Ursa Fund Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ursa Fund Management, LLC reported 14 stock positions worth $28.2 million. Its top holding was Equity Commonwealth (EQC) at 40.1% of the portfolio, followed by Alliancebernstein (AB, 27.2%) and Lions Gate Entmnt (9.8%). Compared with Q4 2024, it opened 9 new positions, sold out of 4, added to 3 and reduced 2. The biggest buy was Equity Commonwealth (EQC, shares +13%) and the biggest sale an exit from Microsoft (MSFT).

Most Recent 13F
Q2 2026
Location
Danville, CA
CIK
0001693838
Portfolio Value
$28.2M (Q1 2025)
SEC Filing
0001879202-25-000024 ↗ filed May 15, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $28.5M Q1 2024 Q2 2024: $32.6M Q2 2024 Q3 2024: $32.4M Q3 2024 Q4 2024: $556.2M Q4 2024 Q1 2025: $28.2M $28.2M Q1 2025 Q2 2025: $39.5M Q2 2025 Q3 2025: $50.7M Q3 2025 Q4 2025: $1.2B Q4 2025 Q1 2026: $31.4M Q1 2026 Q2 2026: $608.9M Q2 2026

Holdings 14 stocks · $28.2M
EQC Equity Commonwealth 40.09% 7,025,000 $11.3M Add +13.1%
AB Alliancebernstein Holding LP 27.16% 200,000 $7.7M New
LIONS GATE ENTMNT CORP 9.83% 313,336 $2.8M Reduce -12.6%
IBIT iShares Bitcoin Trust ETF 5.89% 35,500 $1.7M New
FBTC Fidelity Wise Origin Bitcoin 4.59% 18,000 $1.3M New
PPLI People Inc. filed as IAC INC 3.91% 24,000 $1.1M Add +60.0%
SGOV iShares 0-3 Month Treasury B 2.14% 6,000 $604K New
CKPT Checkpoint Therapeutics Inc. 1.43% 100,000 $404K New
CRF Cornerstone Total Return 1.27% 50,000 $359K New
PARAA Paramount Global Class B 1.11% 26,200 $313K New
CORZ Core Scientific Inc. 0.77% 30,000 $217K New
BE Bloom Energy Corp. Class A 0.70% 10,000 $197K Reduce -33.3%
CLM Cornerstone Strategic Invest 0.66% 25,000 $186K New
SNAP Snap Inc. Class A 0.46% 15,000 $131K Add +50.0%

Options reported separately and not counted above: DM calls ($4.6M), PARAA calls ($1.8M), IBIT puts ($1.8M), FBTC puts ($1.3M), PARAA puts ($1.1M), WBA calls ($277K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $57K (not counted above)
SecurityClassShares / PrincipalValueChange
MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 18,878,649$57KNo change

Total filed on the 13F, all lines: $28.3M.

Portfolio Sells Q4 2024 → Q1 2025
MSFT Microsoft Corp. Sold out 0.00% −76.43
AAPL Apple Inc. Sold out 0.00% −10.35
MSTR Strategy Inc. Sold out 0.00% −8.81
EDR Endeavor Group Hold Class A Sold out 0.00% −1.69
BE Bloom Energy Corp. Class A Reduce -33.3% 0.70% +0.64
LIONS GATE ENTMNT CORP Reduce -12.6% 9.83% +9.28

Portfolio Buys Q4 2024 → Q1 2025
EQC Equity Commonwealth Add +13.1% 40.09% +38.11
AB Alliancebernstein Holding LP New 27.16% +27.16
IBIT iShares Bitcoin Trust ETF New 5.89% +5.89
FBTC Fidelity Wise Origin Bitcoin New 4.59% +4.59
PPLI People Inc. Add +60.0% 3.91% +3.79
SGOV iShares 0-3 Month Treasury B New 2.14% +2.14
CKPT Checkpoint Therapeutics Inc. New 1.43% +1.43
CRF Cornerstone Total Return New 1.27% +1.27
PARAA Paramount Global Class B New 1.11% +1.11
CORZ Core Scientific Inc. New 0.77% +0.77
CLM Cornerstone Strategic Invest New 0.66% +0.66
SNAP Snap Inc. Class A Add +50.0% 0.46% +0.44

Options Activity Q4 2024 → Q1 2025
MSFT Microsoft Corp. put Sold out 1,068,500 $450.4Mbefore exit
MSTR Strategy Inc. put Sold out 473,300 $137.1Mbefore exit
MSTR Strategy Inc. call Sold out 304,200 $88.1Mbefore exit
AAPL Apple Inc. put Sold out 230,000 $57.6Mbefore exit
MSFT Microsoft Corp. call Sold out 60,000 $25.3Mbefore exit
EDR Endeavor Group Hold Class A put Sold out 425,000 $13.3Mbefore exit
DM Desktop Metal Inc. Class A call New 920,900 $4.6M
SRG Seritage Growth Prop- A call Sold out 484,700 $2.0Mbefore exit
PARAA Paramount Global Class B call New 150,000 $1.8M
IBIT iShares Bitcoin Trust ETF put New 37,500 $1.8M
FBTC Fidelity Wise Origin Bitcoin put New 18,000 $1.3M
PARAA Paramount Global Class B put New 89,000 $1.1M
SILV Silvercrest Metals Inc. call Sold out 50,000 $455Kbefore exit
WBA Walgreens Boots Alliance Inc. call New 181,000 $277K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
WHEELER REIT INC (WHLR 9 PERP B) CV PFD SER B Sold out 200,000 $611Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$608.9MMSFT, MU, TSLA, AMZN, GAB
Q1 2026 9$31.4MPEN, CLBK, IBIT, GAB, SGOV
Q4 2025 21$1.2BMSFT, AAPL, JPM, NVDA, AMZN
Q3 2025 9$50.7MAIV, COOP, IBIT, FBTC, SRG
Q2 2025 21$39.5MKWEB, SKX, CRF, IBIT, CLM
Q1 2025 14$28.2MEQC, AB, LIONS GATE ENTMNT CORP, IBIT, FBTC
Q4 2024 9$556.2MMSFT, AAPL, MSTR, EQC, EDR
Q3 2024 8$32.4MSGOV, BOXX, EDR, SIRI, HHH
Q2 2024 5$32.6MSGOV, BOXX, STHO, LSXMK, SRG
Q1 2024 12$28.5MSRG, EDR, STHO, MANU, NLOP