WHITEBOX ADVISORS LLC

CIK: 0001257391SEC EDGAR →

Portfolio Value

$7.0B

Holdings

486

As of

Q4 2025

New Positions

Closed Positions

Portfolio Value History

Top 10 Holdings

Rank	Stock	Shares	Value	% of Portfolio
1	WDC 3 11/15/28 WESTERN DIGITAL CORP	204,400,000	$936.9M	13.29%
2	LITE 1.5 12/15/29 LUMENTUM HLDGS INC	71,025,000	$377.3M	5.35%
3	SPYPut SPDR S&P 500 ETF TR	450,000	$306.9M	4.35%
4	BABA 0.5 06/01/31 ALIBABA GROUP HLDG LTD	149,900,000	$232.8M	3.30%
5	SNOW 0 10/01/27 SNOWFLAKE INC	134,950,000	$200.5M	2.84%
6	SNOW 0 10/01/29 SNOWFLAKE INC	125,307,000	$193.5M	2.75%
7	NVDAPut NVIDIA CORPORATION	1,000,000	$186.5M	2.65%
8	SATS 3.875 11/30/30 ECHOSTAR CORP	54,937,086	$183.5M	2.60%
9	SPHR 3.5 12/01/28 SPHERE ENTERTAINMENT CO	66,618,000	$182.5M	2.59%
10	APLD 2.75 06/01/30 APPLIED DIGITAL CORP	60,800,000	$163.9M	2.33%

Quarterly Changes

Top Buys

LITE 1.5 12/15/29↑ Increased

$216.9M

APLD 2.75 06/01/30NEW

$163.9M

NVDA↑ Increased

$149.2M

CADENEW

$128.5M

LEU 2.25 11/01/30NEW

$122.2M

Top Sells

BE 3 06/01/29CLOSED

$413.5M

BE 3 06/01/28CLOSED

$292.0M

VRNACLOSED

$167.2M

SPY↓ Decreased

$126.2M

IWMCLOSED

$121.0M

New Positions (137)

APLD 2.75 06/01/30

$163.9M · 60.8M shares

CADE

$128.5M · 3.0M shares

LEU 2.25 11/01/30

$122.2M · 45.6M shares

CMA

$108.7M · 1.3M shares

UPST 2 10/01/29

$88.2M · 70.0M shares

MSTR 0 12/01/29

$66.3M · 81.0M shares

MARA 0 06/01/31

$61.6M · 74.0M shares

TSM

$60.8M · 200K shares

MARA 0 03/01/30

$55.0M · 69.8M shares

UPST 1 11/15/30

$52.9M · 60.7M shares

CLSK 0 06/15/30

$46.7M · 45.1M shares

$35.5M · 200K shares

$31.9M · 1.1M shares

$31.2M · 307K shares

$30.9M · 20.9M shares

$27.6M · 125K shares

$23.9M · 9.8M shares

$21.6M · 750K shares

$15.9M · 10.0M shares

$9.3M · 74K shares

$8.4M · 117K shares

$7.9M · 800K shares

$7.6M · 6.0M shares

$7.6M · 750K shares

$7.5M · 4.1M shares

$6.8M · 37K shares

$5.4M · 5.0M shares

RANGE CAP ACQUISITION CORP I

$5.0M · 500K shares

$5.0M · 500K shares

$4.6M · 170K shares

$4.5M · 450K shares

$4.5M · 450K shares

$4.0M · 405K shares

$4.0M · 400K shares

$4.0M · 400K shares

$3.5M · 350K shares

$3.5M · 350K shares

TALON CAP CORP

$3.0M · 300K shares

EVOX

$3.0M · 300K shares

VCIC

$3.0M · 300K shares

GENERAL PURP ACQUISITION COR

$3.0M · 300K shares

LPCV

$3.0M · 300K shares

ADAC

$3.0M · 300K shares

SILICON VY ACQUISITION CORP

$3.0M · 300K shares

APEX TREAS CORP

$3.0M · 300K shares

CHEC

$2.7M · 275K shares

SAC

$2.5M · 250K shares

LAFAYETTE ACQUISITION CORP

$2.5M · 250K shares

$2.5M · 250K shares

$2.5M · 250K shares

$2.5M · 250K shares

$2.2M · 218K shares

$2.2M · 219K shares

SOCIAL COMM PARTNERS CORP

$2.1M · 214K shares

$2.1M · 5.0M shares

$2.1M · 207K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$2.0M · 200K shares

