BOXX, EDR, SIRI, HHH Q2 2024 5 $32.6M SGOV, BOXX, STHO, LSXMK, SRG Q1 2024 12 $28.5M SRG, EDR, STHO, MANU, NLOP