Parallax Volatility Advisers, L.P. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$50.7B

Holdings

820

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (820 positions)

#	Stock	Shares	Value	% Portfolio	Type
301	BMYBRISTOL-MYERS SQUIBB CO	239,500	$11.0M	0.02%	Put
302	ON 0 05/01/27ON SEMICONDUCTOR CORP	10,000,000	$11.0M	0.02%
303	NRANRG ENERGY INC	70,373	$11.0M	0.02%	Call
304	SCCOSOUTHERN COPPER CORP	80,100	$11.0M	0.02%	Call
305	GILDGILEAD SCIENCES INC	104,051	$11.0M	0.02%	Put
306	XIFRXPLR INFRASTRUCTURE LP	1,236,607	$11.0M	0.02%	Put
307	FFORD MTR CO	991,610	$11.0M	0.02%	Put
308	MSTR 0 12/01/29STRATEGY INC	13,000,000	$10.0M	0.02%
309	ETSYETSY INC	209,076	$10.0M	0.02%	Put
310	TLRYTILRAY BRANDS INC	1,255,500	$10.0M	0.02%	Put
311	APAAPA CORPORATION	449,694	$10.0M	0.02%	Put
312	TKOTKO GROUP HOLDINGS INC	50,000	$10.0M	0.02%	Call
313	NXENEXGEN ENERGY LTD	1,146,400	$10.0M	0.02%	Put
314	PCTPURECYCLE TECHNOLOGIES INC	1,260,000	$10.0M	0.02%	Put
315	CVECENOVUS ENERGY INC	661,356	$10.0M	0.02%	Put
316	CSXCSX CORP	312,708	$10.0M	0.02%	Put
317	NTNXNUTANIX INC	222,319	$10.0M	0.02%	Put
318	FTNTFORTINET INC	135,816	$10.0M	0.02%	Put
319	GLWCORNING INC	127,089	$10.0M	0.02%	Put
320	SOSOUTHERN CO	125,900	$10.0M	0.02%	Put
321	ALGMALLEGRO MICROSYSTEMS INC	417,291	$10.0M	0.02%	Put
322	GH 0 11/15/27GUARDANT HEALTH INC	10,000,000	$10.0M	0.02%
323	AFRM 0 11/15/26AFFIRM HLDGS INC	10,500,000	$10.0M	0.02%
324	CBCHUBB LIMITED	33,600	$10.0M	0.02%	Put
325	SNDKSANDISK CORP	50,870	$10.0M	0.02%	Put
326	BTU 3.25 03/01/28PEABODY ENGR CORP	6,500,000	$10.0M	0.02%
327	METMETLIFE INC	136,400	$10.0M	0.02%	Put
328	DINOHF SINCLAIR CORP	223,517	$10.0M	0.02%	Put
329	HPEHEWLETT PACKARD ENTERPRISE C	443,800	$10.0M	0.02%	Put
330	RNGRINGCENTRAL INC	365,000	$9.0M	0.02%	Put
331	PARPAR TECHNOLOGY CORP	260,000	$9.0M	0.02%	Put
332	WMBWILLIAMS COS INC	152,500	$9.0M	0.02%	Put
333	AFLAFLAC INC	92,700	$9.0M	0.02%	Put
334	GWWWW GRAINGER INC	9,300	$9.0M	0.02%	Put
335	EAELECTRONIC ARTS INC	44,514	$9.0M	0.02%	Put
336	UUNITY SOFTWARE INC	256,528	$9.0M	0.02%	Put
337	WIXWIX COM LTD	93,590	$9.0M	0.02%	Put
338	LNGCHENIERE ENERGY INC	47,100	$9.0M	0.02%	Put
339	BHPBHP GROUP LTD	162,516	$9.0M	0.02%	Put
340	APHAMPHENOL CORP NEW	77,942	$9.0M	0.02%	Put
341	SEALTD 0.25 09/15/26SEA LTD	10,000,000	$9.0M	0.02%
342	DKSDICKS SPORTING GOODS INC	50,900	$9.0M	0.02%	Put
343	TRIP 0.25 04/01/26TRIPADVISOR INC	10,000,000	$9.0M	0.02%
344	JKSJINKOSOLAR HLDG CO LTD	391,201	$9.0M	0.02%	Put
345	RHCRH PLC	70,868	$8.0M	0.02%	Put
346	OWLBLUE OWL CAPITAL INC	653,300	$8.0M	0.02%	Put
347	JEFJEFFERIES FINL GROUP INC	145,900	$8.0M	0.02%	Put
348	PPL 2.875 03/15/28PPL CAP FDG INC	7,500,000	$8.0M	0.02%
