K2 PRINCIPAL FUND, L.P. Q1 2025 Filing

Filed May 15, 2025

Portfolio Value

$788.2M

Holdings

297

Report Date

Q1 2025

Filing Type

13F-HR

All Holdings (297 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	GQ9SPDR GOLD TR	167,746	$48.3M	6.13%	Put
2	PTON 0 02/15/26PELOTON INTERACTIVE INC	15,679	$14.9M	1.89%
3	NTNX 0.25 10/01/27NUTANIX INC	11,000	$14.7M	1.86%
4	GOOGALPHABET INC	92,000	$14.4M	1.82%	Call
5	IBITISHARES BITCOIN TRUST ETF	305,000	$14.3M	1.81%	Put
6	VOOVANGUARD INDEX FDS	27,500	$14.1M	1.79%	Put
7	OPEN 0.25 08/15/26OPENDOOR TECHNOL	15,429	$13.7M	1.74%
8	DBX 0 03/01/26DROPBOX INC	13,859	$13.7M	1.74%
9	SPCE 2.5 02/01/27VIRGIN GALACTIC	33,000	$13.5M	1.72%
10	TRIP 0.25 04/01/26TRIPADVISOR INC	14,000	$13.3M	1.69%
11	ACACN 4 07/01/25AIR CANADA	13,230	$12.7M	1.61%
12	—KAR AUCTION	12,487	$12.5M	1.58%
13	—HENNESSY CAP INVT CORP VII	1,049,683	$10.4M	1.32%
14	SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO	8,500	$10.3M	1.30%
15	STRCNA 6.875 08/01/26 144ASTRATHCONA RESOU	10,000	$10.0M	1.27%
16	—MICROSTRATEGY	12,000	$9.7M	1.23%
17	TLNTALEN ENERGY CORP	48,207	$9.6M	1.22%	Put
18	XIFR 2.5 06/15/26NEXTERA ENGY PTR	10,000	$9.6M	1.21%
19	JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP	10,000	$9.4M	1.20%
20	UPST 0.25 08/15/26UPSTART HLDGS INC	10,000	$9.3M	1.18%
21	RPD 0.25 03/15/27RAPID7 INC	10,000	$9.2M	1.16%
22	NICEIT 0 09/15/25NICE LTD	9,321	$9.1M	1.15%
23	—MARA HOLDINGS	12,500	$9.0M	1.14%
24	AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP	9,500	$8.9M	1.13%
25	IIPR 5.5 05/25/26 *IIP OP PRTNRSHP	9,082	$8.9M	1.13%
26	BBCN 3 02/15/29BLACKBERRY LTD	7,000	$8.8M	1.12%
27	FSLY 0 03/15/26FASTLY INC	9,249	$8.8M	1.11%
28	LCID 1.25 12/15/26LUCID GROUP	10,000	$8.0M	1.01%
29	ACCD 0.5 04/01/26ACCOLADE INC	8,000	$7.9M	1.00%
30	—CEC ENTERTAIN	7,961	$7.9M	1.00%
31	WT 3.25 06/15/26WISDOMTREE INC	7,344	$7.6M	0.97%
32	GFR 12 10/01/28 144AGREENFIRE RESOUR	7,000	$7.4M	0.94%
33	—HE EQUIPMENT	7,230	$7.2M	0.92%
34	SEISOLARIS ENERGY INFRAS INC	331,039	$7.2M	0.91%	Put
35	SNAP 0.25 05/01/25SNAP INC	7,100	$7.1M	0.90%
36	ASTS 4.25 03/01/32AST SPACEMOBILE	6,000	$7.1M	0.90%
37	LITE 1.5 12/15/29LUMENTUM HLDGS INC	6,000	$7.0M	0.89%
38	ABEGET 9.75 03/01/27 144AGETTY IMAGES INC	7,000	$7.0M	0.89%
39	CENX 2.75 05/01/28CENTURY ALUM CO	5,750	$6.9M	0.88%
40	FSLRFIRST SOLAR INC	54,104	$6.8M	0.87%	Call
41	AMC 6 04/30/30 144AMUVICO LLC	7,158	$6.8M	0.86%
42	COINCOINBASE GLOBAL	7,000	$6.5M	0.83%
43	AAOI 2.75 01/15/30APPLIED OPTOELECTRONICS INC	8,000	$6.3M	0.81%
44	SABHLD 4 04/15/25SABRE GLBL INC	6,309	$6.3M	0.80%
45	SPRYARS PHARMACEUTICALS INC	497,355	$6.3M	0.79%	Call
46	CORZ 0 06/15/31CORE SCIENTIFIC	7,500	$6.2M	0.79%
47	PENN 2.75 05/15/26PENN ENTERTAINMENT INC	6,000	$6.2M	0.79%
