K2 PRINCIPAL FUND, L.P. Q3 2025 Filing
Filed November 13, 2025
Portfolio Value
$1.2T
Holdings
322
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (322 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | GQ9SPDR GOLD TR | 299,646 | $106.5B | 8.65% | Put |
| 2 | VOOVANGUARD INDEX FDS | 55,000 | $33.7B | 2.74% | Call |
| 3 | SLVISHARES SILVER TR | 746,631 | $31.6B | 2.57% | Put |
| 4 | WDC 3 11/15/28WESTERN DIGITAL CORP | 7,500 | $24.0B | 1.95% | |
| 5 | IREN 3.5 12/15/29 IRENIREN LTD | 6,000 | $21.5B | 1.75% | |
| 6 | NDQINVESCO QQQ TR | 35,000 | $21.0B | 1.71% | Put |
| 7 | AAUC 8.75 09/07/28ALLIED GOLD CORP | 15,650 | $18.0B | 1.46% | |
| 8 | BMTABRITISH AMERN TOB PLC | 335,356 | $17.8B | 1.45% | Call |
| 9 | APLDAPPLIED DIGITAL CORP | 7,000 | $17.6B | 1.43% | |
| 10 | LITE 1.5 12/15/29LUMENTUM HLDGS INC | 7,000 | $16.9B | 1.37% | |
| 11 | SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO | 8,500 | $16.1B | 1.31% | |
| 12 | AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP | 14,500 | $15.4B | 1.25% | |
| 13 | PTON 0 02/15/26PELOTON INTERACTIVE INC | 15,679 | $15.4B | 1.25% | |
| 14 | VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE | 15,000 | $14.8B | 1.20% | |
| 15 | NTNX 0.25 10/01/27NUTANIX INC | 10,000 | $13.9B | 1.13% | |
| 16 | CORZCORE SCIENTIFIC INC NEW | 768,101 | $13.8B | 1.12% | Call |
| 17 | DBX 0 03/01/26DROPBOX INC | 13,859 | $13.7B | 1.11% | |
| 18 | TRIP 0.25 04/01/26TRIPADVISOR INC | 14,000 | $13.7B | 1.11% | |
| 19 | —MICROSTRATEGY | 15,000 | $13.5B | 1.09% | |
| 20 | SPCE 2.5 02/01/27VIRGIN GALACTIC | 31,000 | $13.3B | 1.08% | |
| 21 | —MARA HOLDINGS | 12,500 | $12.6B | 1.02% | |
| 22 | OPENOPENDOOR TECHNOLOGIES INC | 1,558,714 | $12.4B | 1.01% | Put |
| 23 | CRWVCOREWEAVE INC | 89,500 | $12.2B | 0.99% | Put |
| 24 | WWAYFAIR INC | 129,500 | $11.6B | 0.94% | Call |
| 25 | HOTUCN 6 12/31/26AMER HOTEL INC PROP REIT | 11,323 | $11.0B | 0.89% | |
| 26 | HHHHOWARD HUGHES HOLDINGS INC | 130,000 | $10.7B | 0.87% | Call |
| 27 | ETSY 0.125 10/01/26ETSY INC | 10,000 | $10.4B | 0.85% | |
| 28 | AMC 6 04/30/30 144AMUVICO LLC | 11,451 | $10.4B | 0.85% | |
| 29 | BBCN 3 02/15/29BLACKBERRY LTD | 7,000 | $10.4B | 0.84% | |
| 30 | STRCNA 6.875 08/01/26 144ASTRATHCONA RESOU | 10,000 | $10.0B | 0.81% | |
| 31 | XIFR 2.5 06/15/26NEXTERA ENGY PTR | 10,000 | $9.8B | 0.80% | |
