Polar Asset Management Partners Inc. Q3 2025 Filing

Filed November 14, 2025

Portfolio Value

$8.9B

Holdings

653

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (653 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	2,237,200	$1.5B	16.70%	Put
2	NDQINVESCO QQQ TR	2,410,000	$1.4B	16.21%	Put
3	PHYS/USPROTT ASSET MANAGEMENT LP	9,552,402	$282.9M	3.17%
4	IDCC 3.5 06/01/27INTERDIGITAL INC	61,500,000	$275.5M	3.09%
5	LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN	140,000,000	$227.2M	2.55%
6	NVDANVIDIA CORPORATION	932,480	$174.0M	1.95%	Put
7	HDHOME DEPOT INC	329,900	$133.7M	1.50%	Put
8	AXON 0.5 12/15/27AXON ENTERPRISE INC	42,263,000	$132.9M	1.49%
9	GVA 3.75 05/15/28GRANITE CONSTR INC	55,000,000	$132.8M	1.49%
10	AAPLAPPLE INC	461,626	$117.5M	1.32%	Put
11	VRNAVERONA PHARMA PLC	970,000	$103.5M	1.16%
12	AVGOBROADCOM INC	300,885	$99.3M	1.11%	Put
13	ITRI 1.375 07/15/30ITRON INC	83,500,000	$96.0M	1.08%
14	TSLATESLA INC	205,293	$91.3M	1.02%	Put
15	ANETARISTA NETWORKS INC	601,860	$87.7M	0.98%	Put
16	STX 3.5 06/01/28SEAGATE HDD CAYMAN	25,000,000	$72.0M	0.81%
17	LRN 1.125 09/01/27STRIDE INC	25,000,000	$70.6M	0.79%
18	ORCLORACLE CORP	250,000	$70.3M	0.79%	Put
19	SMHVANECK ETF TRUST	214,179	$69.9M	0.78%	Put
20	ITGR 2.125 02/15/28INTEGER HLDGS CORP	46,901,000	$61.1M	0.68%
21	CYBRCYBERARK SOFTWARE LTD	125,966	$60.9M	0.68%
22	ETHGRAYSCALE ETHEREUM MINI TR E	1,530,000	$59.9M	0.67%	Call
23	—WNS HLDGS LTD	731,573	$55.8M	0.63%
24	MCOMOODYS CORP	113,816	$54.2M	0.61%	Put
25	PSLV/USPROTT ASSET MANAGEMENT LP	3,437,232	$54.0M	0.60%
26	METAMETA PLATFORMS INC	70,718	$51.9M	0.58%	Put
27	WMTWALMART INC	500,000	$51.5M	0.58%	Put
28	MIRM 4 05/01/29MIRUM PHARMACEUTICALS INC	21,375,000	$51.5M	0.58%
29	ADBEADOBE INC	140,000	$49.4M	0.55%	Put
30	QUBTQUANTUM COMPUTING INC	2,686,727	$48.6M	0.54%
31	FYBRFRONTIER COMMUNICATIONS PARE	1,200,000	$44.8M	0.50%
32	EVRG 4.5 12/15/27EVERGY INC	35,000,000	$44.0M	0.49%
33	AVDXAVIDXCHANGE HOLDINGS INC	4,256,608	$42.4M	0.47%
34	ISRGINTUITIVE SURGICAL INC	91,000	$40.7M	0.46%	Put
35	WBDWARNER BROS DISCOVERY INC	2,067,827	$40.4M	0.45%	Put
36	PPL 2.875 03/15/28PPL CAP FDG INC	35,000,000	$40.0M	0.45%
37	LRCXLAM RESEARCH CORP	284,619	$38.1M	0.43%	Put
38	MTSIMACOM TECH SOLUTIONS HLDGS I	286,760	$35.7M	0.40%
39	LQDISHARES TR	300,000	$33.4M	0.37%	Put
40	07WAMR COOPER GROUP INC	157,815	$33.3M	0.37%
41	VRNS 1 09/15/29VARONIS SYS INC	30,000,000	$32.4M	0.36%
42	BL 1 06/01/29BLACKLINE INC	30,000,000	$31.2M	0.35%
43	DBX 0 03/01/28DROPBOX INC	30,000,000	$31.0M	0.35%
44	UPXIUPEXI INC	5,200,000	$29.9M	0.33%	Put
45	SPOTSPOTIFY TECHNOLOGY S A	42,438	$29.6M	0.33%	Put
46	XERSXERIS BIOPHARMA HOLDINGS INC	10,500,000	$28.7M	0.32%
47	KELKELLANOVA	350,000	$28.7M	0.32%