48	WTWISDOMTREE INC	6,000	$6.0M	0.77%
49	HESHESS CORP	36,782	$5.9M	0.75%
50	BL 0 03/15/26BLACKLINE INC	6,000	$5.7M	0.73%
51	PAR 1.5 10/15/27PAR TECHNOLOGY CORP	5,000	$5.4M	0.68%
52	SLVISHARES SILVER TR	172,700	$5.4M	0.68%	Put
53	ARKKARK ETF TR	110,000	$5.2M	0.66%	Put
54	ON 0 05/01/27ON SEMICONDUCTOR CORP	5,000	$5.2M	0.66%
55	—IRIS ENERGY LTD	7,000	$5.1M	0.65%
56	AAL 6.5 07/01/25AMERICAN AIRLINES GROUP INC	5,000	$5.0M	0.64%
57	FNVFRANCO NEV CORP	29,500	$4.6M	0.59%	Call
58	WULF 2.75 02/01/30TERAWULF INC	6,500	$4.5M	0.58%
59	GLXYLP 2.5 12/01/29GALAXY DIG HO LP	5,500	$4.5M	0.57%
60	INFN 3.75 08/01/28INFINERA CORP	3,500	$4.5M	0.57%
61	IONQIONQ INC	200,000	$4.4M	0.56%	Put
62	GPRO 1.25 11/15/25GOPRO INC	5,000	$4.4M	0.56%
63	NLOPNET LEASE OFFICE PROPERTIES	140,000	$4.4M	0.56%
64	LARCN 1.75 01/15/27LITHIUM ARGENTINA AG	5,095	$4.2M	0.53%
65	AEIS 2.5 09/15/28ADVANCED ENERGY INDS	4,000	$4.1M	0.52%
66	WLACWILLOW LANE ACQUISITION CORP	407,894	$4.1M	0.52%
67	MARAMARATHON DIGITAL	5,000	$4.1M	0.52%
68	LTRPA 0.5 06/30/51LIB TRIP ADV HOL	4,000	$4.0M	0.51%
69	SAVE 11 03/12/30 144ASPIRIT LOYALTY	4,197	$3.9M	0.49%
70	MSTR 0 03/01/30MICROSTRATEGY	4,000	$3.8M	0.49%
71	CCIICOHEN CIRCLE ACQUISITION COR	333,306	$3.7M	0.47%
72	UPWK 0.25 08/15/26UPWORK INC	4,000	$3.7M	0.47%
73	PRO 2.25 09/15/27PROS HOLDINGS INC	4,000	$3.7M	0.47%
74	CEPFCANTOR EQUITY PARTNERS I INC	361,517	$3.7M	0.47%
75	RACRITHM ACQUISITION CORP	350,000	$3.5M	0.45%
76	IAUCN 8 02/22/27I-80 GOLD CORP	4,000	$3.4M	0.43%
77	SVCCUSTELLAR V CAP CORP	339,920	$3.4M	0.43%
78	DOOBRP INC	100,000	$3.4M	0.43%	Put
79	BEAGBOLD EAGLE ACQUISITION CORP	330,416	$3.4M	0.43%
80	—NABORS ENERGY TRANSITION COR	300,000	$3.3M	0.42%
81	ATIIARCHIMEDES TECH SPAC PARTNER	319,790	$3.2M	0.41%
82	CIENCIENA CORP	53,013	$3.2M	0.41%	Call
83	SRGSERITAGE GROWTH PPTYS	991,196	$3.2M	0.41%
84	CORZ 3 09/01/29CORE SCIENTIFIC	3,000	$3.2M	0.40%
85	IJRISHARES TR	30,000	$3.1M	0.40%	Put
86	NHICUNEWHOLD INVT CORP III	311,335	$3.1M	0.40%
87	OMCOMNICOM GROUP INC	37,000	$3.1M	0.39%	Put
88	BTOCN 2.75 02/01/30B2GOLD CORP	2,500	$2.9M	0.37%
89	SSRMCN 2.5 04/01/39SSR MINING IN	2,888	$2.9M	0.37%
90	PDSPRECISION DRILLING CORP	61,446	$2.9M	0.36%
91	LITE 0.5 06/15/28LUMENTUM HLDGS INC	3,000	$2.8M	0.35%
92	BTDR 5.25 12/01/29BITDEER TECHNO	3,000	$2.8M	0.35%
93	AMZNAMAZON COM INC	14,372	$2.7M	0.35%
94	HLTHILTON WORLDWIDE HLDGS INC	12,000	$2.7M	0.35%	Call
95	FYBRFRONTIER COMMUNICATIONS PARE	71,074	$2.5M	0.32%
96	LOBLIVE OAK ACQUISITION CORP V	250,000	$2.5M	0.32%
97	UBERUBER TECHNOLOGIES INC	34,430	$2.5M	0.32%
98	XIFR 0 11/15/25NEXTERA ENGY PTR	2,500	$2.4M	0.31%
99	WDCWESTERN DIGITAL CORP	59,279	$2.4M	0.30%
100	ABNBAIRBNB INC	20,000	$2.4M	0.30%	Put

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