Warberg Asset Management LLC

CIK: 0001597506SEC EDGAR →

Portfolio Value

$831.2B

Holdings

181

As of

Q4 2025

New Positions

Closed Positions

Portfolio Value History

Top 10 Holdings

Rank	Stock	Shares	Value	% of Portfolio
1	SPYPut SPDR S&P 500 ETF TR	633,000	$431.7B	51.93%
2	AXON 0.5 12/15/27 AXON ENTERPRISE INC	12,059,000	$30.4B	3.66%
3	QQQPut INVESCO QQQ TR	45,000	$27.6B	3.33%
4	WDC 3 11/15/28 WESTERN DIGITAL CORP	5,731,000	$26.3B	3.16%
5	MTSI 0.25 03/15/26 MACOM TECH SOLUTIONS HLDGS I	11,650,000	$24.2B	2.91%
6	CNX 2.25 05/01/26 CNX RES CORP	7,976,000	$22.8B	2.75%
7	STX 3.5 06/01/28 SEAGATE HDD CAYMAN	6,284,000	$21.1B	2.54%
8	MCHP 1.625 02/15/27 MICROCHIP TECHNOLOGY INC.	11,106,000	$19.9B	2.39%
9	LYV 3.125 01/15/29 LIVE NATION ENTERTAINMENT IN	10,617,000	$15.4B	1.86%
10	VTR 3.75 06/01/26 VENTAS RLTY LTD PARTNERSHIP	10,243,000	$14.5B	1.74%

Quarterly Changes

Top Buys

SPY↑ Increased

$235.8B

MTSI 0.25 03/15/26↑ Increased

$13.3B

AXON 0.5 12/15/27↑ Increased

$10.7B

LITE 0.5 12/15/26NEW

$8.8B

SNOW 0 10/01/27NEW

$6.1B

Top Sells

SEALTD 2.375 12/01/25CLOSED

$23.9B

ITGR 2.125 02/15/28CLOSED

$13.6B

LRN 1.125 09/01/27CLOSED

$10.0B

RGTIWCLOSED

$8.2B

OXY/WS↓ Decreased

$8.2B

New Positions (61)

