K2 PRINCIPAL FUND, L.P. Q4 2025 Filing
Filed February 13, 2026
Portfolio Value
$1.2B
Holdings
385
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (385 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | GQ9SPDR GOLD TR | 107,200 | $42.5M | 3.42% | Call |
| 2 | LITE 0.5 06/15/28LUMENTUM HLDGS INC | 14,000 | $39.8M | 3.20% | |
| 3 | SPYSPDR SP 500 ETF TR | 58,200 | $39.7M | 3.20% | Call |
| 4 | SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO | 8,500 | $23.4M | 1.89% | |
| 5 | AAUC 8.75 09/07/28ALLIED GOLD CORP | 15,650 | $23.3M | 1.88% | |
| 6 | PARPAR TECHNOLOGY CORP | 603,580 | $21.9M | 1.76% | Put |
| 7 | GDXVANECK ETF TRUST | 235,000 | $20.2M | 1.62% | Put |
| 8 | FCXFREEPORT-MCMORAN INC | 385,800 | $19.6M | 1.58% | Put |
| 9 | APLD 2.75 06/01/30APPLIED DIGITAL CORP | 7,000 | $18.8M | 1.52% | |
| 10 | SLVISHARES SILVER TR | 275,200 | $17.7M | 1.43% | Put |
| 11 | AGCN 0.125 01/15/31FIRST MAJESTIC | 14,500 | $16.1M | 1.30% | |
| 12 | PTON 0 02/15/26PELOTON INTERACTIVE INC | 15,679 | $15.6M | 1.25% | |
| 13 | ASTS 2.375 10/15/32AST SPACEMOBILE INC | 11,500 | $15.2M | 1.22% | |
| 14 | BMTABRITISH AMERN TOB PLC | 265,735 | $15.0M | 1.21% | Call |
| 15 | CRNC 1.5 07/01/28CERENCE INC | 16,750 | $15.0M | 1.21% | |
| 16 | VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE | 15,000 | $15.0M | 1.21% | |
| 17 | TRIP 0.25 04/01/26TRIPADVISOR INC | 14,000 | $13.8M | 1.11% | |
| 18 | JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP | 13,824 | $13.6M | 1.10% | |
| 19 | SPCE 2.5 02/01/27VIRGIN GALACTIC | 16,500 | $13.5M | 1.09% | |
| 20 | GMEGAMESTOP CORP NEW | 651,500 | $13.1M | 1.05% | Put |
| 21 | SEI 0.25 10/01/31SOLARIS ENERGY INFRAS INC | 12,000 | $13.0M | 1.05% | |
| 22 | MSTR 0 12/01/29STRATEGY INC | 15,000 | $12.4M | 1.00% | |
| 23 | NDQINVESCO QQQ TR | 20,000 | $12.3M | 0.99% | Put |
| 24 | PAR 1.5 10/15/27PAR TECHNOLOGY CORP | 12,500 | $12.2M | 0.99% | |
| 25 | CENX 2.75 05/01/28CENTURY ALUM CO | 5,750 | $12.1M | 0.98% | |
| 26 | GME 0 04/01/30GAMESTOP CORP | 12,000 | $11.9M | 0.96% | |
| 27 | GDXJVANECK ETF TRUST | 104,000 | $11.8M | 0.95% | Put |
| 28 | LCID 1.25 12/15/26LUCID GROUP | 12,500 | $11.6M | 0.94% | |
| 29 | NTNX 0.25 10/01/27NUTANIX INC | 10,000 | $11.3M | 0.91% | |
| 30 | HOTUCN 6 12/31/26AMER HOTEL INC PROP REIT | 11,779 | $11.1M | 0.90% | |
| 31 | AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC | 9,000 | $10.4M | 0.84% | |
