MAD RIVER INVESTORS Q2 2025 Filing
Filed July 8, 2025
Portfolio Value
$223.3B
Holdings
23
Report Date
Q2 2025
Filing Type
13F-HR
All Holdings (23 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | TPLTEXAS PACIFIC LAND CORPORATI | 95,013 | $100.4B | 44.95% | |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 372,381 | $31.6B | 14.15% | |
| 3 | LBLANDBRIDGE COMPANY LLC | 234,754 | $15.9B | 7.11% | |
| 4 | HEHAWAIIAN ELEC INDUSTRIES | 1,225,900 | $13.0B | 5.84% | |
| 5 | PBTPERMIAN BASIN RTY TR | 891,917 | $11.1B | 4.98% | Call |
| 6 | WPMWHEATON PRECIOUS METALS CORP | 115,925 | $10.4B | 4.66% | |
| 7 | MSBMESABI TR | 295,413 | $7.1B | 3.17% | |
| 8 | FBTCFIDELITY WISE ORIGIN BITCOIN | 73,261 | $6.9B | 3.08% | |
| 9 | CCLCARNIVAL CORP | 183,796 | $5.2B | 2.31% | |
| 10 | FNVFRANCO NEV CORP | 24,053 | $3.9B | 1.77% | |
| 11 | BTCGRAYSCALE BITCOIN MINI TR ET | 78,286 | $3.7B | 1.67% | |
| 12 | VTIVANGUARD INDEX FDS | 12,122 | $3.7B | 1.65% | |
| 13 | ARISUSDARIS WATER SOLUTIONS INC | 88,500 | $2.1B | 0.94% | |
| 14 | CVEOCIVEO CORP CDA | 67,938 | $1.6B | 0.70% | |
| 15 | CBOECBOE GLOBAL MKTS INC | 6,680 | $1.6B | 0.70% | |
| 16 | ICEINTERCONTINENTAL EXCHANGE IN | 7,695 | $1.4B | 0.63% | |
| 17 | VIGVANGUARD SPECIALIZED FUNDS | 6,200 | $1.3B | 0.57% | |
| 18 | BRK/BBERKSHIRE HATHAWAY INC DEL | 1,175 | $570.8M | 0.26% | |
| 19 | RLIRLI CORP | 7,500 | $541.6M | 0.24% | |
| 20 | AYS1SANDSTORM GOLD LTD | 48,674 | $457.5M | 0.20% | |
| 21 | CA8ACACI INTL INC | 855 | $407.6M | 0.18% | |
| 22 | RSPINVESCO EXCHANGE TRADED FD T | 1,508 | $274.1M | 0.12% | |
| 23 | EXPEAGLE MATLS INC | 1,231 | $248.7M | 0.11% |