Graham Capital Management, L.P.
CIK: 0001315421Latest portfolio: $4.2B · Q4 2025
Holdings
1,174
Total Value
$4.2B
New Positions
432
Closed Positions
440
Top Holdings
View All 1,174 Holdings →| # | Stock | Shares | Value | % Portfolio | Change | Type |
|---|---|---|---|---|---|---|
| 1 | MIGASTRATEGY INC | 4,162,052 | $632.0M | 15.13% | -76,383 | Put |
| 2 | IBITISHARES BITCOIN TRUST ETF | 3,709,555 | $183.0M | 4.38% | -980,457 | Put |
| 3 | APLD 2.75 06/01/30APPLIED DIGITAL CORP | 63,738,000 | $171.0M | 4.09% | NEW | |
| 4 | NDQINVESCO QQQ TR | 190,000 | $116.0M | 2.78% | -18,200 | Put |
| 5 | FBTCFIDELITY WISE ORIGIN BITCOIN | 1,166,800 | $88.0M | 2.11% | — | Put |
| 6 | RUN 4 03/01/30SUNRUN INC | 52,940,000 | $74.0M | 1.77% | +5.9M | |
| 7 | PCT 7.25 08/15/30PURECYCLE TECHNOLOGIES INC | 68,167,000 | $68.0M | 1.63% | +5.6M | |
| 8 | RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC | 59,794,000 | $67.0M | 1.60% | — | |
| 9 | GPRE 5.25 11/01/30 UNRSGREEN PLAINS INC | 58,308,000 | $61.0M | 1.46% | NEW | |
| 10 | TLRY 5.2 06/15/27TILRAY BRANDS INC | 59,500,000 | $60.0M | 1.44% | +1.0M | |
| 11 | REAL 4 02/15/31THE REALREAL INC | 35,496,000 | $60.0M | 1.44% | +15.4M | |
| 12 | GRPN 4.875 06/30/30 UNRSGROUPON INC | 65,471,000 | $58.0M | 1.39% | +23.4M | |
| 13 | AMZNAMAZON COM INC | 246,872 | $56.0M | 1.34% | NEW | |
| 14 | CLMTCALUMET INC | 2,610,100 | $51.0M | 1.22% | — | Put |
| 15 | EOSEEOS ENERGY ENTERPRISES INC | 4,446,615 | $50.0M | 1.20% | -3,297,285 | Put |
| 16 | METAMETA PLATFORMS INC | 75,237 | $49.0M | 1.17% | +36K | |
| 17 | KWEBKRANESHARES TRUST | 1,420,390 | $47.0M | 1.12% | +1.3M | Call |
| 18 | EWCISHARES INC | 806,849 | $43.0M | 1.03% | +678K | |
| 19 | TLTISHARES TR | 488,000 | $42.0M | 1.01% | +350K | Put |
| 20 | BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC | 22,241,000 | $41.0M | 0.98% | -3,500,000 | |
| 21 | NVDANVIDIA CORPORATION | 222,279 | $41.0M | 0.98% | +127K | |
| 22 | METC 0 11/01/31RAMACO RES INC | 47,300,000 | $40.0M | 0.96% | NEW | |
| 23 | NFLXNETFLIX INC | 393,923 | $36.0M | 0.86% | +390K | |
| 24 | CLSK 0 06/15/30CLEANSPARK INC | 34,519,000 | $35.0M | 0.84% | NEW | |
| 25 | HYGISHARES TR | 430,100 | $34.0M | 0.81% | -169,600 | Put |
Quarterly Changes
New Positions
Increased Positions
| Name | Shares | Change |
|---|---|---|
| GRPN 4.875 06/30/30 UNRS | 65.5M | +23.4M |
| REAL 4 02/15/31 | 35.5M | +15.4M |
| RUN 4 03/01/30 | 52.9M | +5.9M |
| PCT 7.25 08/15/30 | 68.2M | +5.6M |
| TLRY 5.2 06/15/27 | 59.5M | +1.0M |
| EWC | 807K | +678K |
| KWE1 | 600K | +472K |
| TLT | 488K | +350K |
| UPS | 301K | +279K |
| ALIT | 442K | +266K |
Decreased Positions
| Name | Shares | Change |
|---|---|---|
| BE 3 06/01/28 | 195K | -35975437 |
| BBIO 2.5 03/15/27 | 22.2M | -3500000 |
| EOSE | 4.4M | -3297285 |
| IBIT | 3.7M | -980457 |
| FATE | 196K | -273492 |
| ETHA | 300K | -226904 |
| LCID | 343K | -208520 |
