Marathon Trading Investment Management LLC Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$4.4B

Holdings

352

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (352 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SLVISHARES SILVER TR	18,242,100	$1.2B	26.64%	Call
2	SLVISHARES SILVER TR	14,679,400	$945.6M	21.44%	Put
3	NVDANVIDIA CORPORATION	799,700	$149.1M	3.38%	Put
4	NVDANVIDIA CORPORATION	705,664	$131.6M	2.98%
5	TSLATESLA INC	292,200	$131.4M	2.98%	Put
6	GLDSPDR GOLD TR	322,500	$127.8M	2.90%	Call
7	TSLATESLA INC	281,100	$126.4M	2.87%	Call
8	IBITISHARES BITCOIN TRUST ETF	1,686,100	$83.7M	1.90%	Put
9	AAPLAPPLE INC	256,000	$69.6M	1.58%	Put
10	AAPLAPPLE INC	246,481	$67.0M	1.52%
11	SPYSPDR S&P 500 ETF TR	86,612	$59.1M	1.34%
12	AMZNAMAZON COM INC	255,481	$59.0M	1.34%
13	AMZNAMAZON COM INC	251,400	$58.0M	1.32%	Put
14	GOOGLALPHABET INC	180,000	$56.5M	1.28%	Put
15	GOOGALPHABET INC	179,600	$56.4M	1.28%
16	MIGASTRATEGY INC	364,223	$55.3M	1.25%
17	TSLATESLA INC	108,518	$48.8M	1.11%
18	IBITISHARES BITCOIN TRUST ETF	925,400	$45.9M	1.04%	Call
19	GLDSPDR GOLD TR	112,500	$44.6M	1.01%	Put
20	PLTRPALANTIR TECHNOLOGIES INC	206,500	$36.7M	0.83%	Put
21	COINCOINBASE GLOBAL INC	160,200	$36.2M	0.82%	Put
22	COINCOINBASE GLOBAL INC	147,126	$33.3M	0.75%
23	MSTRSTRATEGY INC	199,000	$30.2M	0.69%	Put
24	MSFTMICROSOFT CORP	62,058	$30.0M	0.68%
25	MSFTMICROSOFT CORP	61,300	$29.6M	0.67%	Put
26	PLTRPALANTIR TECHNOLOGIES INC	156,987	$27.9M	0.63%
27	SPYSPDR S&P 500 ETF TR	40,400	$27.5M	0.62%	Put
28	JDJD.COM INC	884,800	$25.4M	0.58%	Put
29	LAZRQLUMINAR TECHNOLOGIES INC	308,875	$24.0M	0.54%
30	—META PLATFORMS INC	31,700	$20.9M	0.47%	Call
31	METAMETA PLATFORMS INC	31,000	$20.5M	0.46%	Put
32	METAMETA PLATFORMS INC	30,775	$20.3M	0.46%
33	BACBANK AMERICA CORP	360,200	$19.8M	0.45%	Put
34	PDDPDD HOLDINGS INC	173,000	$19.6M	0.44%	Put
35	GOOGLALPHABET INC	60,100	$18.8M	0.43%	Put
36	—KRANESHARES TRUST	520,100	$17.7M	0.40%	Call
37	GOOGLALPHABET INC	55,916	$17.5M	0.40%
38	JDJD.COM INC	605,197	$17.4M	0.39%
39	IRENIREN LIMITED	454,140	$17.2M	0.39%
40	AAPLAPPLE INC	55,000	$15.0M	0.34%	Call
41	WBDWARNER BROS DISCOVERY INC	506,839	$14.6M	0.33%
42	—ALIBABA GROUP HLDG LTD	95,000	$13.9M	0.32%	Put
43	GQ9SPDR GOLD TR	34,812	$13.8M	0.31%
44	MSTRSTRATEGY INC	83,500	$12.7M	0.29%	Call
45	BEBLOOM ENERGY CORP	145,350	$12.6M	0.29%
46	IRENIREN LIMITED	328,300	$12.4M	0.28%	Put
47	WBDWARNER BROS DISCOVERY INC	420,900	$12.1M	0.27%	Call
48	GMEGAMESTOP CORP NEW	422,300	$8.5M	0.19%	Put
