Graham Capital Management, L.P. Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$4.2T
Holdings
1,174
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (1,174 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | MIGASTRATEGY INC | 4,162,052 | $632.0B | 15.13% | Put |
| 2 | IBITISHARES BITCOIN TRUST ETF | 3,709,555 | $183.0B | 4.38% | Put |
| 3 | APLD 2.75 06/01/30APPLIED DIGITAL CORP | 63,738,000 | $171.0B | 4.09% | |
| 4 | NDQINVESCO QQQ TR | 190,000 | $116.0B | 2.78% | Put |
| 5 | FBTCFIDELITY WISE ORIGIN BITCOIN | 1,166,800 | $88.0B | 2.11% | Put |
| 6 | RUN 4 03/01/30SUNRUN INC | 52,940,000 | $74.0B | 1.77% | |
| 7 | PCT 7.25 08/15/30PURECYCLE TECHNOLOGIES INC | 68,167,000 | $68.0B | 1.63% | |
| 8 | RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC | 59,794,000 | $67.0B | 1.60% | |
| 9 | GPRE 5.25 11/01/30 UNRSGREEN PLAINS INC | 58,308,000 | $61.0B | 1.46% | |
| 10 | REAL 4 02/15/31THE REALREAL INC | 35,496,000 | $60.0B | 1.44% | |
| 11 | TLRY 5.2 06/15/27TILRAY BRANDS INC | 59,500,000 | $60.0B | 1.44% | |
| 12 | GRPN 4.875 06/30/30 UNRSGROUPON INC | 65,471,000 | $58.0B | 1.39% | |
| 13 | AMZNAMAZON COM INC | 246,872 | $56.0B | 1.34% | |
| 14 | CLMTCALUMET INC | 2,610,100 | $51.0B | 1.22% | Put |
| 15 | EOSEEOS ENERGY ENTERPRISES INC | 4,446,615 | $50.0B | 1.20% | Put |
| 16 | METAMETA PLATFORMS INC | 75,237 | $49.0B | 1.17% | |
| 17 | KWEBKRANESHARES TRUST | 1,420,390 | $47.0B | 1.12% | Call |
| 18 | EWCISHARES INC | 806,849 | $43.0B | 1.03% | |
| 19 | TLTISHARES TR | 488,000 | $42.0B | 1.01% | Put |
| 20 | NVDANVIDIA CORPORATION | 222,279 | $41.0B | 0.98% | |
| 21 | BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC | 22,241,000 | $41.0B | 0.98% | |
| 22 | METC 0 11/01/31RAMACO RES INC | 47,300,000 | $40.0B | 0.96% | |
| 23 | NFLXNETFLIX INC | 393,923 | $36.0B | 0.86% | |
| 24 | CLSK 0 06/15/30CLEANSPARK INC | 34,519,000 | $35.0B | 0.84% | |
| 25 | HYGISHARES TR | 430,100 | $34.0B | 0.81% | Put |
| 26 | GMEGAMESTOP CORP NEW | 1,702,790 | $33.0B | 0.79% | Put |
| 27 | CIFRCIPHER MINING INC | 2,258,042 | $33.0B | 0.79% | |
| 28 | BITOPROSHARES TR | 2,499,900 | $30.0B | 0.72% | Put |
| 29 | UPSUNITED PARCEL SERVICE INC | 301,414 | $29.0B | 0.69% | |
| 30 | TRVCCITIGROUP INC | 241,094 | $28.0B | 0.67% | |
| 31 | MARA 0 03/01/30MARA HOLDINGS INC | 36,029,000 | $28.0B | 0.67% | |
| 32 | MUMICRON TECHNOLOGY INC | 96,114 | $27.0B | 0.65% | |
| 33 | AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC | 23,067,000 | $26.0B | 0.62% | |
| 34 | FSLRFIRST SOLAR INC | 98,074 | $25.0B | 0.60% | |
| 35 | GOOGALPHABET INC | 80,654 | $25.0B | 0.60% | |
| 36 | BABOEING CO | 118,056 | $25.0B | 0.60% | |
| 37 | PCTPURECYCLE TECHNOLOGIES INC | 2,609,600 | $22.0B | 0.53% | Put |
| 38 | CRMSALESFORCE INC | 83,752 | $22.0B | 0.53% | |
| 39 | CMECME GROUP INC | 80,032 | $21.0B | 0.50% | |
| 40 | MCDMCDONALDS CORP | 68,737 | $21.0B | 0.50% | |
| 41 | BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN | 20,638,000 | $20.0B | 0.48% | |
| 42 | SEI 0.25 10/01/31SOLARIS ENERGY INFRAS INC | 18,233,000 | $19.0B | 0.45% | |
| 43 | SPYSPDR S&P 500 ETF TR | 28,000 | $18.0B | 0.43% | Put |
| 44 | NVV1NOVAVAX INC | 2,571,220 | $17.0B | 0.41% | Put |
| 45 | OPENOPENDOOR TECHNOLOGIES INC | 2,768,208 | $16.0B | 0.38% | |
