DeepCurrents Investment Group LLC Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$3.1T

Holdings

141

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (141 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	IDCC 3.5 06/01/27INTERDIGITAL INC	41,900,000	$172.7B	5.66%
2	SPOT 0 03/15/26SPOTIFY USA INC	65,628,000	$74.7B	2.45%
3	NET 0 08/15/26CLOUDFLARE INC	60,601,000	$71.3B	2.34%
4	DKNG 0 03/15/28DRAFTKINGS INC NEW	77,164,000	$70.7B	2.32%
5	WK 1.25 08/15/28WORKIVA INC	70,700,000	$70.0B	2.29%
6	IONS 0 04/01/26IONIS PHARMACEUTICALS INC	50,427,000	$69.5B	2.28%
7	W 3.25 09/15/27WAYFAIR INC	34,715,000	$58.0B	1.90%
8	MSTR 0.625 09/15/28STRATEGY INC	45,655,000	$53.5B	1.75%
9	MMYT 0 02/15/28MAKEMYTRIP LIMITED MAURITIUS	24,676,000	$53.2B	1.74%
10	TDOC 1.25 06/01/27TELADOC HEALTH INC	55,000,000	$52.4B	1.72%
11	NTNX 0.5 12/15/29NUTANIX INC	54,000,000	$52.1B	1.71%
12	CNMD 2.25 06/15/27CONMED CORP	50,952,000	$48.8B	1.60%
13	RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC	43,029,000	$48.4B	1.59%
14	ASND 2.25 04/01/28ASCENDIS PHARMA A/S	33,394,000	$47.4B	1.55%
15	ENPH 0 03/01/26ENPHASE ENERGY INC	47,397,000	$47.0B	1.54%
16	BTU 3.25 03/01/28PEABODY ENGR CORP	27,800,000	$46.7B	1.53%
17	OMER 9.5 06/15/29OMEROS CORP	15,614,000	$46.6B	1.53%
18	TMDX 1.5 06/01/28TRANSMEDICS GROUP INC	30,824,000	$46.4B	1.52%
19	RGEN 1 12/15/28REPLIGEN CORP	41,529,000	$45.6B	1.49%
20	APLS 3.5 09/15/26APELLIS PHARMACEUTICALS INC	44,194,000	$45.6B	1.49%
21	IBITISHARES BITCOIN TRUST ETF	8,700	$43.2B	1.42%	Call
22	ALHC 4.25 11/15/29ALIGNMENT HEALTHCARE INC	28,250,000	$43.2B	1.41%
23	CALY 2.75 05/01/26TOPGOLF CALLAWAY BRANDS CORP	41,783,000	$41.7B	1.37%
24	ETSY 0.125 10/01/26ETSY INC	40,948,000	$41.4B	1.36%
25	SEALTD 0.25 09/15/26SEA LTD	42,500,000	$41.2B	1.35%
26	RPD 0.25 03/15/27RAPID7 INC	42,500,000	$40.3B	1.32%
27	COIN 0.5 06/01/26COINBASE GLOBAL INC	38,884,000	$38.9B	1.27%
28	IRTC 1.5 09/01/29IRHYTHM TECHNOLOGIES INC	27,500,000	$38.5B	1.26%
29	TSLATESLA INC	808	$36.3B	1.19%	Call
30	CHEF 2.375 12/15/28CHEFS WHSE INC	23,673,000	$36.1B	1.18%
31	SHAK 0 03/01/28SHAKE SHACK INC	38,269,000	$36.0B	1.18%
32	DXCM 0.375 05/15/28DEXCOM INC	38,250,000	$35.3B	1.16%
33	LNTH 2.625 12/15/27LANTHEUS HLDGS INC	30,500,000	$35.0B	1.15%
34	AVGOBROADCOM INC	1,000	$34.6B	1.13%	Call
35	GES 3.75 04/15/28GUESS INC	33,249,000	$33.1B	1.08%
36	LQDISHARES TR	3,000	$33.1B	1.08%	Put
37	LRN 1.125 09/01/27STRIDE INC	23,000,000	$31.5B	1.03%
38	MIGASTRATEGY INC	2,000	$30.4B	1.00%	Put
39	PAR 1.5 10/15/27PAR TECHNOLOGY CORP	31,000,000	$30.4B	1.00%
40	MARA 0 03/01/30MARA HOLDINGS INC	38,200,000	$30.2B	0.99%
41	JAMF 0.125 09/01/26JAMF HLDG CORP	30,000,000	$29.6B	0.97%
42	PTCT 1.5 09/15/26PTC THERAPEUTICS INC	19,901,000	$29.5B	0.97%
43	MGNI 0.25 03/15/26MAGNITE INC	28,000,000	$27.7B	0.91%
44	UPWK 0.25 08/15/26UPWORK INC	28,107,000	$27.4B	0.90%
45	AFRM 0 11/15/26AFFIRM HLDGS INC	28,167,000	$27.2B	0.89%
46	TLRY 5.2 06/15/27TILRAY BRANDS INC	25,050,000	$26.3B	0.86%
47	RDFN 0.5 04/01/27REDFIN CORP	26,000,000	$24.7B	0.81%
