HBK INVESTMENTS L P Q3 2025 Filing

Filed November 14, 2025

Portfolio Value

$164.0B

Holdings

214

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (214 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	CYBRCYBERARK SOFTWARE LTD	42,300,000	$20.4B	12.46%
2	SPYSPDR S&P 500 ETF TR	17,872,146	$11.9B	7.26%	PUT
3	VRNAVERONA PHARMA PLC	76,744,368	$8.2B	4.99%
4	GTLSCHART INDS INC	38,301,750	$7.7B	4.67%
5	NSCNORFOLK SOUTHN CORP	22,860,000	$6.9B	4.19%
6	LBRDKLIBERTY BROADBAND CORP	102,150,000	$6.5B	3.96%
7	INFA1EURINFORMATICA INC	233,517,546	$5.8B	3.54%
8	DAYDAYFORCE INC	77,400,000	$5.3B	3.25%
9	IPGINTERPUBLIC GROUP COS INC	190,441,116	$5.3B	3.24%
10	NVDANVIDIA CORPORATION	27,529,200	$5.1B	3.13%	PUT
11	MRUSMERUS N V	51,300,000	$4.8B	2.94%
12	07WAMR COOPER GROUP INC	17,100,000	$3.6B	2.22%
13	ALAIR LEASE CORP	49,500,000	$3.2B	1.92%
14	GQ9SPDR GOLD TR	8,800,200	$3.1B	1.91%	PUT
15	MTSRMETSERA INC	57,600,000	$3.0B	1.84%
16	KELKELLANOVA	36,000,000	$3.0B	1.80%
17	WNSWNS HLDGS LTD	35,423,856	$2.7B	1.65%
18	NDQINVESCO QQQ TR	4,338,000	$2.6B	1.59%	PUT
19	JENAJENA ACQUISITION CORP II	12,600,000	$2.5B	1.54%
20	AHLASPEN INSURANCE HOLDINGS LTD	65,045,502	$2.4B	1.46%
21	FYBRFRONTIER COMMUNICATIONS PARE	63,450,000	$2.4B	1.44%
22	ARKBARK 21SHARES BITCOIN ETF	58,536,666	$2.2B	1.36%
23	AACBARTIUS II ACQUISITION INC	9,000,000	$2.2B	1.32%
24	IWMISHARES TR	7,612,794	$1.8B	1.12%	PUT
25	GJBSTEELCASE INC	99,845,010	$1.7B	1.05%
26	TSMTAIWAN SEMICONDUCTOR MFG LTD	6,100,200	$1.7B	1.04%	PUT
27	SPNSSAPIENS INTL CORP N V	35,115,570	$1.5B	0.92%
28	NBISNEBIUS GROUP N.V.	12,470,400	$1.4B	0.85%	PUT
29	AGNCAGNC INVT CORP	132,472,800	$1.3B	0.79%	PUT
30	XOPSPDR SERIES TRUST	8,910,000	$1.2B	0.72%	PUT
31	TWO 6.25 01/15/26TWO HARBORS INVENTMENT CORPO	1,117,386,000	$1.1B	0.67%
32	SDHISIDDHI ACQUISITION CORP	5,400,000	$1.1B	0.66%
33	UBERUBER TECHNOLOGIES INC	10,671,174	$1.0B	0.64%	PUT
34	W 3.25 09/15/27WAYFAIR INC	675,000,000	$1.0B	0.63%
35	CPACOPA HOLDINGS SA	8,404,200	$998.6M	0.61%	PUT
36	VTYVERINT SYS INC	49,011,516	$992.5M	0.61%
37	WWAYFAIR INC	446,490,000	$926.3M	0.56%
38	PTON 5.5 12/01/29PELOTON INTERACTIVE INC	405,000,000	$904.0M	0.55%
39	TFXTELEFLEX INCORPORATED	7,198,416	$880.8M	0.54%	PUT
40	GMEGAMESTOP CORP NEW	30,882,834	$842.5M	0.51%	PUT
41	FETHFIDELITY ETHEREUM FD	20,270,502	$842.2M	0.51%
42	PAIIPYROPHYTE ACQUISITION CORP.	2,250,000	$787.5M	0.48%
43	MIGASTRATEGY INC	2,394,000	$771.4M	0.47%	PUT
44	CNKCINEMARK HLDGS INC	27,414,000	$768.1M	0.47%	PUT
45	WBDWARNER BROS DISCOVERY INC	38,970,000	$761.1M	0.46%	CALL
46	LTMLATAM AIRLINES GROUP SA	14,999,400	$678.7M	0.41%	PUT
47	SOCASOLARIUS CAPITAL ACQU CORP	2,700,000	$670.1M	0.41%
48	NWSANEWS CORP NEW	21,664,026	$665.3M	0.41%
49	MSTRSTRATEGY INC	289,926,000	$649.5M	0.40%
50	BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD	351,000,000	$645.4M	0.39%
51	ANIP 2.25 09/01/29ANI PHARMACEUTICALS INC	452,700,000	$636.1M	0.39%