| 46 | BE 3 06/01/28BLOOM ENERGY CORP | 194,563 | $16.0B | 0.38% | |
| 47 | XLUSELECT SECTOR SPDR TR | 377,830 | $16.0B | 0.38% | |
| 48 | EMBJEMBRAER S.A. | 245,272 | $15.0B | 0.36% | |
| 49 | OIHVANECK ETF TRUST | 48,000 | $13.0B | 0.31% | |
| 50 | TE 5.25 12/01/30T1 ENERGY INC | 10,500,000 | $13.0B | 0.31% | |
| 51 | INTCINTEL CORP | 367,124 | $13.0B | 0.31% | |
| 52 | FXIISHARES TR | 333,000 | $12.0B | 0.29% | |
| 53 | HDHOME DEPOT INC | 32,408 | $11.0B | 0.26% | |
| 54 | MSFTMICROSOFT CORP | 24,483 | $11.0B | 0.26% | |
| 55 | BACVERIZON COMMUNICATIONS INC | 284,227 | $11.0B | 0.26% | |
| 56 | PGPROCTER AND GAMBLE CO | 79,619 | $11.0B | 0.26% | |
| 57 | RSPINVESCO EXCHANGE TRADED FD T | 58,800 | $11.0B | 0.26% | |
| 58 | TJXTJX COS INC NEW | 65,468 | $10.0B | 0.24% | |
| 59 | ADPAUTOMATIC DATA PROCESSING IN | 39,971 | $10.0B | 0.24% | |
| 60 | COFCAPITAL ONE FINL CORP | 44,664 | $10.0B | 0.24% | |
| 61 | TERTERADYNE INC | 55,151 | $10.0B | 0.24% | |
| 62 | ADBEADOBE INC | 28,824 | $10.0B | 0.24% | |
| 63 | GPRE 5.25 11/01/30 144AGREEN PLAINS INC | 9,350,000 | $9.0B | 0.22% | |
| 64 | JPMJPMORGAN CHASE & CO. | 30,000 | $9.0B | 0.22% | |
| 65 | IRENIREN LIMITED | 242,729 | $9.0B | 0.22% | |
| 66 | VVISA INC | 28,032 | $9.0B | 0.22% | |
| 67 | IEXIDEX CORP | 47,105 | $8.0B | 0.19% | |
| 68 | AVGOBROADCOM INC | 25,000 | $8.0B | 0.19% | |
| 69 | MOALTRIA GROUP INC | 146,797 | $8.0B | 0.19% | |
| 70 | XHBSPDR SERIES TRUST | 87,200 | $8.0B | 0.19% | |
| 71 | SRLNSSGA ACTIVE ETF TR | 200,000 | $8.0B | 0.19% | |
| 72 | IGVISHARES TR | 82,500 | $8.0B | 0.19% | |
| 73 | CMSCMS ENERGY CORP | 118,748 | $8.0B | 0.19% | |
| 74 | MLB1MERCADOLIBRE INC | 3,898 | $7.0B | 0.17% | |
| 75 | CHKPCHECK POINT SOFTWARE TECH LT | 40,770 | $7.0B | 0.17% | |
| 76 | XOMEXXON MOBIL CORP | 63,585 | $7.0B | 0.17% | |
| 77 | GISGENERAL MLS INC | 165,515 | $7.0B | 0.17% | |
| 78 | BBIOBRIDGEBIO PHARMA INC | 101,051 | $7.0B | 0.17% | |
| 79 | AMEAMETEK INC | 35,810 | $7.0B | 0.17% | |
| 80 | WMTWALMART INC | 64,020 | $7.0B | 0.17% | |
| 81 | ABGCENCORA INC | 21,715 | $7.0B | 0.17% | |
| 82 | XLVSELECT SECTOR SPDR TR | 49,500 | $7.0B | 0.17% | |
| 83 | ALSALLSTATE CORP | 34,011 | $7.0B | 0.17% | |
| 84 | UBERUBER TECHNOLOGIES INC | 82,491 | $6.0B | 0.14% | |
| 85 | CITCINTAS CORP | 35,285 | $6.0B | 0.14% | |
| 86 | BYND 7 10/15/30BEYOND MEAT INC | 7,970,000 | $6.0B | 0.14% | |
| 87 | SABRSABRE CORP | 4,451,200 | $6.0B | 0.14% | |
| 88 | TLRYTILRAY BRANDS INC | 764,940 | $6.0B | 0.14% | Call |
| 89 | RLRALPH LAUREN CORP | 18,178 | $6.0B | 0.14% | |
| 90 | METMETLIFE INC | 77,510 | $6.0B | 0.14% | |
| 91 | DGDOLLAR GEN CORP NEW | 50,000 | $6.0B | 0.14% | |
| 92 | BCIABRDN ETFS | 350,000 | $6.0B | 0.14% | |
| 93 | ETHAISHARES ETHEREUM TR | 300,000 | $6.0B | 0.14% | |
| 94 | ETNEATON CORP PLC | 21,042 | $6.0B | 0.14% | |
| 95 | TAT&T INC | 215,797 | $5.0B | 0.12% | |
| 96 | GDGENERAL DYNAMICS CORP | 16,802 | $5.0B | 0.12% | |
| 97 | RMERESMED INC | 21,477 | $5.0B | 0.12% | |
| 98 | PRUPRUDENTIAL FINL INC | 52,320 | $5.0B | 0.12% | |
| 99 | LQDISHARES TR | 50,000 | $5.0B | 0.12% | Put |
| 100 | NUNU HLDGS LTD | 302,035 | $5.0B | 0.12% |
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