Ursa Fund Management, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ursa Fund Management, LLC reported 9 stock positions worth $50.7 million . Its top holding was Apartment Invt & Mgmt Class A (AIV) at 48.5% of the portfolio, followed by Mr Cooper (COOP, 38.5% ) and iShares Bitcoin Trust ETF (IBIT, 7.0% ). Compared with Q2 2025, it opened 7 new positions, sold out of 19 and added to 2. The biggest buy was a new position in Apartment Invt & Mgmt Class A (AIV) and the biggest sale an exit from Kranesh Csi China Internet (KWEB).
Location Danville, CA
CIK 0001693838
Portfolio Value $50.7M (Q3 2025) Holdings 9 stocks · $50.7M 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 Q2 2025 AIV Apartment Invt & Mgmt Co. Class A 3,100,000 $24.6M New COOP Mr Cooper Group Inc. 92,695 $19.5M New IBIT iShares Bitcoin Trust ETF 55,000 $3.6M Add +46.3% FBTC Fidelity Wise Origin Bitcoin 10,000 $998K New SRG Seritage Growth Prop- A 170,000 $723K New SMLR Semler Scientific Inc. 17,500 $525K New PLUG Plug Power Inc. 200,000 $466K New SPCE Virgin Galactic Holdings Inc. 50,000 $193K New DDC DDC Enterprise Ltd. Class A 15,400 $131K Add +54.0%
Options reported separately and not counted above: AIV puts ($15.9M), RKT puts ($9.5M), FBTC puts ($6.0M), IWM puts ($3.6M), STRIVE INC puts ($1.4M), RIOT calls ($952K), STRIVE INC calls ($159K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $872K (not counted above) Total filed on the 13F, all lines: $51.6M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ KWEB Kranesh Csi China Internet Sold out 0.00% −39.14 SKX Skechers USA Inc. Class A Sold out 0.00% −23.98 CRF Cornerstone Total Return Sold out 0.00% −14.23 CLM Cornerstone Strategic Invest Sold out 0.00% −5.66 FL Foot Locker Inc. Sold out 0.00% −3.82 CEP Cantor Equity Partners Inc. Sold out 0.00% −1.37 TACO Berto Acquisition Corp. Sold out 0.00% −1.00 RTAC Renatus Tactical Acquisiti-A Sold out 0.00% −0.81 CAEP Cantor Equity Partners III-A Sold out 0.00% −0.67 BE Bloom Energy Corp. Class A Sold out 0.00% −0.61 BRR Columbus Circle Capital Co. Class A Sold out 0.00% −0.54 HAPN Happen Inc. Sold out 0.00% −0.46 CEPT Cantor Equity Partners Class A Sold out 0.00% −0.42 PCAPU Procap Acquisition Corp. Sold out 0.00% −0.35 CEPO Cantor Equity Partners I-A Sold out 0.00% −0.30 VLOS Velos Acquisition I Corp. Sold out 0.00% −0.29 GNS Genius Group Ltd. Sold out 0.00% −0.13 MPU Mega Matrix Inc. Sold out 0.00% −0.07 SILO Silo Pharma Inc. Sold out 0.00% −0.06
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ AIV Apartment Invt & Mgmt Co. Class A New 48.46% +48.46 COOP Mr Cooper Group Inc. New 38.51% +38.51 FBTC Fidelity Wise Origin Bitcoin New 1.97% +1.97 SRG Seritage Growth Prop- A New 1.42% +1.42 IBIT iShares Bitcoin Trust ETF Add +46.3% 7.05% +1.22 SMLR Semler Scientific Inc. New 1.03% +1.03 PLUG Plug Power Inc. New 0.92% +0.92 SPCE Virgin Galactic Holdings Inc. New 0.38% +0.38 DDC DDC Enterprise Ltd. Class A Add +54.0% 0.26% −0.02
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ AIV Apartment Invt & Mgmt Co. Class A put New 2,000,000 $15.9M KWEB Kranesh Csi China Internet put Sold out 450,000 $15.4Mbefore exit FL Foot Locker Inc. put Sold out 537,500 $13.2Mbefore exit RKT Rocket Cos Inc. Class A put New 491,700 $9.5M FBTC Fidelity Wise Origin Bitcoin put New 60,000 $6.0M FL Foot Locker Inc. call Sold out 190,700 $4.7Mbefore exit WBA Walgreens Boots Alliance Inc. call Sold out 344,200 $4.0Mbefore exit IWM iShares Russell 2000 ETF put New 15,000 $3.6M SKX Skechers USA Inc. Class A call Sold out 625,400 $2.4Mbefore exit STRIVE INC put New 560,200 $1.4M RIOT Riot Platforms Inc. call New 50,000 $952K PARAA Paramount Global Class A call Sold out 28,800 $372Kbefore exit STRIVE INC call New 63,500 $159K PARAA Paramount Global Class A put Sold out 10,000 $129Kbefore exit CEP Cantor Equity Partners Inc. put Sold out 4,500 $125Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 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