48	IRWD 1.5 06/15/26IRONWOOD PHARMACEUTICALS INC	25,500,000	$24.2B	0.79%
49	PRGSPROGRESS SOFTWARE CORP	24,161,000	$24.0B	0.79%
50	ENOV 3.875 10/15/28ENOVIS CORPORATION	24,500,000	$23.9B	0.78%
51	—MITEK SYS INC	23,755,000	$23.7B	0.78%
52	UPST 2 10/01/29UPSTART HLDGS INC	18,778,000	$23.6B	0.77%
53	MSTR 0 12/01/29STRATEGY INC	28,500,000	$23.4B	0.77%
54	TRIP 0.25 04/01/26TRIPADVISOR INC	23,000,000	$22.7B	0.74%
55	AXON 0.5 12/15/27AXON ENTERPRISE INC	8,900,000	$22.5B	0.74%
56	NIO 4.625 10/15/30NIO INC	24,732,000	$22.3B	0.73%
57	TTEK 2.25 08/15/28TETRA TECH INC NEW	19,860,000	$21.6B	0.71%
58	PRCH 9 05/15/30PORCH GROUP INC	19,100,000	$21.5B	0.71%
59	TNDM 1.5 03/15/29 2024TANDEM DIABETES CARE INC	20,000,000	$20.4B	0.67%
60	BSY 0.375 07/01/27BENTLEY SYS INC	21,000,000	$19.8B	0.65%
61	MFCMANULIFE FINL CORP	5,324	$19.3B	0.63%	Put
62	BL 1 06/01/29BLACKLINE INC	18,284,000	$19.2B	0.63%
63	DAY 0.25 03/15/26DAYFORCE INC	19,245,000	$19.1B	0.63%
64	QTWO 0.75 06/01/26Q2 HLDGS INC	18,500,000	$18.7B	0.61%
65	GOSS 5 06/01/27GOSSAMER BIO INC	27,860,000	$18.7B	0.61%
66	FLNC 2.25 06/15/30FLUENCE ENERGY INC	15,000,000	$18.1B	0.59%
67	SATSECHOSTAR CORP	1,656	$18.0B	0.59%	Call
68	BOX 0 01/15/26BOX INC	15,338,000	$17.8B	0.58%
69	COIN 0.25 04/01/30COINBASE GLOBAL INC	16,500,000	$16.9B	0.55%
70	ARANTERO RESOURCES CORP	4,762	$16.4B	0.54%	Call
71	PI 1.125 05/15/27IMPINJ INC	9,621,000	$15.6B	0.51%
72	CORZCORE SCIENTIFIC INC NEW	153,722	$15.2B	0.50%	Call
73	AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC	15,000,000	$15.1B	0.49%
74	MSTRSTRATEGY INC	11,700,000	$14.8B	0.49%
75	PGY 6.125 10/01/29PAGAYA U S HLDG CO LLC	8,000,000	$14.5B	0.48%
76	DBX 0 03/01/26DROPBOX INC	14,021,000	$13.9B	0.46%
77	LARCN 1.75 01/15/27LITHIUM ARGENTINA AG	14,655,000	$13.4B	0.44%
78	TTELUS CORPORATION	30,683	$13.3B	0.43%	Put
79	PLNTPLANET FITNESS INC	1,200	$13.0B	0.43%	Call
80	RIOTRIOT PLATFORMS INC	10,000	$12.7B	0.42%	Call
81	BCEBCE INC	32,579	$12.6B	0.41%	Put
82	BAND 0.5 04/01/28BANDWIDTH INC	13,750,000	$12.0B	0.39%
83	JAZZJAZZ PHARMACEUTICALS PLC	70,486	$12.0B	0.39%
84	BSY 0.125 01/15/26BENTLEY SYS INC	11,564,000	$11.5B	0.38%
85	WULFTERAWULF INC	109,000	$11.5B	0.38%	Call
86	EB 0.75 09/15/26EVENTBRITE INC	11,625,000	$11.4B	0.37%
87	LI 0.25 05/01/28LI AUTO INC	11,150,000	$11.3B	0.37%
88	WOLF 2.5 06/15/31WOLFSPEED INC	7,530,000	$11.1B	0.37%
89	IWMISHARES TR	440	$10.8B	0.35%	Put
90	WBDWARNER BROS DISCOVERY INC	3,378	$9.7B	0.32%	Call
91	BYND 7 10/15/30BEYOND MEAT INC	12,662,000	$9.7B	0.32%
92	XYZ 0.25 11/01/27BLOCK INC	10,400,000	$9.6B	0.32%
93	NEO 0.25 01/15/28NEOGENOMICS INC	10,500,000	$9.4B	0.31%
94	SMCI 3.5 03/01/29SUPER MICRO COMPUTER INC	10,500,000	$9.4B	0.31%
95	CAKE 0.375 06/15/26CHEESECAKE FACTORY INC	9,491,000	$9.4B	0.31%
96	ATEC 0.75 08/01/26ALPHATEC HLDGS INC	7,433,000	$9.3B	0.31%
97	HAE 0 03/01/26HAEMONETICS CORP MASS	9,224,000	$9.1B	0.30%
98	HLF 4.25 06/15/28HERBALIFE LTD	7,201,000	$7.8B	0.26%
99	GRPN 6.25 03/15/27 *GROUPON INC	6,996,000	$7.5B	0.25%
100	ITRI 0 03/15/26ITRON INC	7,500,000	$7.4B	0.24%

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