| 32 | JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP | 10,000 | $9.7B | 0.79% | |
| 33 | SNAP 0.75 08/01/26SNAP INC | 10,000 | $9.7B | 0.79% | |
| 34 | UPST 0.25 08/15/26UPSTART HLDGS INC | 10,000 | $9.6B | 0.78% | |
| 35 | GFR 12 10/01/28 144AGREENFIRE RESOUR | 8,941 | $9.5B | 0.77% | |
| 36 | WT 3.25 06/15/26WISDOMTREE INC | 7,344 | $9.5B | 0.77% | |
| 37 | RPD 0.25 03/15/27RAPID7 INC | 10,000 | $9.4B | 0.76% | |
| 38 | CENX 2.75 05/01/28CENTURY ALUM CO | 5,750 | $9.4B | 0.76% | |
| 39 | LCID 1.25 12/15/26LUCID GROUP | 10,000 | $9.3B | 0.76% | |
| 40 | GLXYLP 2.5 12/01/29GALAXY DIG HO LP | 5,500 | $9.1B | 0.74% | |
| 41 | FSLY 0 03/15/26FASTLY INC | 9,249 | $9.1B | 0.74% | |
| 42 | AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC | 9,000 | $9.0B | 0.73% | |
| 43 | IIPR 5.5 05/25/26 *IIP OP PRTNRSHP | 9,082 | $9.0B | 0.73% | |
| 44 | COIN 0.25 04/01/30COINBASE GLOBAL INC | 7,000 | $8.8B | 0.71% | |
| 45 | MARAMARA HOLDINGS | 9,000 | $8.6B | 0.70% | |
| 46 | SEI 4.75 05/01/30SOLARIS ENERGY INFRAS INC | 4,750 | $8.6B | 0.70% | |
| 47 | BTOCN 2.75 02/01/30B2GOLD CORP | 5,000 | $8.5B | 0.69% | |
| 48 | HYGISHARES TR | 100,000 | $8.1B | 0.66% | Put |
| 49 | LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN | 5,000 | $8.1B | 0.66% | |
| 50 | FCXFREEPORT-MCMORAN INC | 206,000 | $8.1B | 0.66% | Put |
| 51 | CLSKCLEANSPARK INC | 6,500 | $8.0B | 0.65% | |
| 52 | GME 0 04/01/30GAMESTOP CORP | 7,000 | $8.0B | 0.65% | |
| 53 | WT 3.25 08/15/29WISDOMTREE INC | 6,000 | $7.8B | 0.64% | |
| 54 | OPEN 0.25 08/15/26OPENDOOR TECHNOL | 7,550 | $7.6B | 0.62% | |
| 55 | GDXJVANECK ETF TRUST | 75,000 | $7.4B | 0.60% | Put |
| 56 | PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR | 7,473 | $7.2B | 0.58% | |
| 57 | FLR 1.125 08/15/29FLUOR CORP | 6,000 | $7.1B | 0.58% | |
| 58 | SPHRSPHERE ENTERTAINMENT CO | 114,700 | $7.1B | 0.58% | Call |
| 59 | VRNT 0.25 04/15/26VERINT SYSTEMS INC | 7,250 | $7.1B | 0.58% | |
| 60 | SPRYARS PHARMACEUTICALS INC | 685,007 | $6.9B | 0.56% | Call |
| 61 | WULF 2.75 02/01/30TERAWULF INC | 4,000 | $6.5B | 0.52% | |
| 62 | ASTS 4.25 03/01/32AST SPACEMOBILE | 3,000 | $6.3B | 0.51% | |
| 63 | FSLRFIRST SOLAR INC | 27,750 | $6.1B | 0.50% | |
| 64 | GPRO 1.25 11/15/25GOPRO INC | 6,000 | $5.9B | 0.48% | |
| 65 | BL 0 03/15/26BLACKLINE INC | 6,000 | $5.8B | 0.47% | |