49	IRENIREN LIMITED	216,500	$8.2M	0.19%	Call
50	WBDWARNER BROS DISCOVERY INC	281,200	$8.1M	0.18%	Put
51	STTSPDR S&P 500 ETF TR	11,600	$7.9M	0.18%	Call
52	GOOGLALPHABET INC	25,000	$7.8M	0.18%	Call
53	WOLFWOLFSPEED INC	450,000	$7.8M	0.18%	Put
54	—SIRIUSXM HOLDINGS INC	391,200	$7.8M	0.18%	Call
55	PDDPDD HOLDINGS INC	62,986	$7.1M	0.16%
56	RIVNRIVIAN AUTOMOTIVE INC	353,100	$7.0M	0.16%	Put
57	SBETSHARPLINK GAMING INC	771,150	$6.9M	0.16%
58	—VANECK ETF TRUST	76,900	$6.8M	0.16%	Put
59	PDDPDD HOLDINGS INC	58,200	$6.6M	0.15%	Call
60	BABAALIBABA GROUP HLDG LTD	44,694	$6.5M	0.15%
61	NDQINVESCO QQQ TR	9,561	$5.9M	0.13%
62	WFCWELLS FARGO CO NEW	59,667	$5.6M	0.13%
63	—VANECK ETF TRUST	61,000	$5.5M	0.12%	Call
64	INTCINTEL CORP	147,600	$5.4M	0.12%	Put
65	KVUEKENVUE INC	300,100	$5.2M	0.12%	Put
66	INTCINTEL CORP	129,600	$4.8M	0.11%	Call
67	WFCWELLS FARGO CO NEW	50,000	$4.7M	0.11%	Put
68	IBITISHARES BITCOIN TRUST ETF	90,900	$4.5M	0.10%
69	SMCISUPER MICRO COMPUTER INC	150,000	$4.4M	0.10%	Put
70	—ALIBABA GROUP HLDG LTD	27,500	$4.0M	0.09%	Call
71	IRBTQIROBOT CORP	46,000	$4.0M	0.09%
72	CORZCORE SCIENTIFIC INC NEW	272,800	$4.0M	0.09%	Call
73	INTCINTEL CORP	103,514	$3.8M	0.09%
74	PYPLPAYPAL HLDGS INC	60,688	$3.5M	0.08%
75	MUXMCEWEN INC.	190,300	$3.5M	0.08%
76	AMDADVANCED MICRO DEVICES INC	16,100	$3.4M	0.08%	Call
77	COINCOINBASE GLOBAL INC	15,000	$3.4M	0.08%	Call
78	—GAMESTOP CORP NEW	159,000	$3.2M	0.07%	Call
79	—KRANESHARES TRUST	91,600	$3.1M	0.07%	Put
80	BAC 7.25 PERP LBANK AMERICA CORP	2,464	$3.1M	0.07%
81	NVDANVIDIA CORPORATION	16,100	$3.0M	0.07%	Call
82	KVUEKENVUE INC	174,088	$3.0M	0.07%
83	PYPLPAYPAL HLDGS INC	51,300	$3.0M	0.07%	Put
84	CORZCORE SCIENTIFIC INC NEW	205,373	$3.0M	0.07%
85	MUMICRON TECHNOLOGY INC	9,600	$2.7M	0.06%	Put
86	GEVGE VERNOVA INC	4,000	$2.6M	0.06%	Put
87	CMGCHIPOTLE MEXICAN GRILL INC	69,698	$2.6M	0.06%
88	APLDAPPLIED DIGITAL CORP	100,000	$2.5M	0.06%
89	HIMSHIMS & HERS HEALTH INC	75,000	$2.4M	0.06%	Put
90	AVGOBROADCOM INC	6,963	$2.4M	0.05%
91	—JD.COM INC	79,300	$2.3M	0.05%	Call
92	RIVNRIVIAN AUTOMOTIVE INC	110,997	$2.2M	0.05%
93	OPENOPENDOOR TECHNOLOGIES INC	373,800	$2.2M	0.05%
94	LAESSEALSQ CORP	570,300	$2.2M	0.05%	Call
95	COMPCOMPASS INC	203,700	$2.2M	0.05%	Call
96	ETHAISHARES ETHEREUM TR	93,000	$2.1M	0.05%	Put
97	STUBSTUBHUB HLDGS INC	150,000	$2.0M	0.05%	Call
98	—ISHARES ETHEREUM TR	90,500	$2.0M	0.05%	Call
99	NBISNEBIUS GROUP N.V.	23,876	$2.0M	0.05%
100	ARMARM HOLDINGS PLC	18,000	$2.0M	0.04%

Page 1 of 4Next