48	RBLXROBLOX CORP	206,529	$28.6M	0.32%	Put
49	TSMTAIWAN SEMICONDUCTOR MFG LTD	100,520	$28.1M	0.31%
50	COINCOINBASE GLOBAL INC	80,000	$27.0M	0.30%	Call
51	OLEDUNIVERSAL DISPLAY CORP	186,792	$26.8M	0.30%
52	ENQENTEGRIS INC	287,644	$26.6M	0.30%
53	ROKUROKU INC	265,437	$26.6M	0.30%	Put
54	CORZWCORE SCIENTIFIC INC NEW	2,236,716	$25.9M	0.29%
55	TMUST-MOBILE US INC	102,261	$24.5M	0.27%
56	INFA1EURINFORMATICA INC	950,000	$23.6M	0.26%
57	ETSYETSY INC	350,000	$23.2M	0.26%	Put
58	TTDTHE TRADE DESK INC	471,674	$23.1M	0.26%	Put
59	SMTCSEMTECH CORP	320,459	$22.9M	0.26%
60	WKC 3.25 07/01/28WORLD KINECT CORPORATION	20,000,000	$22.3M	0.25%
61	FWDIFORWARD INDS INC N Y	1,351,352	$22.2M	0.25%
62	BCARD. BORAL ARC ACQ I CORP.	2,172,000	$21.6M	0.24%
63	KCHVKOCHAV DEFENSE ACQUI CO	2,150,000	$21.6M	0.24%
64	UUNITY SOFTWARE INC	530,974	$21.3M	0.24%	Put
65	EAELECTRONIC ARTS INC	104,300	$21.0M	0.24%
66	SITMSITIME CORP	69,580	$21.0M	0.23%
67	BOX 1.5 09/15/29BOX INC	20,000,000	$20.2M	0.23%
68	AMZNAMAZON COM INC	90,100	$19.8M	0.22%	Call
69	DMIIDRUGS MADE IN AMER ACQUTN CO	1,900,000	$19.5M	0.22%
70	NDAQNASDAQ INC	218,264	$19.3M	0.22%
71	APPAPPLOVIN CORP	26,659	$19.2M	0.21%	Put
72	LBRDKLIBERTY BROADBAND CORP	300,000	$19.1M	0.21%
73	IWMISHARES TR	75,000	$18.1M	0.20%	Put
74	IPGINTERPUBLIC GROUP COS INC	650,000	$18.1M	0.20%
75	VRNT 0.25 04/15/26VERINT SYSTEMS INC	18,500,000	$18.1M	0.20%
76	GTLSCHART INDS INC	90,000	$18.0M	0.20%
77	APHAMPHENOL CORP NEW	145,411	$18.0M	0.20%	Call
78	IBITISHARES BITCOIN TRUST ETF	267,020	$17.4M	0.19%
79	WDCWESTERN DIGITAL CORP	143,212	$17.2M	0.19%
80	GES 3.75 04/15/28GUESS INC	16,000,000	$15.9M	0.18%
81	FVICN 3.75 06/30/29FORTUNA MNG CORP	10,000,000	$15.8M	0.18%
82	TERTERADYNE INC	114,520	$15.8M	0.18%
83	MACIMELAR ACQUISITION CORP. I	1,485,000	$15.6M	0.18%
84	SBXDSILVERBOX CORP IV	1,480,000	$15.5M	0.17%
85	PIIMPINJ INC	85,511	$15.5M	0.17%
86	WWAYFAIR INC	172,421	$15.4M	0.17%	Put
87	VERX 0.75 05/01/29VERTEX INC	15,000,000	$15.3M	0.17%
88	MLACMOUNTAIN LAKE ACQUISITION CO	1,480,000	$15.2M	0.17%
89	DMIIDRUGS MADE IN AMER ACQ II CO	1,500,000	$14.9M	0.17%
90	HSDTHELIUS MED TECHNOLOGIES INC	2,179,916	$14.7M	0.16%
91	DHRDANAHER CORPORATION	72,900	$14.5M	0.16%	Put
92	COHRCOHERENT CORP	133,141	$14.3M	0.16%
93	AMATAPPLIED MATLS INC	70,000	$14.3M	0.16%	Call
94	HPEHEWLETT PACKARD ENTERPRISE C	580,439	$14.3M	0.16%
95	CNRCANADIAN NATL RY CO	150,000	$14.1M	0.16%	Call
96	WF2WINTRUST FINL CORP	106,415	$14.1M	0.16%
97	NXPINXP SEMICONDUCTORS N V	61,460	$14.0M	0.16%
98	TAT&T INC	492,932	$13.9M	0.16%
99	SDHISIDDHI ACQUISITION CORP	1,350,000	$13.7M	0.15%
100	NOANORTH AMERN CONSTR GROUP LTD	921,721	$13.1M	0.15%

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