52	IBITISHARES BITCOIN TRUST ETF	9,406,800	$611.4M	0.37%	PUT
53	BEAGBOLD EAGLE ACQUISITION CORP	2,250,000	$607.5M	0.37%
54	SNDKSANDISK CORP	5,326,092	$597.6M	0.36%	PUT
55	FBTCFIDELITY WISE ORIGIN BITCOIN	5,962,896	$595.2M	0.36%
56	HIMSHIMS & HERS HEALTH INC	9,388,926	$532.5M	0.32%	PUT
57	TXNM 5.75 06/01/54TXNM ENERGY INC	405,000,000	$530.1M	0.32%
58	DDOGDATADOG INC	3,603,600	$513.2M	0.31%	CALL
59	FRPT 3 04/01/28FRESHPET INC	450,000,000	$508.6M	0.31%
60	SOLVSOLVENTUM CORP	6,941,556	$506.7M	0.31%
61	SPR 3.25 11/01/28SPIRIT AEROSYSTEMS INC	342,000,000	$503.8M	0.31%
62	AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP	449,226,000	$485.0M	0.30%
63	KOS 3.125 03/15/30KOSMOS ENERGY LTD	733,500,000	$469.1M	0.29%
64	RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC	495,000,000	$454.9M	0.28%
65	ETHWBITWISE ETHEREUM ETF	15,006,276	$447.5M	0.27%
66	SIRISIRIUSXM HOLDINGS INC	18,633,600	$433.7M	0.26%	CALL
67	PMT 5.5 03/15/26PENNYMAC CORP	393,120,000	$392.6M	0.24%
68	DUK 4.125 04/15/26DUKE ENERGY CORP NEW	360,000,000	$387.0M	0.24%
69	PMT 8.5 06/01/29PENNYMAC CORP	364,500,000	$377.3M	0.23%
70	CNP 4.25 08/15/26CENTERPOINT ENERGY INC	333,000,000	$369.9M	0.23%
71	FVICN 3.75 06/30/29FORTUNA MNG CORP	234,000,000	$369.3M	0.23%
72	COINCOINBASE GLOBAL INC	1,049,400	$354.2M	0.22%	PUT
73	CONCONCENTRA GROUP HOLDINGS PAR	15,669,864	$328.0M	0.20%
74	RWT 5.75 10/01/25RWT HLDGS INC	325,008,000	$323.9M	0.20%
75	BATRAATLANTA BRAVES HLDGS INC	7,699,158	$320.2M	0.20%
76	TSLATESLA INC	714,600	$317.8M	0.19%	PUT
77	TRIPTRIPADVISOR INC	19,190,880	$312.0M	0.19%	PUT
78	CVLTCOMMVAULT SYS INC	1,614,600	$304.8M	0.19%	PUT
79	PAR 1.5 10/15/27PAR TECHNOLOGY CORP	312,876,000	$301.0M	0.18%
80	FQIDIGITAL RLTY TR INC	1,692,396	$292.6M	0.18%	PUT
81	VAC 3.25 12/15/27MARRIOTT VACATIONS WORLDWIDE	297,000,000	$284.6M	0.17%
82	BITBBITWISE BITCOIN ETF TR	4,520,196	$281.2M	0.17%
83	VERX 0.75 05/01/29VERTEX INC	270,000,000	$275.1M	0.17%
84	—FIGX CAP ACQUISITION CORP.	1,125,018	$270.0M	0.16%
85	PI 1.125 05/15/27IMPINJ INC	152,046,000	$254.4M	0.16%
86	LDOSLEIDOS HOLDINGS INC	1,224,000	$231.3M	0.14%	PUT
87	JETSETF SER SOLUTIONS	9,239,400	$227.8M	0.14%	PUT
88	ETHGRAYSCALE ETHEREUM MINI TR E	5,600,538	$219.4M	0.13%
89	SHAK 0 03/01/28SHAKE SHACK INC	225,000,000	$214.1M	0.13%
90	DJTTRUMP MEDIA & TECHNOLOGY GRO	12,690,288	$208.4M	0.13%	PUT
91	BTCGRAYSCALE BITCOIN MINI TR ET	4,080,690	$206.6M	0.13%
92	LNTH 2.625 12/15/27LANTHEUS HLDGS INC	193,014,000	$203.0M	0.12%
93	BUDANHEUSER BUSCH INBEV SA/NV	3,344,364	$199.4M	0.12%
94	PMTPENNYMAC MTG INVT TR	14,610,600	$179.1M	0.11%	PUT
95	NIO 4.625 10/15/30NIO INC	167,400,000	$176.2M	0.11%
96	ACHRARCHER AVIATION INC	18,000,000	$172.4M	0.11%
97	CLVTRIP COM GROUP LTD	2,224,800	$167.3M	0.10%	PUT
98	BACBANK AMERICA CORP	3,002,400	$154.9M	0.09%	PUT
99	KWEBKRANESHARES TRUST	3,600,000	$151.2M	0.09%	PUT
100	LGNLEGENCE CORP	4,680,000	$144.2M	0.09%

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