K2 PRINCIPAL FUND, L.P. Q2 2025 Filing
Filed August 14, 2025
Portfolio Value
$725.2B
Holdings
281
Report Date
Q2 2025
Filing Type
13F-HR
All Holdings (281 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | GQ9SPDR GOLD TR | 143,746 | $43.8B | 6.04% | Put |
| 2 | IBITISHARES BITCOIN TRUST ETF | 566,500 | $34.7B | 4.78% | Put |
| 3 | BMTABRITISH AMERN TOB PLC | 428,200 | $20.3B | 2.79% | Call |
| 4 | HYGISHARES TR | 225,000 | $18.1B | 2.50% | Put |
| 5 | PTON 0 02/15/26PELOTON INTERACTIVE INC | 15,679 | $15.2B | 2.09% | |
| 6 | AAL 6.5 07/01/25AMERICAN AIRLINES GROUP INC | 14,137 | $14.1B | 1.95% | |
| 7 | NTNX 0.25 10/01/27NUTANIX INC | 10,000 | $14.1B | 1.94% | |
| 8 | AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP | 14,500 | $14.1B | 1.94% | |
| 9 | DBX 0 03/01/26DROPBOX INC | 13,859 | $13.7B | 1.89% | |
| 10 | TRIP 0.25 04/01/26TRIPADVISOR INC | 14,000 | $13.5B | 1.86% | |
| 11 | CORZCORE SCIENTIFIC INC NEW | 721,591 | $12.3B | 1.70% | Put |
| 12 | SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO | 8,500 | $12.0B | 1.65% | |
| 13 | SLVISHARES SILVER TR | 347,400 | $11.4B | 1.57% | Call |
| 14 | LITE 1.5 12/15/29LUMENTUM HLDGS INC | 7,000 | $10.8B | 1.48% | |
| 15 | BBCN 3 02/15/29BLACKBERRY LTD | 7,000 | $10.1B | 1.39% | |
| 16 | ETSY 0.125 10/01/26ETSY INC | 10,000 | $9.7B | 1.34% | |
| 17 | SNAP 0.75 08/01/26SNAP INC | 10,000 | $9.6B | 1.32% | |
| 18 | UPST 0.25 08/15/26UPSTART HLDGS INC | 10,000 | $9.5B | 1.31% | |
| 19 | JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP | 10,000 | $9.5B | 1.31% | |
| 20 | RPD 0.25 03/15/27RAPID7 INC | 10,000 | $9.3B | 1.28% | |
| 21 | NICEIT 0 09/15/25NICE LTD | 9,321 | $9.2B | 1.27% | |
| 22 | COIN 0.25 04/01/30COINBASE GLOBAL INC | 7,000 | $9.2B | 1.26% | |
| 23 | FSLY 0 03/15/26FASTLY INC | 9,249 | $8.9B | 1.22% | |
| 24 | FSLRFIRST SOLAR INC | 53,291 | $8.8B | 1.22% | Call |
| 25 | AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC | 9,000 | $8.4B | 1.16% | |
| 26 | WT 3.25 06/15/26WISDOMTREE INC | 7,344 | $8.3B | 1.14% | |
| 27 | LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN | 5,000 | $7.7B | 1.06% | |
| 28 | PENN 2.75 05/15/26PENN ENTERTAINMENT INC | 7,000 | $7.3B | 1.01% | |
| 29 | PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR | 7,473 | $7.1B | 0.97% | |
| 30 | CENX 2.75 05/01/28CENTURY ALUM CO | 5,750 | $6.9B | 0.95% | |
| 31 | MQ8MAG SILVER CORP | 321,870 | $6.8B | 0.94% | |
| 32 | SEI 4.75 05/01/30SOLARIS ENERGY INFRAS INC | 4,750 | $6.4B | 0.88% | |
| 33 | ON 0 05/01/27ON SEMICONDUCTOR CORP | 5,000 | $5.9B | 0.82% | |
| 34 | BL 0 03/15/26BLACKLINE INC | 6,000 | $5.8B | 0.80% | |
| 35 | SPRYARS PHARMACEUTICALS INC | 317,126 | $5.5B | 0.76% | |
| 36 | VTWOVANGUARD SCOTTSDALE FDS | 62,500 | $5.5B | 0.75% | Put |
| 37 | LYVLIVE NATION ENTERTAINMENT IN | 36,000 | $5.4B | 0.75% | Put |
| 38 | MARA 1 12/01/26MARA HOLDINGS INC | 6,000 | $5.4B | 0.75% | |
| 39 | AEIS 2.5 09/15/28ADVANCED ENERGY INDS | 4,000 | $4.8B | 0.66% | |
| 40 | NLOPNET LEASE OFFICE PROPERTIES | 144,800 | $4.7B | 0.65% | |
| 41 | PAR 1.5 10/15/27PAR TECHNOLOGY CORP | 4,000 | $4.6B | 0.63% | |
| 42 | —HENNESSY CAP INVT CORP VII | 452,717 | $4.6B | 0.63% | |
| 43 | HESHESS CORP | 32,782 | $4.5B | 0.63% | |
| 44 | GPRO 1.25 11/15/25GOPRO INC | 5,000 | $4.5B | 0.63% | |
| 45 | CCIICOHEN CIRCLE ACQUISITION COR | 410,086 | $4.5B | 0.62% | |
| 46 | —COLOMBIER ACQUISITION CORP I | 283,990 | $4.4B | 0.61% | |
| 47 | OMCOMNICOM GROUP INC | 60,100 | $4.3B | 0.60% | Call |
