Hudson Bay Capital Management LP Q3 2025 Filing

Filed November 13, 2025

Portfolio Value

$30.1B

Holdings

1,030

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (1,030 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	NVDANVIDIA CORPORATION	14,392,655	$2.7B	8.93%	Put
2	TSLATESLA INC	4,420,575	$2.0B	6.53%	Put
3	AMZNAMAZON COM INC	8,921,145	$2.0B	6.51%	Put
4	SPYSPDR S&P 500 ETF TR	1,587,700	$1.1B	3.52%	Put
5	AAPLAPPLE INC	3,740,591	$952.5M	3.17%	Put
6	IWMISHARES TR	3,644,666	$881.9M	2.93%	Put
7	NFLXNETFLIX INC	623,049	$747.0M	2.48%	Put
8	BRK/BBERKSHIRE HATHAWAY INC DEL	1,307,415	$657.3M	2.18%	Put
9	AMDADVANCED MICRO DEVICES INC	3,851,156	$623.1M	2.07%	Put
10	IBITISHARES BITCOIN TRUST ETF	9,106,378	$591.9M	1.97%	Put
11	HYGISHARES TR	7,190,000	$583.8M	1.94%	Put
12	MIGASTRATEGY INC	1,788,211	$576.2M	1.92%	Put
13	HOODROBINHOOD MKTS INC	3,925,404	$562.0M	1.87%	Put
14	NDQINVESCO QQQ TR	876,540	$526.2M	1.75%	Put
15	—INFLECTION PT ACQUISITION CO	1,012,400	$445.5M	1.48%
16	DLTRDOLLAR TREE INC	4,431,376	$418.2M	1.39%	Put
17	QC10FLAGSTAR FINANCIAL INC	34,689,439	$400.7M	1.33%
18	DMIIDRUGS MADE IN AMER ACQUTN CO	1,800,000	$391.3M	1.30%
19	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,343,431	$375.2M	1.25%	Put
20	SMHVANECK ETF TRUST	1,084,342	$353.9M	1.18%	Put
21	SO 3.875 12/15/25SOUTHERN CO	279,129,000	$314.7M	1.05%
22	CNX 2.25 05/01/26CNX RES CORP	122,098,000	$305.4M	1.02%
23	DXCM 0.25 11/15/25DEXCOM INC	259,028,000	$257.3M	0.86%
24	JACSJACKSON ACQUISITION CO II	950,000	$256.5M	0.85%
25	WDAYWORKDAY INC	1,011,648	$243.5M	0.81%	Put
26	DASHDOORDASH INC	890,329	$242.2M	0.80%	Put
27	CYBRCYBERARK SOFTWARE LTD	476,630	$230.3M	0.77%
28	PCG 4.25 12/01/27PG&E CORP	205,445,000	$208.2M	0.69%
29	TMUST-MOBILE US INC	866,612	$207.4M	0.69%	Put
30	LLYELI LILLY & CO	259,516	$198.0M	0.66%	Put
31	PLTRPALANTIR TECHNOLOGIES INC	1,030,382	$188.0M	0.62%	Put
32	COSTCOSTCO WHSL CORP NEW	203,045	$187.9M	0.62%	Put
33	BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD	95,000,000	$174.7M	0.58%
34	GOOGALPHABET INC	714,118	$173.9M	0.58%	Put
35	SATS 3.875 11/30/30ECHOSTAR CORP	70,229,627	$173.3M	0.58%
36	UNHUNITEDHEALTH GROUP INC	500,000	$172.7M	0.57%	Put
37	EAELECTRONIC ARTS INC	847,449	$170.9M	0.57%	Put
38	BABOEING CO	752,700	$162.5M	0.54%	Put
39	—NEWHOLD INVT CORP III	438,625	$157.9M	0.52%
40	BPBP PLC	4,515,000	$155.6M	0.52%
41	RAAQREAL ASSET ACQUISITION CORP	325,000	$146.3M	0.49%
42	—CRANE HBR ACQUISITION CORP	450,000	$144.0M	0.48%
43	KCHVKOCHAV DEFENSE ACQUI CO	650,000	$143.0M	0.48%
44	RIG 4.625 09/30/29 *TRANSOCEAN INC	118,146,000	$142.2M	0.47%
45	—CSLM DIGITA ASSET ACQ CORP I	325,000	$140.4M	0.47%
46	EUDAEUDA HEALTH HOLDINGS LTD	320,000	$138.8M	0.46%
47	SLBSCHLUMBERGER LTD	4,007,420	$137.7M	0.46%	Put
48	KELKELLANOVA	1,669,943	$137.0M	0.46%	Put
