Graham Capital Management, L.P. Q2 2025 Filing
Filed August 14, 2025
Portfolio Value
$6.6T
Holdings
1,242
Report Date
Q2 2025
Filing Type
13F-HR
All Holdings (1,242 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | MIGAMICROSTRATEGY INC | 4,243,280 | $1.7T | 25.92% | Put |
| 2 | IWMISHARES TR | 2,352,900 | $507.7B | 7.67% | Put |
| 3 | IBITISHARES BITCOIN TRUST ETF | 5,063,308 | $309.9B | 4.68% | Put |
| 4 | SPYSPDR S&P 500 ETF TR | 375,152 | $231.8B | 3.50% | Put |
| 5 | PR 3.25 04/01/28PERMIAN RES OPER LLC | 66,551,000 | $161.8B | 2.45% | |
| 6 | NDQINVESCO QQQ TR | 285,000 | $157.2B | 2.38% | Put |
| 7 | FBTCFIDELITY WISE ORIGIN BITCOIN | 1,075,400 | $101.1B | 1.53% | Put |
| 8 | COIN 0.5 06/01/26COINBASE GLOBAL INC | 75,500,000 | $87.4B | 1.32% | |
| 9 | PCT 7.25 08/15/30PURECYCLE TECHNOLOGIES INC | 62,567,000 | $77.2B | 1.17% | |
| 10 | NVAX 5 12/15/27NOVAVAX INC | 74,177,000 | $74.8B | 1.13% | |
| 11 | BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC | 58,241,000 | $72.8B | 1.10% | |
| 12 | BE 3 06/01/29BLOOM ENERGY CORP | 44,760,000 | $63.4B | 0.96% | |
| 13 | PCTPURECYCLE TECHNOLOGIES INC | 4,329,200 | $59.3B | 0.90% | Put |
| 14 | TLTISHARES TR | 650,000 | $57.4B | 0.87% | Put |
| 15 | TLRY 5.2 06/15/27TILRAY BRANDS INC | 59,500,000 | $54.7B | 0.83% | |
| 16 | RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC | 59,794,000 | $53.8B | 0.81% | |
| 17 | BITOPROSHARES TR | 2,499,900 | $53.8B | 0.81% | Put |
| 18 | BE 3 06/01/28BLOOM ENERGY CORP | 36,170,000 | $53.7B | 0.81% | |
| 19 | MARAMARA HOLDINGS INC | 2,731,000 | $42.8B | 0.65% | Put |
| 20 | XLUSELECT SECTOR SPDR TR | 506,950 | $41.4B | 0.63% | |
| 21 | CLMTCALUMET INC | 2,610,100 | $41.1B | 0.62% | Put |
| 22 | TVTX 2.25 03/01/29TRAVERE THERAPEUTICS INC | 41,667,000 | $39.7B | 0.60% | |
| 23 | EOSEEOS ENERGY ENTERPRISES INC | 7,601,100 | $38.9B | 0.59% | Put |
| 24 | GPRE 2.25 03/15/27GREEN PLAINS INC | 43,053,000 | $36.8B | 0.56% | |
| 25 | GDXVANECK ETF TRUST | 640,000 | $33.3B | 0.50% | Put |
| 26 | SATS 3.875 11/30/30ECHOSTAR CORP | 27,423,468 | $32.2B | 0.49% | |
| 27 | RIG 4 12/15/25 *TRANSOCEAN INC | 26,691,000 | $27.8B | 0.42% | |
| 28 | AMZNAMAZON COM INC | 116,754 | $25.6B | 0.39% | |
| 29 | BTU 3.25 03/01/28PEABODY ENGR CORP | 24,510,000 | $25.3B | 0.38% | |
| 30 | CMECME GROUP INC | 87,349 | $24.1B | 0.36% | |
| 31 | RUN 4 03/01/30SUNRUN INC | 31,529,000 | $22.5B | 0.34% | |
| 32 | METAMETA PLATFORMS INC | 30,351 | $22.4B | 0.34% | |
| 33 | DGDOLLAR GEN CORP NEW | 195,389 | $22.3B | 0.34% | |
| 34 | AAPLAPPLE INC | 105,228 | $21.6B | 0.33% | Put |
| 35 | BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN | 20,888,000 | $20.4B | 0.31% | |
| 36 | RUNSUNRUN INC | 2,444,088 | $20.0B | 0.30% | Put |
| 37 | VTVVANGUARD INDEX FDS | 110,000 | $19.4B | 0.29% | |
| 38 | NVDANVIDIA CORPORATION | 122,737 | $19.4B | 0.29% | |
| 39 | BSXBOSTON SCIENTIFIC CORP | 180,075 | $19.3B | 0.29% | |
| 40 | BABOEING CO | 90,924 | $19.1B | 0.29% | |
| 41 | CIFR 1.75 05/15/30CIPHER MINING INC | 14,765,000 | $19.0B | 0.29% | |
| 42 | MLB1MERCADOLIBRE INC | 7,127 | $18.6B | 0.28% | |
| 43 | ICEINTERCONTINENTAL EXCHANGE IN | 88,878 | $16.3B | 0.25% | |
| 44 | CATCATERPILLAR INC | 40,582 | $15.8B | 0.24% | |
| 45 | GRPNGROUPON INC | 463,432 | $15.5B | 0.23% | Put |
