Elequin Capital, LP Q2 2025 Filing

Filed August 11, 2025

Portfolio Value

$763.9B

Holdings

336

Report Date

Q2 2025

Filing Type

13F-HR

All Holdings (336 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	NRG 2.75 06/01/48NRG ENERGY INC	49,192,000	$192.6B	25.21%
2	IBITISHARES BITCOIN TRUST ETF	1,255,682	$76.9B	10.06%
3	CNK 4.5 08/15/25CINEMARK HLDGS INC	35,000,000	$74.3B	9.72%
4	NEE 6.926 09/01/25NEXTERA ENERGY INC	1,134,000	$45.0B	5.90%
5	PODD 0.375 09/01/26INSULET CORP	29,597,000	$41.7B	5.46%
6	FBTCFIDELITY WISE ORIGIN BITCOIN	390,010	$36.7B	4.80%
7	RCL 6 08/15/25ROYAL CARIBBEAN GROUP	5,381,000	$34.0B	4.45%
8	VRNS 1.25 08/15/25VARONIS SYS INC	12,648,000	$20.9B	2.74%
9	FETHFIDELITY ETHEREUM FD	793,745	$20.0B	2.62%
10	ETHAISHARES ETHEREUM TR	712,497	$13.6B	1.78%
11	ETHGRAYSCALE ETHEREUM MINI TR E	539,978	$12.8B	1.68%
12	ARKBARK 21SHARES BITCOIN ETF	280,830	$10.1B	1.32%
13	ETHWBITWISE ETHEREUM ETF	462,025	$8.3B	1.09%
14	TSLATESLA INC	23,860	$7.6B	0.99%
15	CWBSPDR SERIES TRUST	86,501	$7.2B	0.94%
16	BTCGRAYSCALE BITCOIN MINI TR ET	135,924	$6.5B	0.85%
17	GOOGLALPHABET INC	35,442	$6.2B	0.82%	Put
18	MIGAMICROSTRATEGY INC	13,111	$5.3B	0.69%
19	SMCISUPER MICRO COMPUTER INC	100,795	$4.9B	0.65%
20	JMSTJ P MORGAN EXCHANGE TRADED F	88,004	$4.5B	0.59%
21	METAMETA PLATFORMS INC	5,870	$4.3B	0.57%	Put
22	PLTRPALANTIR TECHNOLOGIES INC	30,579	$4.2B	0.55%	Put
23	ETHUVOLATILITY SHS TR	65,000	$3.7B	0.48%	Put
24	VSDMVANGUARD MUN BD FDS	39,920	$3.0B	0.40%
25	INVA 2.5 08/15/25INNOVIVA INC	2,500,000	$2.9B	0.39%
26	AMDADVANCED MICRO DEVICES INC	20,546	$2.9B	0.38%	Put
27	FTHIFIRST TR EXCHANGE TRADED FD	126,702	$2.9B	0.38%
28	AMZNAMAZON COM INC	12,500	$2.7B	0.36%	Put
29	BSMYINVESCO EXCH TRD SLF IDX FD	113,360	$2.7B	0.35%
30	INCMFRANKLIN TEMPLETON ETF TR	93,095	$2.5B	0.33%
31	SCMBSCHWAB STRATEGIC TR	100,000	$2.5B	0.33%
32	MUBISHARES TR	23,425	$2.4B	0.32%
33	CALIBLACKROCK ETF TRUST II	47,570	$2.4B	0.31%
34	CLOXSERIES PORTFOLIOS TR	91,199	$2.3B	0.31%
35	BRRRCOINSHARES VALKYRIE BITCOIN	76,538	$2.3B	0.31%
36	PYLDPIMCO ETF TR	87,532	$2.3B	0.30%
37	SMMUPIMCO ETF TR	45,444	$2.3B	0.30%
38	PANWPALO ALTO NETWORKS INC	11,000	$2.3B	0.29%	Put
39	VTESVANGUARD WELLINGTON FD	21,743	$2.2B	0.29%
40	BITBBITWISE BITCOIN ETF TR	37,045	$2.2B	0.28%
41	NDQINVESCO QQQ TR	3,788	$2.1B	0.27%
42	BSMRINVESCO EXCH TRD SLF IDX FD	89,011	$2.1B	0.27%
43	TSMTAIWAN SEMICONDUCTOR MFG LTD	8,108	$1.8B	0.24%	Put
44	PHYS/USPROTT PHYSICAL GOLD TR	71,543	$1.8B	0.24%
45	SHYMBLACKROCK ETF TRUST II	76,652	$1.7B	0.22%
46	VCRMVANGUARD MUN BD FDS	22,545	$1.7B	0.22%
47	UBERUBER TECHNOLOGIES INC	17,500	$1.6B	0.21%	Put
48	FCALFIRST TR EXCH TRADED FD III	32,962	$1.6B	0.21%