49	ABNBAIRBNB INC	1,108,574	$134.6M	0.45%	Put
50	GOOGLALPHABET INC	532,101	$129.4M	0.43%	Put
51	PSQH/WSPSQ HOLDINGS INC	673,474	$128.0M	0.43%
52	IDCC 3.5 06/01/27INTERDIGITAL INC	27,500,000	$123.1M	0.41%
53	COINCOINBASE GLOBAL INC	355,129	$119.9M	0.40%	Put
54	OYSEOYSTER ENTERPRISES II ACQUIS	696,530	$118.4M	0.39%
55	UNIT 7.5 12/01/27UNITI GROUP LLC	107,052,000	$116.9M	0.39%
56	PLMKPLUM ACQUISITION CORP IV	425,000	$114.8M	0.38%
57	SDHISIDDHI ACQUISITION CORP	550,000	$110.5M	0.37%
58	CDNSCADENCE DESIGN SYSTEM INC	300,367	$105.5M	0.35%	Put
59	ANETARISTA NETWORKS INC	693,427	$101.0M	0.34%
60	FLUTFLUTTER ENTMT PLC	395,120	$100.4M	0.33%
61	BCARD. BORAL ARC ACQ I CORP.	450,000	$99.0M	0.33%
62	—NEWBURY STR II ACQUISITION C	387,074	$98.5M	0.33%
63	CRWDCROWDSTRIKE HLDGS INC	200,000	$98.1M	0.33%	Put
64	XOMEXXON MOBIL CORP	861,986	$97.2M	0.32%	Put
65	CUZCOUSINS PPTYS INC	3,315,646	$96.0M	0.32%
66	VNOVORNADO RLTY TR	2,358,316	$95.6M	0.32%
67	—TRANSLATIONAL DEV ACQUISITIO	325,000	$94.3M	0.31%
68	SLGSL GREEN RLTY CORP	1,460,373	$87.3M	0.29%
69	SATLWSATELLOGIC INC	278,840	$86.4M	0.29%
70	CRAQCAL REDWOOD ACQUISITION CORP	368,363	$84.7M	0.28%
71	GILDGILEAD SCIENCES INC	742,014	$82.4M	0.27%	Put
72	YCYAA MISSION ACQUISITION CORP	500,000	$80.0M	0.27%
73	MLACMOUNTAIN LAKE ACQUISITION CO	400,000	$80.0M	0.27%
74	OABIWOMNIAB INC	465,229	$79.1M	0.26%
75	COFCAPITAL ONE FINL CORP	370,998	$78.9M	0.26%	Call
76	CSCOCISCO SYS INC	1,151,372	$78.8M	0.26%	Put
77	AALAMERICAN AIRLS GROUP INC	6,847,900	$77.0M	0.26%	Put
78	BAC 0.6 05/25/27 MTNBOFA FIN LLC	75,808,000	$75.1M	0.25%
79	BEAGBOLD EAGLE ACQUISITION CORP	275,745	$74.5M	0.25%
80	MRKMERCK & CO INC	880,255	$73.9M	0.25%	Put
81	CARTMAPLEBEAR INC	1,976,062	$72.6M	0.24%	Call
82	EWEDWARDS LIFESCIENCES CORP	932,720	$72.5M	0.24%
83	CHARCHARLTON ARIA ACQUISITION CO	325,000	$71.5M	0.24%
84	GSHRGESHER ACQUISITION CORP. II	212,500	$71.2M	0.24%
85	MRUSMERUS N V	740,394	$69.7M	0.23%
86	NOEMRCO2 ENERGY TRANSITION CORP	290,000	$69.6M	0.23%
87	—NABORS ENERGY TRANSITION COR	248,400	$69.6M	0.23%
88	SOFISOFI TECHNOLOGIES INC	2,616,890	$69.1M	0.23%	Put
89	LMTLOCKHEED MARTIN CORP	137,743	$68.8M	0.23%	Put
90	NTSTNETSTREIT CORP	3,794,639	$68.5M	0.23%
91	TVAITHAYER VENTURES ACQ CORP II	375,000	$67.5M	0.22%
92	EGHAEGH ACQUISITION CORP.	319,833	$67.2M	0.22%
93	XOPSPDR SERIES TRUST	504,900	$66.7M	0.22%	Put
94	GTLSCHART INDS INC	330,360	$66.1M	0.22%
95	BTUPEABODY ENERGY CORP	2,422,266	$64.2M	0.21%
96	MSFTMICROSOFT CORP	121,840	$63.1M	0.21%	Call
97	CRGOFREIGHTOS LTD	250,000	$62.5M	0.21%
98	CMGCHIPOTLE MEXICAN GRILL INC	1,563,206	$61.3M	0.20%	Put
99	LCCCLAKESHORE ACQUISITION III CO	300,000	$61.2M	0.20%
100	BRXBRIXMOR PPTY GROUP INC	2,208,388	$61.1M	0.20%

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