Graham Capital Management, L.P. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$4.2B

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	$632.0M	15.13%	Put
2	IBITISHARES BITCOIN TRUST ETF	3,709,555	$183.0M	4.38%	Put
3	APLD 2.75 06/01/30APPLIED DIGITAL CORP	63,738,000	$171.0M	4.09%
4	NDQINVESCO QQQ TR	190,000	$116.0M	2.78%	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%
7	PCT 7.25 08/15/30PURECYCLE TECHNOLOGIES INC	68,167,000	$68.0M	1.63%
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%
10	TLRY 5.2 06/15/27TILRAY BRANDS INC	59,500,000	$60.0M	1.44%
11	REAL 4 02/15/31THE REALREAL INC	35,496,000	$60.0M	1.44%
12	GRPN 4.875 06/30/30 UNRSGROUPON INC	65,471,000	$58.0M	1.39%
13	AMZNAMAZON COM INC	246,872	$56.0M	1.34%
14	CLMTCALUMET INC	2,610,100	$51.0M	1.22%	Put
15	EOSEEOS ENERGY ENTERPRISES INC	4,446,615	$50.0M	1.20%	Put
16	METAMETA PLATFORMS INC	75,237	$49.0M	1.17%
17	KWEBKRANESHARES TRUST	1,420,390	$47.0M	1.12%	Call
18	EWCISHARES INC	806,849	$43.0M	1.03%
19	TLTISHARES TR	488,000	$42.0M	1.01%	Put
20	BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC	22,241,000	$41.0M	0.98%
21	NVDANVIDIA CORPORATION	222,279	$41.0M	0.98%
22	METC 0 11/01/31RAMACO RES INC	47,300,000	$40.0M	0.96%
23	NFLXNETFLIX INC	393,923	$36.0M	0.86%
24	CLSK 0 06/15/30CLEANSPARK INC	34,519,000	$35.0M	0.84%
25	HYGISHARES TR	430,100	$34.0M	0.81%	Put
26	CIFRCIPHER MINING INC	2,258,042	$33.0M	0.79%
27	GMEGAMESTOP CORP NEW	1,702,790	$33.0M	0.79%	Put
28	BITOPROSHARES TR	2,499,900	$30.0M	0.72%	Put
29	UPSUNITED PARCEL SERVICE INC	301,414	$29.0M	0.69%
30	MARA 0 03/01/30MARA HOLDINGS INC	36,029,000	$28.0M	0.67%
31	TRVCCITIGROUP INC	241,094	$28.0M	0.67%
32	MUMICRON TECHNOLOGY INC	96,114	$27.0M	0.65%
33	AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC	23,067,000	$26.0M	0.62%
34	GOOGALPHABET INC	80,654	$25.0M	0.60%
35	BABOEING CO	118,056	$25.0M	0.60%
36	FSLRFIRST SOLAR INC	98,074	$25.0M	0.60%
37	PCTPURECYCLE TECHNOLOGIES INC	2,609,600	$22.0M	0.53%	Put
38	CRMSALESFORCE INC	83,752	$22.0M	0.53%
39	CMECME GROUP INC	80,032	$21.0M	0.50%
40	MCDMCDONALDS CORP	68,737	$21.0M	0.50%
41	BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN	20,638,000	$20.0M	0.48%
42	SEI 0.25 10/01/31SOLARIS ENERGY INFRAS INC	18,233,000	$19.0M	0.45%
43	SPYSPDR S&P 500 ETF TR	28,000	$18.0M	0.43%	Put
44	NVV1NOVAVAX INC	2,571,220	$17.0M	0.41%	Put
45	XLUSELECT SECTOR SPDR TR	377,830	$16.0M	0.38%
46	BE 3 06/01/28BLOOM ENERGY CORP	194,563	$16.0M	0.38%
