Ursa Fund Management, LLC

Name: Ursa Fund Management, LLC 13F holdings, Q4 2025
Creator: Ursa Fund Management, LLC
Published: 2026-02-17

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ursa Fund Management, LLC reported 21 stock positions worth $1.2 billion. Its top holding was Microsoft (MSFT) at 55.7% of the portfolio, followed by Apple (AAPL, 11.7%) and JPMorgan Chase (JPM, 10.3%). Compared with Q3 2025, it opened 17 new positions, sold out of 5, added to 2 and reduced 1. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale Apartment Invt & Mgmt Class A (AIV, shares −86%).

Most Recent 13F: Q2 2026
Location: Danville, CA
CIK: 0001693838
Portfolio Value: $1.2B (Q4 2025)
SEC Filing: 0001693838-26-000002 ↗ filed Feb 17, 2026

Holdings Value

Holdings 21 stocks · $1.2B


MSFT Microsoft Corp.	55.72%	1,337,400	$646.8M	New
AAPL Apple Inc.	11.71%	500,000	$135.9M	New
JPM JPMorgan Chase & Co.	10.27%	370,000	$119.2M	New
NVDA Nvidia Corp.	9.33%	580,900	$108.3M	New
AMZN Amazon.com Inc.	4.64%	233,500	$53.9M	New
GOOGL Alphabet Inc. Class A	4.04%	150,000	$47.0M	New
TSLA Tesla Inc.	1.97%	50,900	$22.9M	New
NFLX Netflix Inc.	0.46%	57,000	$5.3M	New
URA Global X Uranium ETF	0.32%	85,700	$3.7M	New
META Meta Platforms Inc. Class A	0.28%	5,000	$3.3M	New
PPLI People Inc. filed as IAC INC	0.25%	75,000	$2.9M	New
IBIT iShares Bitcoin Trust ETF	0.24%	57,200	$2.8M	Add +4.0%
AIV Apartment Invt & Mgmt Co. Class A	0.22%	423,600	$2.5M	Reduce -86.3%
SILJ Amplify Junior Silver Miners	0.19%	81,500	$2.3M	New
FBTC Fidelity Wise Origin Bitcoin	0.13%	20,000	$1.5M	Add +100.0%
SIL Global X Silver Miners ETF	0.12%	16,900	$1.4M	New
SRG Seritage Growth Prop- A	0.05%	170,000	$553K	No change
HAPN Happen Inc. filed as LENDINGCLUB CORP	0.02%	10,000	$189K	New
COPX Global X Copper Miners ETF	0.01%	1,900	$136K	New
SLVR Sprott SLVR Miner & PHY SLVR	0.01%	1,900	$106K	New
STRIVE INC	0.00%	44,500	$33K	New

Options reported separately and not counted above: MSFT puts ($657.4M), AAPL puts ($135.9M), JPM puts ($119.2M), NVDA puts ($108.3M), AMZN puts ($53.9M), GOOGL puts ($47.0M), META puts ($39.6M), META calls ($36.3M), TSLA puts ($22.8M), IWM puts ($12.3M), MSFT calls ($10.6M), KWEB puts ($10.2M), and 10 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $771K (not counted above)

Security	Class	Shares / Principal	Value	Change
WHEELER REIT INC (WHLR 9 PERP B)	CV PFD SER B	148,592	$771K	Reduce -24.7%

Total filed on the 13F, all lines: $1.2B.

Portfolio Sells Q3 2025 → Q4 2025


AIV Apartment Invt & Mgmt Co. Class A	Reduce -86.3%	0.22%	−48.24
COOP Mr Cooper Group Inc.	Sold out	0.00%	−38.51
SMLR Semler Scientific Inc.	Sold out	0.00%	−1.03
PLUG Plug Power Inc.	Sold out	0.00%	−0.92
SPCE Virgin Galactic Holdings Inc.	Sold out	0.00%	−0.38
DDC DDC Enterprise Ltd. Class A	Sold out	0.00%	−0.26

Portfolio Buys Q3 2025 → Q4 2025


MSFT Microsoft Corp.	New	55.72%	+55.72
AAPL Apple Inc.	New	11.71%	+11.71
JPM JPMorgan Chase & Co.	New	10.27%	+10.27
NVDA Nvidia Corp.	New	9.33%	+9.33
AMZN Amazon.com Inc.	New	4.64%	+4.64
GOOGL Alphabet Inc. Class A	New	4.04%	+4.04
TSLA Tesla Inc.	New	1.97%	+1.97
NFLX Netflix Inc.	New	0.46%	+0.46
URA Global X Uranium ETF	New	0.32%	+0.32
META Meta Platforms Inc. Class A	New	0.28%	+0.28
PPLI People Inc.	New	0.25%	+0.25
SILJ Amplify Junior Silver Miners	New	0.19%	+0.19
SIL Global X Silver Miners ETF	New	0.12%	+0.12
HAPN Happen Inc.	New	0.02%	+0.02
COPX Global X Copper Miners ETF	New	0.01%	+0.01
SLVR Sprott SLVR Miner & PHY SLVR	New	0.01%	+0.01
STRIVE INC	New	0.00%	+0.00
FBTC Fidelity Wise Origin Bitcoin	Add +100.0%	0.13%	−1.84
IBIT iShares Bitcoin Trust ETF	Add +4.0%	0.24%	−6.80

Options Activity Q3 2025 → Q4 2025


MSFT Microsoft Corp.	put	New	1,359,400	$657.4M
AAPL Apple Inc.	put	New	500,000	$135.9M
JPM JPMorgan Chase & Co.	put	New	370,000	$119.2M
NVDA Nvidia Corp.	put	New	580,900	$108.3M
AMZN Amazon.com Inc.	put	New	233,500	$53.9M
GOOGL Alphabet Inc. Class A	put	New	150,000	$47.0M
META Meta Platforms Inc. Class A	put	New	60,000	$39.6M
META Meta Platforms Inc. Class A	call	New	55,000	$36.3M
TSLA Tesla Inc.	put	New	50,900	$22.8M
AIV Apartment Invt & Mgmt Co. Class A	put	Sold out	2,000,000	$15.9Mbefore exit
IWM iShares Russell 2000 ETF	put	Add +233.3%	50,000	$12.3M
MSFT Microsoft Corp.	call	New	22,000	$10.6M
KWEB Kranesh Csi China Internet	put	New	300,000	$10.2M
KWEB Kranesh Csi China Internet	call	New	300,000	$10.2M
RKT Rocket Cos Inc. Class A	put	Sold out	491,700	$9.5Mbefore exit
FBTC Fidelity Wise Origin Bitcoin	put	Sold out	60,000	$6.0Mbefore exit
NFLX Netflix Inc.	put	New	57,000	$5.3M
URA Global X Uranium ETF	put	New	75,000	$3.2M
GLIBA Liberty Capital Corp.	call	New	55,700	$2.1M
SIL Global X Silver Miners ETF	put	New	16,900	$1.4M
STRIVE INC	put	Sold out	560,200	$1.4Mbefore exit
HAPN Happen Inc.	call	New	20,000	$379K
COPX Global X Copper Miners ETF	put	New	2,400	$172K
SLVR Sprott SLVR Miner & PHY SLVR	put	New	1,900	$159K
STRIVE INC	call	Add +136.2%	150,000	$111K

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

Notes & Other Activity Q3 2025 → Q4 2025


WHEELER REIT INC (WHLR 9 PERP B)	CV PFD SER B	Reduce -24.7%	148,592	$771K
MSPRW MSP Recovery Inc. -27	*W EXP 05/20/202	Sold out	18,878,649	$38Kbefore exit

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