Fund Holdings — K2 PRINCIPAL FUND, L.P.

Total Portfolio Value:
$951.82M
Total Bought:
$159.85M
Total Sold:
$123.39M
Net Transaction:
+$36.46M
Securities
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SharesValue
Q2 2025
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Q3 2025
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Change
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Q2 2025
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Q3 2025
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Weight (%)
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Change
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SPDR Gold SharesGOLD SHS(GLD)9,74669,646+59,900$2.97M$24.76M2.60%+$21.79M
Western Digital CorporationNOTE 3 00011 1(WDC)000$0$24.02M2.52%+$24.02M
Iren Ltd3 500 12 15 29 CVT000$0$21.53M2.26%+$21.53M
Allied Gold Corporation8 750 09 07 28 CVT(AAUC)000$0$17.98M1.89%+$17.98M
Applied Digital Corp2 750 06 01 30 CVT000$0$17.60M1.85%+$17.60M
Lumentum Holdings Inc.NOTE 1 50012 1(LITE)000$10.77M$16.93M1.78%+$6.16M
Sphere Entertainment Co.NOTE 3 50012 0(SPHR)000$12.00M$16.10M1.69%+$4.11M
First Majestic Silver Corp.NOTE 0 375 1 1(AG)000$14.06M$15.39M1.62%+$1.33M
Peloton Interactive, Inc.NOTE 2 1(PTON)000$15.15M$15.38M1.62%+$227.3K
Marriott Vacations Worldwide CorporationNOTE 1 1(VAC)000$0$14.79M1.55%+$14.79M
Nutanix, Inc.NOTE 0 25010 0(NTNX)000$14.09M$13.86M1.46%-$234.0K
Dropbox, Inc.NOTE 3 0(DBX)000$13.72M$13.71M1.44%-$11.1K
Tripadvisor, Inc.NOTE 0 250 4 0(TRIP)000$13.47M$13.67M1.44%+$201.6K
Microstrategy0 01 12 2029000$0$13.48M1.42%+$13.48M
Virgin Galactic2 50 01 02 2027000$0$13.31M1.40%+$13.31M
Mara Holdings0 01 03 2030000$0$12.59M1.32%+$12.59M
Core Scientific, Inc.(CORZ)346,591668,101+321,510$5.92M$11.99M1.26%+$6.07M
Amer Hotel Inc Prop Reit6 12 31 2026000$0$10.98M1.15%+$10.98M
Etsy, Inc.NOTE 0 12510 0(ETSY)000$9.72M$10.45M1.10%+$723.0K
AMC Entertainment Holdings, Inc.6 00 30 04 2030(AMC)000$0$10.41M1.09%+$10.41M
BlackBerry LimitedNOTE 3 000 2 1(BB)000$10.12M$10.37M1.09%+$249.2K
Strathcona Resou6 875 01 08 2026000$0$10.01M1.05%+$10.01M
XPLR Infrastructure, LP2 50 15 06 2026(XIFR)000$0$9.81M1.03%+$9.81M
JetBlue Airways CorporationNOTE 0 500 4 0(JBLU)000$9.47M$9.74M1.02%+$272.0K
Snap Inc.NOTE 0 750 8 0(SNAP)000$9.59M$9.69M1.02%+$108.0K
Upstart Holdings, Inc.NOTE 0 250 8 1(UPST)000$9.51M$9.56M1.00%+$46.0K
Greenfire Resour12 00 01 10 2028000$0$9.50M1.00%+$9.50M
WisdomTree, Inc.NOTE 3 250 6 1(WT)000$8.29M$9.45M0.99%+$1.16M
Rapid7, Inc.NOTE 0 250 3 1(RPD)000$9.29M$9.41M0.99%+$123.0K
Century Aluminum CompanyNOTE 2 750 5 0(CENX)000$6.89M$9.38M0.99%+$2.49M
Lucid Group, Inc.1 25 12 15 2026(LCID)000$0$9.33M0.98%+$9.33M
Galaxy Dig Ho Lp2 50 01 12 2029000$0$9.10M0.96%+$9.10M
Fastly, Inc.NOTE 3 1(FSLY)000$8.85M$9.05M0.95%+$199.8K
Applied Optoelectronics, Inc.NOTE 2 750 1 1(AAOI)000$8.40M$9.02M0.95%+$618.3K
Innovative Industrial Properties, Inc.5 50 25 05 2026(IIPR)000$0$9.02M0.95%+$9.02M
Coinbase Global, Inc.NOTE 0 250 4 0(COIN)000$9.17M$8.80M0.92%-$375.9K
