K2 PRINCIPAL FUND, L.P. Q2 2025 Filing

Filed August 14, 2025

Portfolio Value

$725.2M

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

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