BlueCrest Capital Management Ltd Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$3.3B

Holdings

163

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (163 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	IVVISHARES TR	2,222,669	$1.5B	45.71%
2	GQ9SPDR GOLD TR	1,155,000	$457.7M	13.74%	Put
3	VSTVISTRA CORP	637,266	$102.8M	3.09%
4	PCGPG&E CORP	5,000,000	$80.3M	2.41%	Put
5	XLFSELECT SECTOR SPDR TR	1,305,000	$71.5M	2.15%	Put
6	WFCWELLS FARGO CO NEW	645,093	$60.1M	1.81%
7	TRVCCITIGROUP INC	512,538	$59.8M	1.80%
8	BACBANK AMERICA CORP	1,049,093	$57.7M	1.73%
9	KWEBKRANESHARES TRUST	1,563,641	$53.2M	1.60%	Call
10	HYGISHARES TR	632,728	$51.0M	1.53%	Put
11	CRTOCRITEO S A	2,260,000	$46.6M	1.40%
12	GDXVANECK ETF TRUST	420,762	$36.1M	1.08%
13	EWZISHARES INC	1,010,000	$32.1M	0.96%	Call
14	INDAISHARES TR	550,500	$29.8M	0.89%	Call
15	SATS 3.875 11/30/30ECHOSTAR CORP	8,375,000	$28.1M	0.84%
16	ON 0 05/01/27ON SEMICONDUCTOR CORP	23,000,000	$27.5M	0.83%
17	JPMJPMORGAN CHASE & CO.	79,128	$25.5M	0.77%
18	AMZNAMAZON COM INC	101,637	$23.5M	0.70%
19	CATCATERPILLAR INC	40,500	$23.2M	0.70%	Put
20	IBITISHARES BITCOIN TRUST ETF	461,000	$22.9M	0.69%	Put
21	LLYELI LILLY & CO	19,635	$21.1M	0.63%
22	BABAALIBABA GROUP HLDG LTD	138,911	$20.4M	0.61%
23	BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD	11,000,000	$17.1M	0.51%
24	RITMRITHM CAPITAL CORP	1,484,608	$16.2M	0.49%
25	GDXJVANECK ETF TRUST	135,244	$15.4M	0.46%
26	HPE 7.625 09/01/27HEWLETT PACKARD ENTERPRISE C	216,326	$14.4M	0.43%
27	CPNGCOUPANG INC	607,533	$14.3M	0.43%
28	JBLU 2.5 09/01/29JETBLUE AIRWAYS CORP	14,320,000	$13.9M	0.42%
29	BABOEING CO	59,928	$13.0M	0.39%
30	LQDISHARES TR	99,000	$10.9M	0.33%
31	FLYFIREFLY AEROSPACE INC	478,698	$10.7M	0.32%
32	AXTIAXT INC	653,063	$10.7M	0.32%
33	NOVT 6.5 11/01/28NOVANTA INC	192,963	$10.6M	0.32%
34	FCRSFUTURECREST ACQUISITION CORP	1,000,000	$10.2M	0.31%
35	AEXAAMERICAN EXCEPTIONALISM ACQU	891,386	$10.2M	0.30%
36	IWMISHARES TR	41,000	$10.1M	0.30%	Put
37	GGALGRUPO FINANCIERO GALICIA S.A	165,300	$8.9M	0.27%	Call
38	UPST 1 11/15/30UPSTART HLDGS INC	10,000,000	$8.8M	0.26%
39	ALB 7.25 03/01/27ALBEMARLE CORP	143,217	$8.5M	0.26%
40	FOUR 6 05/01/28SHIFT4 PMTS INC	105,709	$8.5M	0.25%
41	AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC	8,270,000	$8.3M	0.25%
42	USHYISHARES TR	212,761	$8.0M	0.24%
43	SPYSPDR S&P 500 ETF TR	11,500	$7.8M	0.24%	Put
44	APO 6.75 07/31/26APOLLO GLOBAL MGMT INC	103,069	$7.8M	0.23%
45	GOOGLALPHABET INC	22,575	$7.1M	0.21%
46	GEVGE VERNOVA INC	10,000	$6.5M	0.20%	Put
47	BRKR 6.375 09/01/28BRUKER CORP	17,835	$6.5M	0.20%
48	NVDANVIDIA CORPORATION	34,284	$6.4M	0.19%