| 48 | VOOVANGUARD INDEX FDS | 7,500 | $4.3B | 0.59% | Put |
| 49 | LARCN 1.75 01/15/27LITHIUM ARGENTINA AG | 5,095 | $4.3B | 0.59% | |
| 50 | WLACWILLOW LANE ACQUISITION CORP | 412,413 | $4.2B | 0.58% | |
| 51 | TLNTALEN ENERGY CORP | 14,100 | $4.1B | 0.57% | |
| 52 | JNPJUNIPER NETWORKS INC | 100,000 | $4.0B | 0.55% | |
| 53 | GTENGORES HLDGS X INC | 389,326 | $4.0B | 0.55% | |
| 54 | UPWK 0.25 08/15/26UPWORK INC | 4,000 | $3.8B | 0.52% | |
| 55 | PRO 2.25 09/15/27PROS HOLDINGS INC | 4,000 | $3.8B | 0.52% | |
| 56 | UBERUBER TECHNOLOGIES INC | 38,048 | $3.5B | 0.49% | Call |
| 57 | RACRITHM ACQUISITION CORP | 347,708 | $3.5B | 0.49% | |
| 58 | TLTISHARES TR | 40,000 | $3.5B | 0.49% | Call |
| 59 | HHHHOWARD HUGHES HOLDINGS INC | 52,000 | $3.5B | 0.48% | Call |
| 60 | JENAJENA ACQUISITION CORP II | 325,200 | $3.3B | 0.46% | |
| 61 | —NABORS ENERGY TRANSITION COR | 300,000 | $3.3B | 0.46% | |
| 62 | INVHINVITATION HOMES INC | 100,000 | $3.3B | 0.45% | Put |
| 63 | FCXFREEPORT-MCMORAN INC | 75,000 | $3.3B | 0.45% | Call |
| 64 | —ARES ACQUISITION CORP II | 282,079 | $3.2B | 0.44% | |
| 65 | IMOIMPERIAL OIL LTD | 40,000 | $3.2B | 0.44% | Call |
| 66 | BEAGBOLD EAGLE ACQUISITION CORP | 303,575 | $3.2B | 0.44% | |
| 67 | TACOBERTO ACQUISITION CORP | 304,536 | $3.2B | 0.44% | |
| 68 | SRGSERITAGE GROWTH PPTYS | 1,015,786 | $3.1B | 0.43% | |
| 69 | PTONPELOTON INTERACTIVE INC | 447,734 | $3.1B | 0.43% | |
| 70 | LITE 0.5 06/15/28LUMENTUM HLDGS INC | 3,000 | $3.1B | 0.43% | |
| 71 | CCCXUCHURCHILL CAP CORP X | 300,000 | $3.1B | 0.43% | |
| 72 | TIXTTELUS INTL CDA INC | 835,087 | $3.0B | 0.42% | |
| 73 | FLRFLUOR CORP NEW | 58,200 | $3.0B | 0.41% | |
| 74 | ALFCENTURION ACQUISITION CORP | 282,839 | $3.0B | 0.41% | |
| 75 | MKSI 1.25 06/01/30MKS INC. | 3,000 | $3.0B | 0.41% | |
| 76 | RUN 4 03/01/30SUNRUN INC | 4,000 | $2.9B | 0.39% | |
| 77 | SBXDSILVERBOX CORP IV | 249,209 | $2.7B | 0.38% | |
| 78 | GH 0 11/15/27GUARDANT HEALTH INC | 3,000 | $2.7B | 0.38% | |
| 79 | PCAPPROCAP ACQUISITION CORP | 251,303 | $2.7B | 0.37% | |
| 80 | GOOGALPHABET INC | 15,000 | $2.7B | 0.37% | |
| 81 | CEPFCANTOR EQUITY PARTNERS I INC | 217,896 | $2.6B | 0.36% | |
| 82 | FYBRFRONTIER COMMUNICATIONS PARE | 71,074 | $2.6B | 0.36% | |
| 83 | PMTRPERIMETER ACQUISITION CORP I | 247,237 | $2.5B | 0.35% | |
| 84 | BACCBLUE ACQUISITION CORP. | 249,900 | $2.5B | 0.35% | |
| 85 | TACHTITAN ACQUISITION CORP | 245,600 | $2.5B | 0.34% | |
| 86 | RDAGREPUBLIC DIGITAL ACQUISITION | 238,720 | $2.4B | 0.34% | |
| 87 | APPAPPLOVIN CORP | 6,867 | $2.4B | 0.33% | Call |
| 88 | GENIGENIUS SPORTS LIMITED | 230,364 | $2.4B | 0.33% | |
| 89 | WENNWEN ACQUISITION CORP | 226,317 | $2.4B | 0.33% | |
| 90 | KOYNDIGITAL ASSET ACQUISITION CO | 226,951 | $2.4B | 0.33% | |
| 91 | AMZNAMAZON COM INC | 10,608 | $2.3B | 0.32% | |
| 92 | CEPFCANTOR EQUITY PARTNERS II IN | 208,586 | $2.3B | 0.32% | |
| 93 | IPCXINFLECTION PT ACQUISITION CO | 223,166 | $2.3B | 0.31% | |
| 94 | PDSPRECISION DRILLING CORP | 47,460 | $2.2B | 0.31% | |
| 95 | GLXYGALAXY DIGITAL INC. | 75,000 | $2.2B | 0.31% | Put |
| 96 | HYACHAYMAKER ACQUISITION CORP IV | 199,800 | $2.2B | 0.31% | |
| 97 | IJRISHARES TR | 20,000 | $2.2B | 0.30% | Put |
| 98 | CRAQCAL REDWOOD ACQUISITION CORP | 215,031 | $2.1B | 0.30% | |
| 99 | SIMASIM ACQUISITION CORP. I | 205,292 | $2.1B | 0.29% | |
| 100 | CMIIUCOLUMBUS CIRCLE CAP CORP. I | 200,000 | $2.1B | 0.29% |
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