| 32 | UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC | 8,000 | $10.4M | 0.84% | |
| 33 | MARA 0 03/01/30MARA HOLDINGS INC | 12,500 | $9.9M | 0.80% | |
| 34 | XIFR 2.5 06/15/26NEXTERA ENGY PTR | 10,000 | $9.9M | 0.80% | |
| 35 | SNAP 0.75 08/01/26SNAP INC | 10,000 | $9.8M | 0.79% | |
| 36 | UPST 0.25 08/15/26UPSTART HLDGS INC | 10,000 | $9.6M | 0.77% | |
| 37 | VZLACN 5 01/15/31VIZSLA SILVER CORP | 7,210 | $9.5M | 0.76% | |
| 38 | COIN 0.25 04/01/30COINBASE GLOBAL INC | 9,000 | $9.2M | 0.74% | |
| 39 | BBCN 3 02/15/29BLACKBERRY LTD | 7,000 | $8.8M | 0.71% | |
| 40 | AMC 6 04/30/30 144AMUVICO LLC | 11,909 | $8.6M | 0.69% | |
| 41 | WT 3.25 06/15/26WISDOMTREE INC | 7,344 | $8.5M | 0.68% | |
| 42 | SOLSSOLSTICE ADVANCED MATLS INC | 169,810 | $8.2M | 0.66% | Put |
| 43 | REAL 1 03/01/28THE REALREAL INC | 8,500 | $8.0M | 0.65% | |
| 44 | SEDG 2.25 07/01/29SOLAREDGE TECHNOLOGIES INC | 6,750 | $7.9M | 0.63% | |
| 45 | DBX 0 03/01/26DROPBOX INC | 7,859 | $7.8M | 0.63% | |
| 46 | IBITISHARES BITCOIN TRUST ETF | 152,322 | $7.6M | 0.61% | Put |
| 47 | MARA 0 06/01/31MARA HOLDINGS INC | 9,000 | $7.5M | 0.61% | |
| 48 | OPEN 0.25 08/15/26OPENDOOR TECHNOL | 7,550 | $7.4M | 0.59% | |
| 49 | LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN | 5,000 | $7.3M | 0.59% | |
| 50 | PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR | 7,473 | $7.2M | 0.58% | |
| 51 | WT 3.25 08/15/29WISDOMTREE INC | 6,000 | $7.2M | 0.58% | |
| 52 | DBX 0 03/01/28DROPBOX INC | 7,000 | $7.1M | 0.57% | |
| 53 | RYAMRAYONIER ADVANCED MATLS INC | 1,199,024 | $7.1M | 0.57% | Call |
| 54 | GLXYLP 2.5 12/01/29GALAXY DIG HO LP | 5,500 | $7.0M | 0.56% | |
| 55 | MSTR 0 03/01/30MICROSTRATEGY | 8,000 | $6.9M | 0.56% | |
| 56 | FLR 1.125 08/15/29FLUOR CORP | 6,000 | $6.8M | 0.55% | |
| 57 | CORZ 0 06/15/31CORE SCIENTIFIC INC NEW | 6,400 | $6.7M | 0.54% | |
| 58 | METAMETA PLATFORMS INC | 10,000 | $6.6M | 0.53% | Put |
| 59 | AEIS 2.5 09/15/28ADVANCED ENERGY INDS | 4,000 | $6.6M | 0.53% | |
| 60 | TE 5.25 12/01/30T1 ENERGY INC | 5,000 | $6.4M | 0.51% | |
| 61 | OPENOPENDOOR TECHNOLOGIES INC | 1,059,157 | $6.2M | 0.50% | Put |
| 62 | ON 0 05/01/27ON SEMICONDUCTOR CORP | 5,000 | $6.0M | 0.48% | |
| 63 | BL 0 03/15/26BLACKLINE INC | 6,000 | $5.9M | 0.48% | |
| 64 | FRPT 3 04/01/28FRESHPET INC | 5,000 | $5.9M | 0.47% | |