47	OPENOPENDOOR TECHNOLOGIES INC	2,768,208	$16.0M	0.38%
48	EMBJEMBRAER S.A.	245,272	$15.0M	0.36%
49	TE 5.25 12/01/30T1 ENERGY INC	10,500,000	$13.0M	0.31%
50	OIHVANECK ETF TRUST	48,000	$13.0M	0.31%
51	INTCINTEL CORP	367,124	$13.0M	0.31%
52	FXIISHARES TR	333,000	$12.0M	0.29%
53	RSPINVESCO EXCHANGE TRADED FD T	58,800	$11.0M	0.26%
54	MSFTMICROSOFT CORP	24,483	$11.0M	0.26%
55	HDHOME DEPOT INC	32,408	$11.0M	0.26%
56	PGPROCTER AND GAMBLE CO	79,619	$11.0M	0.26%
57	BACVERIZON COMMUNICATIONS INC	284,227	$11.0M	0.26%
58	TERTERADYNE INC	55,151	$10.0M	0.24%
59	ADBEADOBE INC	28,824	$10.0M	0.24%
60	ADPAUTOMATIC DATA PROCESSING IN	39,971	$10.0M	0.24%
61	COFCAPITAL ONE FINL CORP	44,664	$10.0M	0.24%
62	TJXTJX COS INC NEW	65,468	$10.0M	0.24%
63	JPMJPMORGAN CHASE & CO.	30,000	$9.0M	0.22%
64	IRENIREN LIMITED	242,729	$9.0M	0.22%
65	VVISA INC	28,032	$9.0M	0.22%
66	GPRE 5.25 11/01/30 144AGREEN PLAINS INC	9,350,000	$9.0M	0.22%
67	AVGOBROADCOM INC	25,000	$8.0M	0.19%
68	IGVISHARES TR	82,500	$8.0M	0.19%
69	XHBSPDR SERIES TRUST	87,200	$8.0M	0.19%
70	MOALTRIA GROUP INC	146,797	$8.0M	0.19%
71	SRLNSSGA ACTIVE ETF TR	200,000	$8.0M	0.19%
72	CMSCMS ENERGY CORP	118,748	$8.0M	0.19%
73	IEXIDEX CORP	47,105	$8.0M	0.19%
74	ALSALLSTATE CORP	34,011	$7.0M	0.17%
75	GISGENERAL MLS INC	165,515	$7.0M	0.17%
76	ABGCENCORA INC	21,715	$7.0M	0.17%
77	MLB1MERCADOLIBRE INC	3,898	$7.0M	0.17%
78	CHKPCHECK POINT SOFTWARE TECH LT	40,770	$7.0M	0.17%
79	XLVSELECT SECTOR SPDR TR	49,500	$7.0M	0.17%
80	AMEAMETEK INC	35,810	$7.0M	0.17%
81	XOMEXXON MOBIL CORP	63,585	$7.0M	0.17%
82	WMTWALMART INC	64,020	$7.0M	0.17%
83	BBIOBRIDGEBIO PHARMA INC	101,051	$7.0M	0.17%
84	METMETLIFE INC	77,510	$6.0M	0.14%
85	ETHAISHARES ETHEREUM TR	300,000	$6.0M	0.14%
86	DGDOLLAR GEN CORP NEW	50,000	$6.0M	0.14%
87	UBERUBER TECHNOLOGIES INC	82,491	$6.0M	0.14%
88	ETNEATON CORP PLC	21,042	$6.0M	0.14%
89	BCIABRDN ETFS	350,000	$6.0M	0.14%
90	BYND 7 10/15/30BEYOND MEAT INC	7,970,000	$6.0M	0.14%
91	RLRALPH LAUREN CORP	18,178	$6.0M	0.14%
92	TLRYTILRAY BRANDS INC	764,940	$6.0M	0.14%	Call
93	CITCINTAS CORP	35,285	$6.0M	0.14%
94	SABRSABRE CORP	4,451,200	$6.0M	0.14%
95	RTXRTX CORPORATION	30,890	$5.0M	0.12%
96	CNRCANADIAN NATL RY CO	59,880	$5.0M	0.12%
97	CATCATERPILLAR INC	10,000	$5.0M	0.12%
98	GPRE 2.25 03/15/27GREEN PLAINS INC	6,126,000	$5.0M	0.12%
99	GDGENERAL DYNAMICS CORP	16,802	$5.0M	0.12%
100	RMERESMED INC	21,477	$5.0M	0.12%

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