49	LMAT 2.5 02/01/30LEMAITRE VASCULAR INC	6,000,000	$6.0M	0.18%
50	GPRE 5.25 11/01/30 UNRSGREEN PLAINS INC	5,500,000	$5.8M	0.17%
51	BIDUNBAIDU INC	41,817	$5.5M	0.16%
52	CCXIUCHURCHILL CAP CORP XI	500,000	$5.1M	0.15%
53	KBONUKARBON CAP PARTNERS CORP	500,000	$5.0M	0.15%
54	AFRMAFFIRM HLDGS INC	67,100	$5.0M	0.15%	Call
55	ADACAMERICAN DRIVE ACQUISITION C	500,000	$5.0M	0.15%
56	TACTRANSALTA CORP	393,880	$5.0M	0.15%
57	—SILICON VY ACQUISITION CORP	500,000	$5.0M	0.15%
58	TE 5.25 12/01/30T1 ENERGY INC	3,750,000	$4.8M	0.14%
59	JAZZ 3.125 09/15/30JAZZ INVESTMENTS I LTD	3,500,000	$4.7M	0.14%
60	BCSSBAIN CAP GSS INVT CORP	450,000	$4.6M	0.14%
61	RTACRENATUS TACTICAL ACQUIS	403,226	$4.3M	0.13%
62	EWYISHARES INC	42,454	$4.1M	0.12%
63	SO 7.125 12/15/28 ASOUTHERN CO	78,186	$3.9M	0.12%
64	WT 3.25 08/15/29WISDOMTREE INC	3,196,000	$3.9M	0.12%
65	NTNX 0.5 12/15/29NUTANIX INC	3,920,000	$3.8M	0.11%
66	EVH 4.5 08/15/31EVOLENT HEALTH INC	4,969,000	$3.5M	0.11%
67	MSFTMICROSOFT CORP	7,289	$3.5M	0.11%
68	MCHPMICROCHIP TECHNOLOGY INC.	52,753	$3.4M	0.10%
69	ITRI 0 03/15/26ITRON INC	3,256,000	$3.2M	0.10%
70	QXO 5.5 05/15/28QXO INC	55,998	$3.1M	0.09%
71	CBCCENTRAL BANCOMPANY	125,540	$3.0M	0.09%
72	QCOMQUALCOMM INC	17,588	$3.0M	0.09%
73	CHKPCHECK POINT SOFTWARE TECH LT	15,495	$2.9M	0.09%
74	ECHISHARES INC	70,000	$2.8M	0.08%
75	ARES 6.75 10/01/27 BARES MANAGEMENT CORPORATION	50,965	$2.6M	0.08%
76	HAVAHARVARD AVE ACQUISITION CORP	250,000	$2.5M	0.08%
77	DMIIDRUGS MADE IN AMER ACQ II CO	250,000	$2.5M	0.08%
78	MKSIMKS INC.	15,640	$2.5M	0.08%
79	MMTXMILUNA ACQUISITION CORP	250,000	$2.5M	0.07%
80	HAVARHARVARD AVE ACQUISITION CORP	250,000	$2.5M	0.07%
81	MUMICRON TECHNOLOGY INC	8,461	$2.4M	0.07%
82	BEBETGE VALUE CREATIVE SOLUTIONS	238,500	$2.4M	0.07%
83	DSACUDAEDALUS SPL ACQUISITION COR	225,000	$2.3M	0.07%
84	NEENEXTERA ENERGY CAP HLDGS INC	1,800,000	$2.2M	0.07%
85	AEAQACTIVATE ENERGY ACQUISITION	220,000	$2.2M	0.07%
86	TSMTAIWAN SEMICONDUCTOR MFG LTD	6,734	$2.0M	0.06%
87	TLNTALEN ENERGY CORP	5,436	$2.0M	0.06%
88	METAMETA PLATFORMS INC	2,973	$2.0M	0.06%
89	MDUMDU RES GROUP INC	100,000	$2.0M	0.06%
90	CEGCONSTELLATION ENERGY CORP	5,426	$1.9M	0.06%
91	AVGOBROADCOM INC	5,148	$1.8M	0.05%
92	TLTISHARES TR	20,000	$1.7M	0.05%	Call
93	VRTVERTIV HOLDINGS CO	10,750	$1.7M	0.05%
94	IRHOUIRON HORSE ACQUISIT CORP II	175,000	$1.7M	0.05%
95	YPFYPF SOCIEDAD ANONIMA	43,500	$1.6M	0.05%
96	CCIICOHEN CIRCLE ACQUISIT CORP I	148,651	$1.5M	0.05%
97	SATSECHOSTAR CORP	13,868	$1.5M	0.05%
98	TEMTEMPUS AI INC	24,241	$1.4M	0.04%
99	BETABETA TECHNOLOGIES INC	50,000	$1.4M	0.04%
100	CLSCELESTICA INC	4,632	$1.4M	0.04%

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