$1.5M · 150K shares

SPRING VY ACQUISITION CORP I

$1.5M · 150K shares

$1.5M · 150K shares

$1.5M · 150K shares

$1.5M · 150K shares

$1.5M · 150K shares

$1.5M · 150K shares

CSLM DIGITA ASSET ACQ CORP I

$1.5M · 150K shares

$1.4M · 146K shares

$1.2M · 8K shares

$1.0M · 15K shares

$1.0M · 100K shares

$1.0M · 14K shares

$1.0M · 100K shares

$1.0M · 100K shares

$1.0M · 100K shares

$1.0M · 100K shares

$997K · 100K shares

MCKINLEY ACQUISITION CORP

$997K · 100K shares

TDWD

$985K · 100K shares

$896K · 21K shares

$863K · 287K shares

$750K · 75K shares

$708K · 46K shares

$678K · 125K shares

$675K · 49K shares

$673K · 47K shares

$579K · 166K shares

$529K · 6K shares

$520K · 125K shares

$512K · 50K shares

$496K · 254K shares

$364K · 35K shares

$321K · 170K shares

$248K · 800K shares

$206K · 5K shares

$165K · 30K shares

$119K · 11K shares

$112K · 58K shares

$97K · 200K shares

RANGE CAP ACQUISITION CORP I

$80K · 250K shares

DMII

$63K · 450K shares

EMIS

$60K · 400K shares

TALON CAP CORP

$59K · 100K shares

$56K · 175K shares

$54K · 250K shares

$52K · 75K shares

$50K · 200K shares

$47K · 250K shares

$45K · 250K shares

APEX TREAS CORP

$41K · 150K shares

$39K · 47K shares

$35K · 83K shares

$35K · 100K shares

$33K · 250K shares

$32K · 150K shares

SPRING VY ACQUISITION CORP I

$31K · 50K shares

$29K · 150K shares

$27K · 138K shares

$27K · 38K shares

$26K · 67K shares

CSLM DIGITA ASSET ACQ CORP I

$26K · 75K shares

DYOR

$24K · 73K shares

MBVI

$18K · 50K shares

BTC DEV CORP

$17K · 25K shares

$16K · 33K shares

$16K · 100K shares

$13K · 50K shares

$12K · 100K shares

$3K · 70K shares

$2K · 56K shares

$1K · 21K shares

Closed Positions (73)

BE 3 06/01/29

$413.5M · 99.8M shares

BE 3 06/01/28

$292.0M · 64.4M shares

VRNA

$167.2M · 1.6M shares

IWM

$121.0M · 500K shares

AAPL

$101.9M · 400K shares

07WA

$66.4M · 315K shares

WNS HLDGS LTD

$59.5M · 780K shares

KEL

$44.9M · 547K shares

TSLA

$44.5M · 100K shares

SEALTD 2.375 12/01/25

$39.7M · 20.1M shares

INFA1EUR

$22.7M · 913K shares

WEC 4.375 06/01/27

$20.1M · 16.8M shares

SO 4.5 06/15/27

$20.0M · 18.0M shares

NEE

$18.0M · 15.2M shares

MTSI 0.25 03/15/26

$15.5M · 10.2M shares

ZYXI 5 05/15/26

$14.1M · 25.0M shares

$13.6M · 700K shares

$12.9M · 4.7M shares

$12.4M · 254K shares

$8.0M · 9.0M shares

$7.9M · 8.0M shares

$6.3M · 238K shares

$6.0M · 30.6M shares

$5.6M · 15.5M shares

$5.0M · 25K shares

$4.5M · 450K shares

$4.3M · 23K shares

$4.0M · 400K shares

$3.5M · 350K shares

$3.0M · 300K shares

$3.0M · 2.5M shares

$2.8M · 30K shares

$2.7M · 275K shares

$2.4M · 39K shares

LATA

$2.0M · 200K shares

DSM

$2.0M · 335K shares

CCCX

$1.9M · 150K shares

HCM II ACQUISITION CORP

$1.9M · 115K shares

COHU

$1.9M · 92K shares

FCRS

$1.6M · 150K shares

JENA

$1.6M · 150K shares

SPRING VY ACQUISITION CORP I

$1.5M · 150K shares

SSEA

$1.5M · 150K shares

MBVI

$1.5M · 150K shares

CSLM DIGITA ASSET ACQ CORP I

$1.5M · 150K shares

TROX

$1.5M · 370K shares

HCM II ACQUISITION CORP

$1.2M · 200K shares

WBD

$1.2M · 60K shares

$1.0M · 6K shares

$1.0M · 100K shares

$1.0M · 100K shares

$1.0M · 100K shares

$999K · 100K shares

$958K · 2K shares

$825K · 500K shares

$604K · 464K shares

$305K · 4K shares

$200K · 5K shares

CHURCHILL CAP CORP X

$178K · 50K shares

IRON HORSE ACQUISITIONS CORP

$110K · 150K shares

$107K · 51K shares

$90K · 75K shares

$84K · 70K shares

$36K · 22K shares

$35K · 47K shares

$31K · 200K shares

$22K · 31K shares

$19K · 107K shares

$10K · 25K shares

$5K · 70K shares

$2K · 56K shares

$959 · 14K shares

$309 · 23K shares

Sector Breakdown

Sector	# Holdings	Value	%
Unknown	110	$4.6B	65.6%
Financial Services	233	$982.2M	13.9%
Technology	60	$575.4M	8.2%
Communication Services	17	$242.6M	3.4%
Industrials	13	$195.3M	2.8%
Consumer Cyclical	13	$130.6M	1.9%
Healthcare	12	$110.1M	1.6%
Energy	9	$87.4M	1.2%
Basic Materials	10	$71.3M	1.0%
Consumer Defensive	3	$19.9M	0.3%
Utilities	4	$6.0M	0.1%
Real Estate	2	$119K	0.0%