| 46 | EEMISHARES TR | 318,425 | $15.4B | 0.23% | |
| 47 | G3VGREEN PLAINS INC | 2,292,500 | $13.8B | 0.21% | Put |
| 48 | MNSTMONSTER BEVERAGE CORP NEW | 217,471 | $13.6B | 0.21% | |
| 49 | NUNU HLDGS LTD | 991,909 | $13.6B | 0.21% | |
| 50 | BXBLACKSTONE INC | 89,723 | $13.4B | 0.20% | |
| 51 | APLDAPPLIED DIGITAL CORP | 1,320,200 | $13.3B | 0.20% | Put |
| 52 | ADIANALOG DEVICES INC | 55,753 | $13.3B | 0.20% | |
| 53 | SCHWSCHWAB CHARLES CORP | 140,487 | $12.8B | 0.19% | |
| 54 | GOOGALPHABET INC | 71,676 | $12.7B | 0.19% | |
| 55 | MUMICRON TECHNOLOGY INC | 102,266 | $12.6B | 0.19% | |
| 56 | NFLXNETFLIX INC | 9,349 | $12.5B | 0.19% | |
| 57 | CVXCHEVRON CORP NEW | 86,618 | $12.4B | 0.19% | |
| 58 | SATSECHOSTAR CORP | 442,949 | $12.3B | 0.19% | Put |
| 59 | CSCOCISCO SYS INC | 171,050 | $11.9B | 0.18% | |
| 60 | EWJISHARES INC | 158,200 | $11.9B | 0.18% | |
| 61 | LRCXLAM RESEARCH CORP | 120,407 | $11.7B | 0.18% | |
| 62 | OKTAOKTA INC | 115,245 | $11.5B | 0.17% | |
| 63 | EDCONSOLIDATED EDISON INC | 112,361 | $11.3B | 0.17% | |
| 64 | EMBJEMBRAER S.A. | 197,701 | $11.3B | 0.17% | |
| 65 | VEEVVEEVA SYS INC | 36,925 | $10.6B | 0.16% | |
| 66 | REAL 4 02/15/31THE REALREAL INC | 13,008,000 | $10.3B | 0.16% | |
| 67 | PLUNPLUG POWER INC | 6,893,100 | $10.3B | 0.16% | Put |
| 68 | ETHAISHARES ETHEREUM TR | 525,000 | $10.0B | 0.15% | |
| 69 | CMSCMS ENERGY CORP | 144,008 | $10.0B | 0.15% | |
| 70 | ACGLARCH CAP GROUP LTD | 109,408 | $10.0B | 0.15% | |
| 71 | RRCRANGE RES CORP | 231,098 | $9.4B | 0.14% | |
| 72 | MMM3M CO | 61,232 | $9.3B | 0.14% | |
| 73 | RGAREINSURANCE GRP OF AMERICA I | 45,949 | $9.1B | 0.14% | |
| 74 | UBERUBER TECHNOLOGIES INC | 97,089 | $9.1B | 0.14% | |
| 75 | MAMASTERCARD INCORPORATED | 16,103 | $9.0B | 0.14% | |
| 76 | BACBANK AMERICA CORP | 187,947 | $8.9B | 0.13% | |
| 77 | RSPINVESCO EXCHANGE TRADED FD T | 48,100 | $8.7B | 0.13% | |
| 78 | XHBSPDR SERIES TRUST | 86,000 | $8.5B | 0.13% | |
| 79 | EQHEQUITABLE HLDGS INC | 151,015 | $8.5B | 0.13% | |
| 80 | NTNXNUTANIX INC | 109,605 | $8.4B | 0.13% | |
| 81 | ADPAUTOMATIC DATA PROCESSING IN | 27,002 | $8.3B | 0.13% | |
| 82 | KOCOCA COLA CO | 117,245 | $8.3B | 0.13% | |
| 83 | FASTFASTENAL CO | 194,851 | $8.2B | 0.12% | |
| 84 | AVGOBROADCOM INC | 29,620 | $8.2B | 0.12% | |
| 85 | CCIVGBPLUCID GROUP INC | 3,858,092 | $8.1B | 0.12% | Put |
| 86 | HLTHILTON WORLDWIDE HLDGS INC | 29,140 | $7.8B | 0.12% | |
| 87 | SFMSPROUTS FMRS MKT INC | 47,042 | $7.7B | 0.12% | |
| 88 | CMCSACOMCAST CORP NEW | 215,816 | $7.7B | 0.12% | |
| 89 | BRK/BBERKSHIRE HATHAWAY INC DEL | 15,761 | $7.7B | 0.12% | |
| 90 | BPBP PLC | 251,380 | $7.5B | 0.11% | |
| 91 | AEEAMEREN CORP | 75,942 | $7.3B | 0.11% | |
| 92 | OEFISHARES TR | 23,800 | $7.2B | 0.11% | |
| 93 | CRMSALESFORCE INC | 26,416 | $7.2B | 0.11% | Call |
| 94 | ETRENTERGY CORP NEW | 85,835 | $7.1B | 0.11% | |
| 95 | EMREMERSON ELEC CO | 53,500 | $7.1B | 0.11% | |
| 96 | RBRKRUBRIK INC. | 77,502 | $6.9B | 0.10% | |
| 97 | LNGCHENIERE ENERGY INC | 28,083 | $6.8B | 0.10% | |
| 98 | METMETLIFE INC | 84,597 | $6.8B | 0.10% | |
| 99 | COHRCOHERENT CORP | 75,090 | $6.7B | 0.10% | |
| 100 | AMCRAMCOR PLC | 720,965 | $6.6B | 0.10% |
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