LITE 0.5 12/15/26

$8.8B · 2.4M shares

SNOW 0 10/01/27

$6.1B · 4.1M shares

IONS 0 04/01/26

$5.5B · 4.0M shares

VANECK ETF TRUST

$3.3B · 39K shares

$1.7B · 675K shares

$1.4B · 5K shares

$1.1B · 20K shares

$1.1B · 873 shares

$923.0M · 42K shares

$856.0M · 3K shares

SLV

$837.0M · 13K shares

SILICON VY ACQUISITION CORP

$745.0M · 75K shares

VCIC

$720.0M · 72K shares

ALB 7.25 03/01/27

$709.0M · 12K shares

MOS

$602.0M · 25K shares

TALON CAP CORP

$583.0M · 58K shares

ATMP

$553.0M · 21K shares

CROWN RESV ACQUISITION CORP

$490.0M · 49K shares

$466.0M · 46K shares

$455.0M · 46K shares

$446.0M · 45K shares

$445.0M · 5K shares

$414.0M · 41K shares

$396.0M · 188K shares

$394.0M · 39K shares

$372.0M · 38K shares

$358.0M · 5K shares

$354.0M · 35K shares

$347.0M · 35K shares

$301.0M · 25K shares

$279.0M · 5K shares

STONEBRIDGE ACQUISITION II C

$273.0M · 28K shares

MCKINLEY ACQUISITION CORP

$269.0M · 27K shares

EVOX

$246.0M · 25K shares

TDWD

$245.0M · 25K shares

LAFAYETTE ACQUISITION CORP

$243.0M · 25K shares

$229.0M · 33K shares

$209.0M · 21K shares

$200.0M · 20K shares

$199.0M · 20K shares

$165.0M · 21K shares

$128.0M · 11K shares

$126.0M · 19K shares

$122.0M · 14K shares

$93.0M · 80K shares

$88.0M · 308K shares

$60.0M · 31K shares

$54.0M · 44K shares

$50.0M · 16K shares

$41.0M · 14K shares

$30.0M · 15K shares

$25.0M · 51K shares

$23.0M · 91K shares

$23.0M · 11K shares

$22.0M · 11K shares

$19.0M · 50K shares

$18.0M · 28K shares

$1.0M · 16K shares

$1.0M · 15K shares

$1.0M · 12K shares

CROWN RESV ACQUISITION CORP

$1.0M · 17K shares

Closed Positions (68)

SEALTD 2.375 12/01/25

$23.9B · 12.1M shares

ITGR 2.125 02/15/28

$13.6B · 10.4M shares

$10.0B · 3.5M shares

$8.2B · 449K shares

$5.4B · 4.7M shares

$4.5B · 3.0M shares

$2.8B · 2.8M shares

$2.5B · 10K shares

$2.4B · 33K shares

$2.3B · 3K shares

$1.0B · 2K shares

ROBINHOOD MKTS INC

$1.0B · 7K shares

FORL

$873.2M · 76K shares

INNOVATIVE INDL PPTYS INC

$803.7M · 15K shares

PPL 2.875 03/15/28

$692.2M · 606K shares

STZ

$673.4M · 5K shares

CRCL

$662.9M · 5K shares

MSTR

$644.4M · 2K shares

NUSCALE PWR CORP

$612.0M · 17K shares

$608.4M · 9K shares

$602.9M · 60K shares

$516.1M · 7K shares

$495.7M · 41K shares

$479.1M · 46K shares

$443.1M · 44K shares

$430.5M · 7K shares

$419.6M · 41K shares

$408.1M · 38K shares

$353.8M · 592K shares

ACM RESH INC

$352.2M · 9K shares

MKLY

$349.6M · 35K shares

OKLO

$334.9M · 3K shares

IMAX 0.5 04/01/26

$327.5M · 277K shares

MIGA

$322.2M · 1K shares

USAR

$317.6M · 44K shares

PERCEPTIVE CAP SOLUTIONS COR

$316.1M · 30K shares

$274.2M · 28K shares

$272.5M · 4K shares

$232.0M · 7K shares

$206.8M · 20K shares

$199.6M · 20K shares

RANGE CAP ACQUISITION CORP

$194.0M · 19K shares

BDCI

$191.9M · 19K shares

CMIIU

$187.0M · 18K shares

OPEN

$159.4M · 20K shares

$128.7M · 30K shares

$106.1M · 29K shares

$103.1M · 29K shares

$100.0M · 40K shares

$91.7M · 16K shares

$49.8M · 19K shares

$49.1M · 29K shares

$45.6M · 45K shares

$40.3M · 12K shares

$38.7M · 30K shares

$28.4M · 19K shares

$21.2M · 10K shares

$12.6M · 11K shares

$12.4M · 17K shares

$12.2M · 11K shares

$11.8M · 15K shares

$11.8M · 19K shares

$6.4M · 15K shares

$4.4M · 66K shares

ORIGIN INVT CORP I

$3.8M · 21K shares

NXPLW

$1.6M · 34K shares

ILLRW

$1.6M · 30K shares

SMX SEC MATTERS PLC

$1.4M · 58K shares

Sector Breakdown

Sector	# Holdings	Value	%
Financial Services	51	$484.2B	58.3%
Unknown	65	$307.5B	37.0%
Technology	29	$28.8B	3.5%
Consumer Cyclical	2	$3.8B	0.5%
Utilities	4	$1.5B	0.2%
Energy	5	$1.2B	0.1%
Basic Materials	4	$1.1B	0.1%
Real Estate	2	$1.1B	0.1%
Healthcare	12	$663.0M	0.1%
Industrials	4	$636.0M	0.1%
Consumer Defensive	2	$467.0M	0.1%
Communication Services	1	$0	0.0%