Ursa Fund Management, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Ursa Fund Management, LLC reported 21 stock positions worth $39.5 million . Its top holding was Kranesh Csi China Internet (KWEB) at 39.1% of the portfolio, followed by Skechers USA Class A (SKX, 24.0% ) and Cornerstone Total Return (CRF, 14.2% ). Compared with Q1 2025, it opened 17 new positions, sold out of 10 and added to 3. The biggest buy was a new position in Kranesh Csi China Internet (KWEB) and the biggest sale an exit from Equity Commonwealth (EQC).
Location Danville, CA
CIK 0001693838
Portfolio Value $39.5M (Q2 2025) Holdings 21 stocks · $39.5M 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 Q1 2025 KWEB Kranesh Csi China Internet 450,000 $15.4M New SKX Skechers USA Inc. Class A 150,000 $9.5M New CRF Cornerstone Total Return 725,000 $5.6M Add +1350.0% IBIT iShares Bitcoin Trust ETF 37,600 $2.3M Add +5.9% CLM Cornerstone Strategic Invest 275,000 $2.2M Add +1000.0% FL Foot Locker Inc. 61,500 $1.5M New CEP Cantor Equity Partners Inc. 19,500 $542K New TACO Berto Acquisition Corp. 38,000 $396K New RTAC Renatus Tactical Acquisiti-A 25,000 $318K New CAEP Cantor Equity Partners III-A 25,000 $264K New BE Bloom Energy Corp. Class A 10,000 $239K No change BRR Columbus Circle Capital Co. Class A 20,000 $212K New HAPN Happen Inc. filed as LENDINGCLUB CORP 15,000 $180K New CEPT Cantor Equity Partners Class A 15,000 $165K New PCAPU Procap Acquisition Corp. 13,000 $139K New CEPO Cantor Equity Partners I-A 10,000 $119K New VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 10,000 $113K New DDC DDC Enterprise Ltd. Class A 10,000 $109K New GNS Genius Group Ltd. 37,500 $51K New MPU Mega Matrix Inc. 25,000 $29K New SILO Silo Pharma Inc. 37,500 $24K New
Options reported separately and not counted above: KWEB puts ($15.4M), FL puts ($13.2M), FL calls ($4.7M), WBA calls ($4.0M), SKX calls ($2.4M), PARAA calls ($372K), PARAA puts ($129K), CEP puts ($125K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $534K (not counted above) Total filed on the 13F, all lines: $40.0M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ EQC Equity Commonwealth Sold out 0.00% −40.09 AB Alliancebernstein Holding LP Sold out 0.00% −27.16 LIONS GATE ENTMNT CORP Sold out 0.00% −9.83 FBTC Fidelity Wise Origin Bitcoin Sold out 0.00% −4.59 PPLI People Inc. Sold out 0.00% −3.91 SGOV iShares 0-3 Month Treasury B Sold out 0.00% −2.14 CKPT Checkpoint Therapeutics Inc. Sold out 0.00% −1.43 PARAA Paramount Global Class B Sold out 0.00% −1.11 CORZ Core Scientific Inc. Sold out 0.00% −0.77 SNAP Snap Inc. Class A Sold out 0.00% −0.46
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ KWEB Kranesh Csi China Internet New 39.14% +39.14 SKX Skechers USA Inc. Class A New 23.98% +23.98 CRF Cornerstone Total Return Add +1350.0% 14.23% +12.96 CLM Cornerstone Strategic Invest Add +1000.0% 5.66% +5.00 FL Foot Locker Inc. New 3.82% +3.82 CEP Cantor Equity Partners Inc. New 1.37% +1.37 TACO Berto Acquisition Corp. New 1.00% +1.00 RTAC Renatus Tactical Acquisiti-A New 0.81% +0.81 CAEP Cantor Equity Partners III-A New 0.67% +0.67 BRR Columbus Circle Capital Co. Class A New 0.54% +0.54 HAPN Happen Inc. New 0.46% +0.46 CEPT Cantor Equity Partners Class A New 0.42% +0.42 PCAPU Procap Acquisition Corp. New 0.35% +0.35 CEPO Cantor Equity Partners I-A New 0.30% +0.30 VLOS Velos Acquisition I Corp. New 0.29% +0.29 DDC DDC Enterprise Ltd. Class A New 0.28% +0.28 GNS Genius Group Ltd. New 0.13% +0.13 MPU Mega Matrix Inc. New 0.07% +0.07 SILO Silo Pharma Inc. New 0.06% +0.06 IBIT iShares Bitcoin Trust ETF Add +5.9% 5.83% −0.06
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ KWEB Kranesh Csi China Internet put New 450,000 $15.4M FL Foot Locker Inc. put New 537,500 $13.2M FL Foot Locker Inc. call New 190,700 $4.7M DM Desktop Metal Inc. Class A call Sold out 920,900 $4.6Mbefore exit WBA Walgreens Boots Alliance Inc. call Add +90.2% 344,200 $4.0M SKX Skechers USA Inc. Class A call New 625,400 $2.4M PARAA Paramount Global Class B call Sold out 150,000 $1.8Mbefore exit IBIT iShares Bitcoin Trust ETF put Sold out 37,500 $1.8Mbefore exit FBTC Fidelity Wise Origin Bitcoin put Sold out 18,000 $1.3Mbefore exit PARAA Paramount Global Class B put Sold out 89,000 $1.1Mbefore exit PARAA Paramount Global Class A call New 28,800 $372K PARAA Paramount Global Class A put New 10,000 $129K CEP Cantor Equity Partners Inc. put New 4,500 $125K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 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