Graham Capital Management, L.P. Q3 2025 Filing
Filed November 14, 2025
Portfolio Value
$6.3T
Holdings
1,183
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (1,183 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | MIGASTRATEGY INC | 4,238,435 | $1.4T | 21.61% | Put |
| 2 | IWMISHARES TR | 4,543,600 | $1.1T | 17.40% | Put |
| 3 | IBITISHARES BITCOIN TRUST ETF | 4,690,012 | $304.9B | 4.82% | Put |
| 4 | BE 3 06/01/29BLOOM ENERGY CORP | 51,510,000 | $213.7B | 3.38% | |
| 5 | BE 3 06/01/28BLOOM ENERGY CORP | 36,170,000 | $164.2B | 2.60% | |
| 6 | SPYSPDR S&P 500 ETF TR | 215,650 | $143.7B | 2.27% | Put |
| 7 | NDQINVESCO QQQ TR | 208,200 | $125.0B | 1.98% | Put |
| 8 | FBTCFIDELITY WISE ORIGIN BITCOIN | 1,166,800 | $116.5B | 1.84% | Put |
| 9 | EOSEEOS ENERGY ENTERPRISES INC | 7,743,900 | $88.2B | 1.40% | Put |
| 10 | PCT 7.25 08/15/30PURECYCLE TECHNOLOGIES INC | 62,567,000 | $75.2B | 1.19% | |
| 11 | GDXVANECK ETF TRUST | 912,500 | $69.7B | 1.10% | Call |
| 12 | TLRY 5.2 06/15/27TILRAY BRANDS INC | 58,500,000 | $68.6B | 1.09% | |
| 13 | RUN 4 03/01/30SUNRUN INC | 47,058,000 | $63.5B | 1.01% | |
| 14 | XLUSELECT SECTOR SPDR TR | 660,206 | $57.6B | 0.91% | Call |
| 15 | RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC | 59,794,000 | $55.1B | 0.87% | |
| 16 | MARAMARA HOLDINGS INC | 2,781,000 | $50.8B | 0.80% | Put |
| 17 | BITOPROSHARES TR | 2,499,900 | $49.2B | 0.78% | Put |
| 18 | HYGISHARES TR | 599,700 | $48.7B | 0.77% | Put |
| 19 | CLMTCALUMET INC | 2,610,100 | $47.6B | 0.75% | Put |
| 20 | GMEGAMESTOP CORP NEW | 1,682,900 | $45.9B | 0.73% | Put |
| 21 | GPRE 2.25 03/15/27GREEN PLAINS INC | 45,759,000 | $43.9B | 0.69% | |
| 22 | AMZNAMAZON COM INC | 186,698 | $41.0B | 0.65% | Put |
| 23 | GRPN 4.875 06/30/30 UNRSGROUPON INC | 42,088,000 | $39.2B | 0.62% | |
| 24 | SLVISHARES SILVER TR | 900,000 | $38.1B | 0.60% | Call |
| 25 | EEMISHARES TR | 700,000 | $37.4B | 0.59% | Call |
| 26 | BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC | 25,741,000 | $36.2B | 0.57% | |
| 27 | PCTPURECYCLE TECHNOLOGIES INC | 2,514,200 | $33.1B | 0.52% | Put |
| 28 | VTVVANGUARD INDEX FDS | 176,000 | $32.8B | 0.52% | |
| 29 | RUNSUNRUN INC | 1,764,700 | $30.5B | 0.48% | Put |
| 30 | METAMETA PLATFORMS INC | 39,653 | $29.1B | 0.46% | |
| 31 | GRPN 4.875 06/30/30 RSTRGROUPON INC | 28,383,000 | $26.4B | 0.42% | |
| 32 | REAL 4 02/15/31THE REALREAL INC | 20,124,000 | $25.9B | 0.41% | |
| 33 | TVTX 2.25 03/01/29TRAVERE THERAPEUTICS INC | 22,238,000 | $25.1B | 0.40% | |
| 34 | XLISELECT SECTOR SPDR TR | 160,102 | $24.7B | 0.39% | |
| 35 | NVV1NOVAVAX INC | 2,556,764 | $22.2B | 0.35% | Put |
| 36 | BYNDBEYOND MEAT INC | 11,293,500 | $21.3B | 0.34% | Put |
| 37 | CMECME GROUP INC | 76,694 | $20.7B | 0.33% | |
| 38 | BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN | 20,638,000 | $20.4B | 0.32% | |
| 39 | OPENOPENDOOR TECHNOLOGIES INC | 2,410,800 | $19.2B | 0.30% | Put |
| 40 | NVDANVIDIA CORPORATION | 94,838 | $17.7B | 0.28% | |
| 41 | BABOEING CO | 77,618 | $16.8B | 0.27% | |
| 42 | ETHAISHARES ETHEREUM TR | 526,904 | $16.6B | 0.26% | |
| 43 | PLUNPLUG POWER INC | 6,903,100 | $16.1B | 0.25% | Put |
| 44 | AAPLAPPLE INC | 58,654 | $14.9B | 0.24% | Put |
| 45 | BBIOBRIDGEBIO PHARMA INC | 278,128 | $14.4B | 0.23% | |
