Ursa Fund Management, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Ursa Fund Management, LLC reported 9 stock positions worth $31.4 million . Its top holding was Penumbra (PEN) at 36.6% of the portfolio, followed by Columbia Financial (CLBK, 27.9% ) and iShares Bitcoin Trust ETF (IBIT, 8.3% ). Compared with Q4 2025, it opened 7 new positions, sold out of 19, added to 1 and reduced 1. The biggest buy was a new position in Penumbra (PEN) and the biggest sale an exit from Microsoft (MSFT).
Location Danville, CA
CIK 0001693838
Portfolio Value $31.4M (Q1 2026) Holdings 9 stocks · $31.4M 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 Q4 2025 PEN Penumbra Inc. 35,000 $11.5M New CLBK Columbia Financial Inc. 500,000 $8.8M New IBIT iShares Bitcoin Trust ETF 68,000 $2.6M Add +18.9% GAB Gabelli Equity Trust 367,924 $2.1M New SGOV iShares 0-3 Month Treasury B 15,000 $1.5M New NFBK Northfield Bancorp Inc. 100,000 $1.4M New WIX Wix.com Ltd. 15,000 $1.4M New XCAFX Morgan Stanley China A Share 70,100 $1.2M New PPLI People Inc. filed as IAC INC 25,000 $1.0M Reduce -66.7%
Options reported separately and not counted above: SPY puts ($32.5M), PEN puts ($16.4M), IWM puts ($7.4M), KRE puts ($6.5M), KRE calls ($6.5M), WIX puts ($1.8M), XCAFX puts ($1.8M), WOLF calls ($1.6M), HAPN calls ($286K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.3M (not counted above) Total filed on the 13F, all lines: $32.7M.
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ MSFT Microsoft Corp. Sold out 0.00% −55.72 AAPL Apple Inc. Sold out 0.00% −11.71 JPM JPMorgan Chase & Co. Sold out 0.00% −10.27 NVDA Nvidia Corp. Sold out 0.00% −9.33 AMZN Amazon.com Inc. Sold out 0.00% −4.64 GOOGL Alphabet Inc. Class A Sold out 0.00% −4.04 TSLA Tesla Inc. Sold out 0.00% −1.97 NFLX Netflix Inc. Sold out 0.00% −0.46 URA Global X Uranium ETF Sold out 0.00% −0.32 META Meta Platforms Inc. Class A Sold out 0.00% −0.28 AIV Apartment Invt & Mgmt Co. Class A Sold out 0.00% −0.22 SILJ Amplify Junior Silver Miners Sold out 0.00% −0.19 FBTC Fidelity Wise Origin Bitcoin Sold out 0.00% −0.13 SIL Global X Silver Miners ETF Sold out 0.00% −0.12 SRG Seritage Growth Prop- A Sold out 0.00% −0.05 HAPN Happen Inc. Sold out 0.00% −0.02 COPX Global X Copper Miners ETF Sold out 0.00% −0.01 SLVR Sprott SLVR Miner & PHY SLVR Sold out 0.00% −0.01 STRIVE INC Sold out 0.00% −0.00 PPLI People Inc. Reduce -66.7% 3.19% +2.94
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ PEN Penumbra Inc. New 36.64% +36.64 CLBK Columbia Financial Inc. New 27.91% +27.91 IBIT iShares Bitcoin Trust ETF Add +18.9% 8.33% +8.09 GAB Gabelli Equity Trust New 6.57% +6.57 SGOV iShares 0-3 Month Treasury B New 4.81% +4.81 NFBK Northfield Bancorp Inc. New 4.32% +4.32 WIX Wix.com Ltd. New 4.31% +4.31 XCAFX Morgan Stanley China A Share New 3.91% +3.91
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ MSFT Microsoft Corp. put Sold out 1,359,400 $657.4Mbefore exit AAPL Apple Inc. put Sold out 500,000 $135.9Mbefore exit JPM JPMorgan Chase & Co. put Sold out 370,000 $119.2Mbefore exit NVDA Nvidia Corp. put Sold out 580,900 $108.3Mbefore exit AMZN Amazon.com Inc. put Sold out 233,500 $53.9Mbefore exit GOOGL Alphabet Inc. Class A put Sold out 150,000 $47.0Mbefore exit META Meta Platforms Inc. Class A put Sold out 60,000 $39.6Mbefore exit META Meta Platforms Inc. Class A call Sold out 55,000 $36.3Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put New 50,000 $32.5M TSLA Tesla Inc. put Sold out 50,900 $22.8Mbefore exit PEN Penumbra Inc. put New 49,800 $16.4M MSFT Microsoft Corp. call Sold out 22,000 $10.6Mbefore exit KWEB Kranesh Csi China Internet call Sold out 300,000 $10.2Mbefore exit KWEB Kranesh Csi China Internet put Sold out 300,000 $10.2Mbefore exit IWM iShares Russell 2000 ETF put Reduce -40.0% 30,000 $7.4M KRE SS SPDR S&P Regional Bank put New 100,000 $6.5M KRE SS SPDR S&P Regional Bank call New 100,000 $6.5M NFLX Netflix Inc. put Sold out 57,000 $5.3Mbefore exit URA Global X Uranium ETF put Sold out 75,000 $3.2Mbefore exit GLIBA Liberty Capital Corp. call Sold out 55,700 $2.1Mbefore exit WIX Wix.com Ltd. put New 20,000 $1.8M XCAFX Morgan Stanley China A Share put New 60,100 $1.8M WOLF Wolfspeed Inc. call New 100,300 $1.6M SIL Global X Silver Miners ETF put Sold out 16,900 $1.4Mbefore exit RIOT Riot Platforms Inc. call Sold out 50,000 $634Kbefore exit COPX Global X Copper Miners ETF put Sold out 2,400 $172Kbefore exit SLVR Sprott SLVR Miner & PHY SLVR put Sold out 1,900 $159Kbefore exit STRIVE INC call Sold out 150,000 $111Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 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