49	DFGXDIMENSIONAL ETF TRUST	29,464	$1.6B	0.21%
50	NVDANVIDIA CORPORATION	9,535	$1.5B	0.20%	Call
51	AMATAPPLIED MATLS INC	8,000	$1.5B	0.19%	Call
52	COINCOINBASE GLOBAL INC	4,047	$1.4B	0.19%
53	VTEBVANGUARD MUN BD FDS	27,808	$1.4B	0.18%
54	CGMUCAPITAL GRP FIXED INCM ETF T	49,034	$1.3B	0.17%
55	FCVTFIRST TR EXCHANGE-TRADED FD	32,059	$1.2B	0.16%
56	SLVISHARES SILVER TR	37,210	$1.2B	0.16%
57	XOMEXXON MOBIL CORP	11,000	$1.2B	0.16%	Call
58	FCXFREEPORT-MCMORAN INC	23,882	$1.0B	0.14%	Put
59	BSMUINVESCO EXCH TRD SLF IDX FD	47,654	$1.0B	0.13%
60	HEFAISHARES TR	26,891	$1.0B	0.13%
61	IBMSISHARES TR	39,691	$1.0B	0.13%
62	SLBSCHLUMBERGER LTD	28,919	$977.5M	0.13%	Put
63	PYPLPAYPAL HLDGS INC	13,019	$967.6M	0.13%	Put
64	MMINNEW YORK LIFE INVTS ACTIVE E	40,000	$932.4M	0.12%
65	CATCATERPILLAR INC	2,387	$926.7M	0.12%	Put
66	HYGHISHARES U S ETF TR	10,667	$923.0M	0.12%
67	SNOWSNOWFLAKE INC	3,700	$827.9M	0.11%	Call
68	BKLNINVESCO EXCH TRADED FD TR II	38,645	$808.5M	0.11%
69	SPYSPDR S&P 500 ETF TR	1,272	$785.9M	0.10%
70	CGHMCAPITAL GRP FIXED INCM ETF T	31,656	$779.8M	0.10%
71	BMAXETF OPPORTUNITIES TRUST	26,160	$777.0M	0.10%
72	SHYDVANECK ETF TRUST	31,872	$720.0M	0.09%
73	MSFTMICROSOFT CORP	1,400	$696.4M	0.09%	Put
74	CVNACARVANA CO	2,000	$673.9M	0.09%	Call
75	SBUXSTARBUCKS CORP	7,276	$666.7M	0.09%	Call
76	MMITNEW YORK LIFE INVTS ACTIVE E	27,641	$659.2M	0.09%
77	TLTISHARES TR	7,345	$648.2M	0.08%
78	BSMQINVESCO EXCH TRD SLF IDX FD	27,234	$641.6M	0.08%
79	VRPINVESCO EXCH TRADED FD TR II	25,952	$634.5M	0.08%
80	XLUSELECT SECTOR SPDR TR	7,716	$630.1M	0.08%
81	HYGISHARES TR	7,777	$627.2M	0.08%
82	MNSTMONSTER BEVERAGE CORP NEW	10,000	$626.4M	0.08%	Call
83	BMEZBLACKROCK HEALTH SCIENCES TE	45,072	$612.6M	0.08%
84	PGPROCTER AND GAMBLE CO	3,776	$601.6M	0.08%	Put
85	CVRTCALAMOS ETF TR	18,630	$597.3M	0.08%
86	DASHDOORDASH INC	2,418	$596.1M	0.08%	Put
87	MINOPIMCO ETF TR	12,483	$552.1M	0.07%
88	FBCGFIDELITY COVINGTON TRUST	11,145	$537.6M	0.07%
89	XEXGXEATON VANCE TAX-MANAGED GLOB	61,257	$536.0M	0.07%
90	OXYOCCIDENTAL PETE CORP	12,520	$526.0M	0.07%	Put
91	NZFNUVEEN MUNICIPAL CREDIT INC	42,314	$504.4M	0.07%
92	BSTBLACKROCK SCIENCE & TECHNOLO	13,024	$497.1M	0.07%
93	HYTBLACKROCK CORPOR HI YLD FD I	50,918	$496.5M	0.06%
94	ECATBLACKROCK ESG CAP ALLC TERM	30,360	$487.6M	0.06%
95	DSLDOUBLELINE INCOME SOLUTIONS	39,816	$487.3M	0.06%
96	TRVCCITIGROUP INC	5,690	$484.3M	0.06%	Put
97	UPSUNITED PARCEL SERVICE INC	4,732	$477.6M	0.06%
98	FSMBFIRST TR EXCH TRADED FD III	23,928	$476.3M	0.06%
99	CLOBVANECK ETF TRUST	8,789	$446.7M	0.06%
100	RVTROYCE SMALL CAP TRUST INC	29,323	$441.3M	0.06%

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