| 46 | MUMICRON TECHNOLOGY INC | 83,365 | $13.9B | 0.22% | |
| 47 | EWYISHARES INC | 165,220 | $13.2B | 0.21% | |
| 48 | FSLRFIRST SOLAR INC | 60,000 | $13.2B | 0.21% | Call |
| 49 | LCIDLUCID GROUP INC | 551,840 | $13.1B | 0.21% | Put |
| 50 | TERTERADYNE INC | 93,830 | $12.9B | 0.20% | |
| 51 | GOOGALPHABET INC | 50,783 | $12.4B | 0.20% | |
| 52 | TLTISHARES TR | 138,000 | $12.3B | 0.20% | Put |
| 53 | RSPINVESCO EXCHANGE TRADED FD T | 65,000 | $12.3B | 0.20% | |
| 54 | BYND 0 03/15/27BEYOND MEAT INC | 60,730,000 | $12.3B | 0.20% | |
| 55 | DGDOLLAR GEN CORP NEW | 115,000 | $11.9B | 0.19% | |
| 56 | FDXFEDEX CORP | 50,000 | $11.8B | 0.19% | Put |
| 57 | EMBJEMBRAER S.A. | 192,272 | $11.6B | 0.18% | |
| 58 | MLB1MERCADOLIBRE INC | 4,967 | $11.6B | 0.18% | |
| 59 | XLFSELECT SECTOR SPDR TR | 214,000 | $11.5B | 0.18% | |
| 60 | TRVCCITIGROUP INC | 111,703 | $11.3B | 0.18% | |
| 61 | KOCOCA COLA CO | 168,950 | $11.2B | 0.18% | |
| 62 | TVTXTRAVERE THERAPEUTICS INC | 466,998 | $11.2B | 0.18% | |
| 63 | XOMEXXON MOBIL CORP | 89,812 | $10.1B | 0.16% | |
| 64 | UBERUBER TECHNOLOGIES INC | 101,823 | $10.0B | 0.16% | |
| 65 | CMSCMS ENERGY CORP | 130,276 | $9.5B | 0.15% | |
| 66 | BXBLACKSTONE INC | 55,260 | $9.4B | 0.15% | |
| 67 | MOALTRIA GROUP INC | 141,853 | $9.4B | 0.15% | |
| 68 | BTDRBITDEER TECHNOLOGIES GROUP | 536,128 | $9.2B | 0.15% | Put |
| 69 | LNGCHENIERE ENERGY INC | 38,707 | $9.1B | 0.14% | |
| 70 | EZAISHARES INC | 139,545 | $8.9B | 0.14% | |
| 71 | CMCSACOMCAST CORP NEW | 275,411 | $8.7B | 0.14% | |
| 72 | GISGENERAL MLS INC | 165,839 | $8.4B | 0.13% | |
| 73 | FXIISHARES TR | 201,000 | $8.3B | 0.13% | |
| 74 | AMEAMETEK INC | 42,091 | $7.9B | 0.13% | |
| 75 | HDHOME DEPOT INC | 19,400 | $7.9B | 0.12% | |
| 76 | GTESGATES INDL CORP PLC | 305,940 | $7.6B | 0.12% | |
| 77 | NUNU HLDGS LTD | 454,890 | $7.3B | 0.12% | |
| 78 | JPMJPMORGAN CHASE & CO. | 22,500 | $7.1B | 0.11% | |
| 79 | MAMASTERCARD INCORPORATED | 12,421 | $7.1B | 0.11% | |
| 80 | KWEBKRANESHARES TRUST | 167,169 | $7.0B | 0.11% | Call |
| 81 | CMICUMMINS INC | 16,505 | $7.0B | 0.11% | |
| 82 | HONHONEYWELL INTL INC | 31,864 | $6.7B | 0.11% | |
| 83 | TELTE CONNECTIVITY PLC | 30,184 | $6.6B | 0.10% | |
| 84 | URIUNITED RENTALS INC | 6,900 | $6.6B | 0.10% | |
| 85 | EWCISHARES INC | 129,000 | $6.5B | 0.10% | |
| 86 | APHAMPHENOL CORP NEW | 52,656 | $6.5B | 0.10% | |
| 87 | BSXBOSTON SCIENTIFIC CORP | 66,240 | $6.5B | 0.10% | |
| 88 | LVLNSPDR SERIES TRUST | 100,000 | $6.3B | 0.10% | Put |
| 89 | VVISA INC | 18,279 | $6.2B | 0.10% | |
| 90 | PHPARKER-HANNIFIN CORP | 8,000 | $6.1B | 0.10% | |
| 91 | EMEEMCOR GROUP INC | 9,300 | $6.0B | 0.10% | |
| 92 | MCDMCDONALDS CORP | 19,671 | $6.0B | 0.09% | |
| 93 | VRSKVERISK ANALYTICS INC | 23,119 | $5.8B | 0.09% | |
| 94 | CRMSALESFORCE INC | 24,532 | $5.8B | 0.09% | |
| 95 | MLMMARTIN MARIETTA MATLS INC | 9,200 | $5.8B | 0.09% | |
| 96 | EDCONSOLIDATED EDISON INC | 54,981 | $5.5B | 0.09% | |
| 97 | SPCEVIRGIN GALACTIC HOLDINGS INC | 1,398,500 | $5.4B | 0.09% | Put |
| 98 | JCIJOHNSON CTLS INTL PLC | 48,639 | $5.3B | 0.08% | |
| 99 | GRPNGROUPON INC | 223,797 | $5.2B | 0.08% | Put |
| 100 | DDOMINION ENERGY INC | 85,400 | $5.2B | 0.08% |
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