349	EQXEQUINOX GOLD CORP	602,700	$8.0M	0.02%	Call
350	WGOWINNEBAGO INDS INC	200,000	$8.0M	0.02%	Put
351	FT2FIRST HORIZON CORPORATION	383,718	$8.0M	0.02%	Put
352	PGPROCTER AND GAMBLE CO	69,739	$8.0M	0.02%	Put
353	BMOBANK MONTREAL QUE	66,250	$8.0M	0.02%	Put
354	WDAYWORKDAY INC	42,100	$8.0M	0.02%	Put
355	KEYKEYCORP	447,537	$8.0M	0.02%	Put
356	MPCMARATHON PETE CORP	58,697	$8.0M	0.02%	Put
357	MOSMOSAIC CO NEW	394,167	$8.0M	0.02%	Put
358	GLXYGALAXY DIGITAL INC.	408,400	$8.0M	0.02%	Put
359	LOWLOWES COS INC	39,072	$8.0M	0.02%	Put
360	TJXTJX COS INC NEW	65,999	$8.0M	0.02%	Put
361	CBRLCRACKER BARREL OLD CTRY STOR	339,700	$8.0M	0.02%	Put
362	SMCI 3.5 03/01/29SUPER MICRO COMPUTER INC	10,000,000	$8.0M	0.02%
363	CSGPCOSTAR GROUP INC	125,402	$8.0M	0.02%	Put
364	CLFCLEVELAND-CLIFFS INC NEW	587,100	$7.0M	0.01%	Put
365	RDDTREDDIT INC	37,764	$7.0M	0.01%	Put
366	PRCHPORCH GROUP INC	832,500	$7.0M	0.01%	Put
367	MCHPMICROCHIP TECHNOLOGY INC.	123,200	$7.0M	0.01%	Put
368	SNOW 0 10/01/29SNOWFLAKE INC	5,000,000	$7.0M	0.01%
369	IBKRINTERACTIVE BROKERS GROUP IN	131,072	$7.0M	0.01%	Call
370	AESAES CORP	535,478	$7.0M	0.01%	Put
371	RRCRANGE RES CORP	200,100	$7.0M	0.01%	Put
372	CDECOEUR MNG INC	400,000	$7.0M	0.01%	Call
373	FE 4 05/01/26FIRSTENERGY CORP	7,500,000	$7.0M	0.01%
374	OKEONEOK INC NEW	101,520	$7.0M	0.01%	Put
375	KHCKRAFT HEINZ CO	347,573	$7.0M	0.01%	Put
376	DHRDANAHER CORPORATION	32,783	$7.0M	0.01%	Put
377	JETSETF SER SOLUTIONS	280,573	$7.0M	0.01%	Put
378	MATMATTEL INC	402,466	$7.0M	0.01%	Put
379	XRTSPDR SERIES TRUST	99,361	$7.0M	0.01%	Put
380	RHRH	45,000	$7.0M	0.01%	Put
381	EQIXEQUINIX INC	10,632	$7.0M	0.01%	Put
382	LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN	5,250,000	$7.0M	0.01%
383	FLEXFLEX LTD	128,100	$7.0M	0.01%	Call
384	PSAPUBLIC STORAGE OPER CO	27,000	$7.0M	0.01%	Call
385	HUMHUMANA INC	28,575	$7.0M	0.01%	Put
386	COHRCOHERENT CORP	44,352	$7.0M	0.01%	Put
387	EVRG 4.5 12/15/27EVERGY INC	5,000,000	$6.0M	0.01%
388	MARMARRIOTT INTL INC NEW	20,901	$6.0M	0.01%	Put
389	PSXPHILLIPS 66	59,035	$6.0M	0.01%	Put
390	U6ZURANIUM ENERGY CORP	596,308	$6.0M	0.01%	Put
391	XPEVXPENG INC	299,200	$6.0M	0.01%	Put
392	APPAPPLOVIN CORP	10,002	$6.0M	0.01%	Put
393	MTNVAIL RESORTS INC	50,000	$6.0M	0.01%	Put
394	RIGTRANSOCEAN LTD	1,479,000	$6.0M	0.01%	Put
395	GISGENERAL MLS INC	157,037	$6.0M	0.01%	Put
396	PCT 7.25 08/15/30PURECYCLE TECHNOLOGIES INC	6,000,000	$6.0M	0.01%
397	CUCAAVIS BUDGET GROUP	52,153	$6.0M	0.01%	Put
398	PCGPG&E CORP	439,000	$6.0M	0.01%	Put
399	IGACINVEST GREEN ACQUISITION COR	613,057	$6.0M	0.01%
400	LINLINDE PLC	15,958	$6.0M	0.01%

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