MAD RIVER INVESTORS Q3 2025 Filing
Filed October 14, 2025
Portfolio Value
$233.8B
Holdings
37
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (37 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | TPLTEXAS PACIFIC LAND CORPORATI | 95,172 | $88.9B | 38.01% | Put |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 360,954 | $32.4B | 13.86% | |
| 3 | PBTPERMIAN BASIN RTY TR | 922,230 | $16.8B | 7.20% | |
| 4 | HEHAWAIIAN ELEC INDUSTRIES | 1,230,250 | $13.6B | 5.81% | |
| 5 | LBLANDBRIDGE COMPANY LLC | 241,056 | $12.9B | 5.50% | |
| 6 | WPMWHEATON PRECIOUS METALS CORP | 97,927 | $11.0B | 4.69% | |
| 7 | MSBMESABI TR | 295,523 | $8.6B | 3.70% | |
| 8 | FBTCFIDELITY WISE ORIGIN BITCOIN | 71,804 | $7.2B | 3.07% | |
| 9 | WBIWATERBRIDGE INFRASTRUCTURE L | 251,700 | $6.3B | 2.72% | |
| 10 | FNVFRANCO NEV CORP | 23,579 | $5.3B | 2.25% | |
| 11 | CCLCARNIVAL CORP | 155,396 | $4.5B | 1.92% | |
| 12 | BTCGRAYSCALE BITCOIN MINI TR ET | 82,179 | $4.2B | 1.78% | |
| 13 | VTIVANGUARD INDEX FDS | 12,122 | $4.0B | 1.70% | |
| 14 | MIAXMIAMI INTL HLDGS INC | 74,600 | $3.0B | 1.28% | |
| 15 | ORCLORACLE CORP | 8,050 | $2.3B | 0.97% | |
| 16 | CBOECBOE GLOBAL MKTS INC | 6,655 | $1.6B | 0.70% | |
| 17 | ICEINTERCONTINENTAL EXCHANGE IN | 7,720 | $1.3B | 0.56% | |
| 18 | AAPLAPPLE INC | 5,000 | $1.3B | 0.54% | |
| 19 | PANWPALO ALTO NETWORKS INC | 5,484 | $1.1B | 0.48% | |
| 20 | AMZNAMAZON COM INC | 3,400 | $746.5M | 0.32% | |
| 21 | BRK/BBERKSHIRE HATHAWAY INC DEL | 1,175 | $590.7M | 0.25% | |
| 22 | UNHUNITEDHEALTH GROUP INC | 1,700 | $587.0M | 0.25% | |
| 23 | CINFCINCINNATI FINL CORP | 3,600 | $569.2M | 0.24% | |
| 24 | VIGVANGUARD SPECIALIZED FUNDS | 2,600 | $561.1M | 0.24% | |
| 25 | AYS1SANDSTORM GOLD LTD | 42,592 | $533.3M | 0.23% | |
| 26 | RLIRLI CORP | 7,500 | $489.1M | 0.21% | |
| 27 | ETNEATON CORP PLC | 1,200 | $449.1M | 0.19% | |
| 28 | JPMJPMORGAN CHASE & CO. | 1,400 | $441.6M | 0.19% | |
| 29 | CSCOCISCO SYS INC | 6,000 | $410.5M | 0.18% | |
| 30 | CA8ACACI INTL INC | 805 | $401.5M | 0.17% | |
| 31 | KMBKIMBERLY-CLARK CORP | 2,800 | $348.2M | 0.15% | |
| 32 | TRVCCITIGROUP INC | 3,000 | $304.5M | 0.13% | |
| 33 | RSPINVESCO EXCHANGE TRADED FD T | 1,508 | $286.1M | 0.12% | |
| 34 | FEFIRSTENERGY CORP | 5,700 | $261.2M | 0.11% | |
| 35 | JNJJOHNSON & JOHNSON | 1,200 | $222.5M | 0.10% | |
| 36 | CRMSALESFORCE INC | 900 | $213.3M | 0.09% | |
| 37 | GLPIGAMING & LEISURE PPTYS INC | 4,558 | $212.4M | 0.09% |