| 66 | XPOFXPONENTIAL FITNESS INC | 740,000 | $5.8B | 0.47% | |
| 67 | ON 0 05/01/27ON SEMICONDUCTOR CORP | 5,000 | $5.7B | 0.46% | |
| 68 | MARA 1 12/01/26MARA HOLDINGS INC | 6,000 | $5.6B | 0.46% | |
| 69 | BKSY 8.25 08/01/33BLACKSKY TECHNOLOGY INC | 5,000 | $5.6B | 0.46% | |
| 70 | AEIS 2.5 09/15/28ADVANCED ENERGY INDS | 4,000 | $5.5B | 0.45% | |
| 71 | RUN 4 03/01/30SUNRUN INC | 4,000 | $5.4B | 0.44% | |
| 72 | MSTR 0 03/01/30MICROSTRATEGY | 5,000 | $5.2B | 0.42% | |
| 73 | BOX 1.5 09/15/29BOX INC | 5,000 | $5.0B | 0.41% | |
| 74 | CRNC 1.5 07/01/28CERENCE INC | 6,000 | $5.0B | 0.41% | |
| 75 | ENPH 0 03/01/26ENPHASE ENERGY INC | 5,100 | $5.0B | 0.41% | |
| 76 | IBITISHARES BITCOIN TRUST ETF | 76,100 | $4.9B | 0.40% | |
| 77 | PARPAR TECHNOLOGY CORP | 122,132 | $4.8B | 0.39% | Call |
| 78 | FTWEQV VENTURES AC CORP. II | 483,973 | $4.8B | 0.39% | |
| 79 | LARCN 1.75 01/15/27LITHIUM ARGENTINA AG | 5,095 | $4.6B | 0.37% | |
| 80 | RIOTRIOT PLATFORMS | 3,000 | $4.6B | 0.37% | |
| 81 | MARAMARA HOLDINGS INC | 250,000 | $4.6B | 0.37% | Call |
| 82 | TLNCUTALON CAP CORP | 450,000 | $4.5B | 0.37% | |
| 83 | ABEGET 9.75 03/01/27 144AGETTY IMAGES INC | 4,600 | $4.4B | 0.36% | |
| 84 | NLOPNET LEASE OFFICE PROPERTIES | 144,800 | $4.3B | 0.35% | |
| 85 | ITBISHARES TR | 40,000 | $4.3B | 0.35% | Call |
| 86 | SRGSERITAGE GROWTH PPTYS | 1,000,000 | $4.3B | 0.35% | |
| 87 | DMIIDRUGS MADE IN AMER ACQ II CO | 426,507 | $4.2B | 0.34% | |
| 88 | LITE 0.5 06/15/28LUMENTUM HLDGS INC | 3,000 | $4.2B | 0.34% | |
| 89 | DCHAMERICAN AXLE MFG HLDGS IN | 696,786 | $4.2B | 0.34% | |
| 90 | APPAPPLOVIN CORP | 5,788 | $4.2B | 0.34% | |
| 91 | RYAMRAYONIER ADVANCED MATLS INC | 570,720 | $4.1B | 0.33% | Call |
| 92 | BTDR 5.25 12/01/29BITDEER TECHNO | 3,000 | $4.1B | 0.33% | |
| 93 | CCIICOHEN CIRCLE ACQUISIT CORP I | 400,000 | $4.1B | 0.33% | |
| 94 | —MA-COM TECH | 4,000 | $4.1B | 0.33% | |
| 95 | IAUCN 8 02/22/27I-80 GOLD CORP | 4,000 | $4.0B | 0.32% | |
| 96 | UBERUBER TECHNOLOGIES INC | 40,430 | $4.0B | 0.32% | |
| 97 | PRO 2.25 09/15/27PROS HOLDINGS INC | 4,000 | $4.0B | 0.32% | |
| 98 | UPWK 0.25 08/15/26UPWORK INC | 4,000 | $3.9B | 0.32% | |
| 99 | PAR 1.5 10/15/27PAR TECHNOLOGY CORP | 4,000 | $3.9B | 0.31% | |
| 100 | PTONPELOTON INTERACTIVE INC | 429,369 | $3.9B | 0.31% |
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