| 65 | GLNG 2.75 12/15/30GOLAR LNG | 6,000 | $5.8M | 0.47% | |
| 66 | XPOFXPONENTIAL FITNESS INC | 694,974 | $5.7M | 0.46% | |
| 67 | RUN 4 03/01/30SUNRUN INC | 4,000 | $5.7M | 0.46% | |
| 68 | MARA 1 12/01/26MARA HOLDINGS INC | 6,000 | $5.6M | 0.45% | |
| 69 | BKSY 8.25 08/01/33BLACKSKY TECHNOLOGY INC | 5,000 | $5.3M | 0.43% | |
| 70 | PLTRPALANTIR TECHNOLOGIES INC | 30,000 | $5.3M | 0.43% | Put |
| 71 | DCHAMERICAN AXLE MFG HLDGS IN | 829,192 | $5.3M | 0.43% | |
| 72 | CLSK 0 06/15/30CLEANSPARK INC | 5,000 | $5.2M | 0.42% | |
| 73 | SUNCSUNOCOCORP LLC | 105,090 | $5.2M | 0.42% | |
| 74 | MSTRSTRATEGY INC | 4,000 | $5.1M | 0.41% | |
| 75 | ENPH 0 03/01/26ENPHASE ENERGY INC | 5,100 | $5.1M | 0.41% | |
| 76 | IIPR 5.5 05/25/26 *IIP OP PRTNRSHP | 5,082 | $5.0M | 0.41% | |
| 77 | GES 3.75 04/15/28GUESS INC | 5,000 | $5.0M | 0.40% | |
| 78 | FSLRFIRST SOLAR INC | 18,750 | $4.9M | 0.39% | |
| 79 | BOX 1.5 09/15/29BOX INC | 5,000 | $4.9M | 0.39% | |
| 80 | —MA-COM TECH | 4,000 | $4.9M | 0.39% | |
| 81 | SPCE 9.8 12/31/28 QIBVIRGIN GALACTIC | 5,993 | $4.8M | 0.39% | |
| 82 | SUNSUNOCO LP/SUNOCO FIN CORP | 90,000 | $4.7M | 0.38% | Put |
| 83 | LARCN 1.75 01/15/27LITHIUM ARGENTINA AG | 5,095 | $4.6M | 0.37% | |
| 84 | BTDR 5.25 12/01/29BITDEER TECHNO | 4,000 | $4.5M | 0.37% | |
| 85 | BBARRICK MNG CORP | 101,145 | $4.4M | 0.35% | |
| 86 | ABVXABIVAX SA | 32,500 | $4.4M | 0.35% | Call |
| 87 | ARRY 2.875 07/01/31ARRAY TECHNOLOGIES INC | 3,000 | $4.4M | 0.35% | |
| 88 | EDRCN 0.25 01/15/31 144AENDEAVOUR SILVER | 4,000 | $4.3M | 0.35% | |
| 89 | BIPBROOKFIELD INFRAST PARTNERS | 124,900 | $4.3M | 0.35% | |
| 90 | BRR 0 12/05/28PROCAP FINANCIAL INC | 5,000 | $4.3M | 0.35% | |
| 91 | IAUCN 8 02/22/27I-80 GOLD CORP | 4,000 | $4.2M | 0.34% | |
| 92 | NGDNEW GOLD INC CDA | 481,563 | $4.2M | 0.34% | |
| 93 | GOOGALPHABET INC | 13,354 | $4.2M | 0.34% | |
| 94 | EXAS 2 03/01/30EXACT SCIENCES CORP | 3,000 | $4.2M | 0.33% | |
| 95 | ELEELEMENTAL RTY CORP | 177,356 | $4.1M | 0.33% | |
| 96 | CCIICOHEN CIRCLE ACQUISIT CORP I | 399,200 | $4.1M | 0.33% | |
| 97 | GFRGREENFIRE RES LTD NEW | 845,285 | $4.0M | 0.32% | |
| 98 | PRO 2.25 09/15/27PROS HOLDINGS INC | 4,000 | $4.0M | 0.32% | |
| 99 | NLOPNET LEASE OFFICE PROPERTIES | 154,500 | $4.0M | 0.32% | |
| 100 | VOOVANGUARD INDEX FDS | 6,300 | $4.0M | 0.32% | Call |
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