MAD RIVER INVESTORS Q4 2025 Filing
Filed February 6, 2026
Portfolio Value
$219.6M
Holdings
34
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (34 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | TPLTEXAS PACIFIC LAND CORPORATI | 286,083 | $82.2M | 37.41% | |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 360,454 | $24.6M | 11.22% | |
| 3 | PBTPERMIAN BASIN RTY TR | 986,819 | $16.8M | 7.63% | |
| 4 | HEHAWAIIAN ELEC INDUSTRIES | 1,298,350 | $16.0M | 7.27% | Call |
| 5 | LBLANDBRIDGE COMPANY LLC | 262,934 | $12.9M | 5.87% | |
| 6 | WPMWHEATON PRECIOUS METALS CORP | 97,604 | $11.5M | 5.22% | |
| 7 | MSBMESABI TR | 296,649 | $11.4M | 5.20% | |
| 8 | FBTCFIDELITY WISE ORIGIN BITCOIN | 70,859 | $5.4M | 2.46% | |
| 9 | WBIWATERBRIDGE INFRASTRUCTURE L | 257,000 | $5.1M | 2.34% | |
| 10 | FNVFRANCO NEV CORP | 23,594 | $4.9M | 2.23% | |
| 11 | CCLCARNIVAL CORP | 155,596 | $4.8M | 2.16% | |
| 12 | VTIVANGUARD INDEX FDS | 12,122 | $4.1M | 1.85% | |
| 13 | MIAXMIAMI INTL HLDGS INC | 75,050 | $3.3M | 1.52% | |
| 14 | BTCGRAYSCALE BITCOIN MINI TR ET | 77,647 | $3.0M | 1.37% | |
| 15 | CBOECBOE GLOBAL MKTS INC | 6,690 | $1.7M | 0.76% | |
| 16 | ORCLORACLE CORP | 8,050 | $1.6M | 0.71% | |
| 17 | AAPLAPPLE INC | 5,100 | $1.4M | 0.63% | |
| 18 | ICEINTERCONTINENTAL EXCHANGE IN | 7,645 | $1.2M | 0.56% | |
| 19 | PANWPALO ALTO NETWORKS INC | 5,484 | $1.0M | 0.46% | |
| 20 | AMZNAMAZON COM INC | 3,500 | $807K | 0.37% | |
| 21 | RGLDROYAL GOLD INC | 2,656 | $590K | 0.27% | |
| 22 | CINFCINCINNATI FINL CORP | 3,600 | $587K | 0.27% | |
| 23 | BRK/BBERKSHIRE HATHAWAY INC DEL | 1,125 | $565K | 0.26% | |
| 24 | UNHUNITEDHEALTH GROUP INC | 1,700 | $561K | 0.26% | |
| 25 | RLIRLI CORP | 7,500 | $479K | 0.22% | |
| 26 | CSCOCISCO SYS INC | 6,000 | $462K | 0.21% | |
| 27 | JPMJPMORGAN CHASE & CO. | 1,400 | $451K | 0.21% | |
| 28 | CA8ACACI INTL INC | 805 | $428K | 0.19% | |
| 29 | ETNEATON CORP PLC | 1,200 | $382K | 0.17% | |
| 30 | VIGVANGUARD SPECIALIZED FUNDS | 1,600 | $351K | 0.16% | |
| 31 | TRVCCITIGROUP INC | 3,000 | $350K | 0.16% | |
| 32 | RSPINVESCO EXCHANGE TRADED FD T | 1,508 | $288K | 0.13% | |
| 33 | KMBKIMBERLY-CLARK CORP | 2,800 | $282K | 0.13% | |
| 34 | JNJJOHNSON & JOHNSON | 1,200 | $248K | 0.11% |