| BBIO | 101K | -177077 |
| HYG | 430K | -169600 |
| COUR | 101K | -154398 |
Sector Breakdown
Financial ServicesNaN% ($InfinityT)
IndustrialsNaN% ($InfinityT)
TechnologyNaN% ($InfinityT)
Consumer Cyclical0.0% ($5.600033000210002e+236T)
Unknown0.0% ($6.320001710001161e+235T)
Healthcare0.0% ($7.000600050004e+219T)
Energy0.0% ($5.10002500070005e+126T)
Real Estate0.0% ($1.6000400030003e+109T)
Communication Services0.0% ($4.9000360002500046e+88T)
Consumer Defensive0.0% ($1.1000800070007e+76T)
Basic Materials0.0% ($4.0004000400030005e+65T)
Utilities0.0% ($8.000300030001999e+45T)
Filing History
| Quarter | Filing Date | Portfolio Value | Holdings |
|---|---|---|---|
| Q4 2025 | Feb 17, 2026 | $4.2B | 1,189 |
| Q3 2025 | Nov 14, 2025 | $6.3T | 1,208 |
| Q2 2025 | Aug 14, 2025 | $6.6T | 1,264 |
| Q1 2025 | May 15, 2025 | $5.7T | 1,253 |
| Q4 2024 | Feb 14, 2025 | $6.7T | 1,199 |
| Q3 2024 | Nov 14, 2024 | $5808.1T | 1,067 |
| Q2 2024 | Aug 14, 2024 | $4598.8T | 1,002 |
| Q1 2024 | May 15, 2024 | $5309.9T | 1,027 |
| Q4 2023 | Feb 14, 2024 | $4514.8T | 960 |
| Q3 2023 | Nov 22, 2023 | $4257.3T | 980 |
| Q2 2023 | Aug 14, 2023 | $3463.1T | 930 |
| Q1 2023 | May 15, 2023 | $3289.3T | 1,019 |
| Q4 2022 | Feb 14, 2023 | $3291.8T | 1,013 |
| Q3 2022 | Nov 14, 2022 | $2.5T | 1,036 |
| Q2 2022 | Aug 15, 2022 | $2.5T | 972 |
| Q1 2022 | May 16, 2022 | $2.9T | 872 |
| Q4 2021 | Feb 14, 2022 | $2.3T | 526 |
| Q3 2021 | Nov 15, 2021 | $2.0T | 109 |
| Q2 2021 | Aug 16, 2021 | $1.9T | 117 |
| Q1 2021 | May 17, 2021 | $2.2T | 140 |
| Q4 2020 | Feb 16, 2021 | $2.7T | 115 |
| Q3 2020 | Nov 16, 2020 | $2.9T | 88 |
| Q2 2020 | Aug 14, 2020 | $2.1T | 79 |
| Q1 2020 | May 15, 2020 | $1.4T | 67 |
| Q4 2019 | Feb 14, 2020 | $2.7T | 82 |
| Q3 2019 | Nov 14, 2019 | $3.1T | 94 |
| Q2 2019 | Aug 14, 2019 | $3.4T | 87 |
| Q1 2019 | May 15, 2019 | $1.9T | 75 |
| Q4 2018 | Feb 14, 2019 | $2.3T | 65 |
| Q3 2018 | Nov 14, 2018 | $4.8T | 119 |
| Q2 2018 | Aug 14, 2018 | $2.7T | 117 |
| Q1 2018 | May 15, 2018 | $1.9T | 106 |
| Q4 2017 | Feb 14, 2018 | $3.8T | 118 |
| Q3 2017 | Nov 14, 2017 | $4.8T | 56 |
| Q2 2017 | Aug 14, 2017 | $3.8T | 87 |
| Q1 2017 | May 15, 2017 | $2.5T | 96 |
| Q4 2016 | Feb 14, 2017 | $2.4T | 83 |
| Q3 2016 | Nov 14, 2016 | $3.1T | 106 |
| Q2 2016 | Aug 15, 2016 | $1.9T | 106 |
| Q1 2016 | May 16, 2016 | $932.9B | 105 |
Fund Information
Graham Capital Management, L.P. is an institutional investment manager that files 13F reports with the SEC. As of the Q4 2025 filing, the fund reported a portfolio valued at $4.2B across 1,174 holdings. The largest position is STRATEGY INC (MIGA), representing 15.1% of the portfolio. Compared to the previous quarter, the fund opened 456 new positions and closed 465 positions. 13F filings are required quarterly disclosures that provide transparency into the holdings of institutional investment managers with at least $100 million in qualifying assets.