Mara Holdings0 01 06 2031000$0$8.60M0.90%+$8.60M
Solaris Energy Infrastructure, Inc.NOTE 4 750 5 0(SEI)000$6.37M$8.58M0.90%+$2.21M
B2gold Corp2 75 01 02 2030000$0$8.46M0.89%+$8.46M
Live Nation Entertainment, Inc.NOTE 3 125 1 1(LYV)000$7.67M$8.10M0.85%+$427.5K
Cleanspark Inc06 15 30 CVT PUT000$0$8.05M0.85%+$8.05M
Opendoor Technologies Inc.(OPEN)01,008,714+1,008,714$0$8.04M0.84%+$8.04M
GameStop Corp.04 01 30 CVT PUT(GME)000$0$7.96M0.84%+$7.96M
WisdomTree, Inc.NOTE 3 250 8 1(WT)000$0$7.84M0.82%+$7.84M
Opendoor Technologies Inc.0 25 8 15 2026(OPEN)000$0$7.62M0.80%+$7.62M
Pebblebrook Hotel TrustNOTE 1 75012 1(PEB)000$7.07M$7.20M0.76%+$127.0K
Fluor CorporationNOTE 1 125 8 1(FLR)000$0$7.13M0.75%+$7.13M
Verint Systems IncNOTE 0 250 4 1000$0$7.12M0.75%+$7.12M
Terawulf Inc2 75 01 02 2030000$0$6.46M0.68%+$6.46M
Ast Spacemobile4 25 01 03 2032000$0$6.30M0.66%+$6.30M
ARS Pharmaceuticals, Inc.(SPRY)317,126621,807+304,681$5.53M$6.25M0.66%+$715.3K
iShares Silver TrustISHARES(SLV)19,400146,631+127,231$636.5K$6.21M0.65%+$5.58M
First Solar, Inc.(FSLR)48,29127,750-20,541$7.99M$6.12M0.64%-$1.87M
Gopro IncNOTE 1 25011 1000$4.54M$5.93M0.62%+$1.39M
BlackLine, Inc.NOTE 3 1(BL)000$5.77M$5.85M0.61%+$78.0K
Xponential Fitness, Inc.CL A(XPOF)221,043740,000+518,957$1.66M$5.76M0.61%+$4.11M
ON Semiconductor CorporationNOTE 5 0(ON)000$5.93M$5.70M0.60%-$236.0K
MARA Holdings, Inc.NOTE 1 00012 0(MARA)000$5.42M$5.63M0.59%+$204.6K
BlackSky Technology Inc.8 250 08 01 33 CVT PUT(BKSY)000$0$5.63M0.59%+$5.63M
Advanced Energy Industries, Inc.NOTE 2 500 9 1(AEIS)000$4.80M$5.54M0.58%+$743.2K
Sunrun Inc.NOTE 4 000 3 0(RUN)000$2.86M$5.41M0.57%+$2.55M
Microstrategy0 01 03 2030000$0$5.21M0.55%+$5.21M
Box, Inc.NOTE 1 500 9 1(BOX)000$0$5.04M0.53%+$5.04M
Cerence Inc.NOTE 1 500 7 0(CRNC)000$0$4.99M0.52%+$4.99M
Enphase Energy, Inc.NOTE 3 0(ENPH)000$0$4.99M0.52%+$4.99M
iShares Bitcoin Trust ETFSHS BEN INT(IBIT)174,00076,100-97,900$10.65M$4.95M0.52%-$5.70M
Eqv Ventures Ac Corp. IiCL A
ORD SHS CL A
0483,973+483,973$0$4.82M0.51%+$4.82M
Lithium Argentina AGNOTE 1 750 1 1(LAR)000$4.26M$4.60M0.48%+$339.8K
Riot Platforms0 75 15 01 2030000$0$4.59M0.48%+$4.59M
Talon Cap CorpUNIT 08 27 2030
UNIT 08/27/2030
0450,000+450,000$0$4.52M0.48%+$4.52M
Getty Images Inc9 75 01 03 2027000$0$4.38M0.46%+$4.38M
Net Lease Office Properties(NLOP)144,800144,8000$4.71M$4.29M0.45%-$418.5K
Seritage Growth PropertiesCL A(SRG)1,015,7861,000,000-15,786$3.13M$4.25M0.45%+$1.12M
Drugs Made In Amer Acq Ii CoUNIT 09 16 2030
UNIT 09/16/2030
0426,507+426,507$0$4.24M0.45%+$4.24M
Lumentum Holdings Inc.NOTE 0 500 6 1(LITE)000$3.10M$4.19M0.44%+$1.09M
American Axle Mfg Hldgs In0696,786+696,786$0$4.19M0.44%+$4.19M
AppLovin CorporationCL A(APP)6,1675,788-379$2.16M$4.16M0.44%+$2.00M
Bitdeer Technologies Group5 25 01 12 2029(BTDR)000$0$4.10M0.43%+$4.10M
Cohen Circle Acquisit Corp ICL A
SHS CL A
0400,000+400,000$0$4.06M0.43%+$4.06M
Ma-Com Tech0 15 12 2029000$0$4.05M0.43%+$4.05M
I-80 Gold Corp8 00 22 FEB 27 PIK000$0$4.00M0.42%+$4.00M
Uber Technologies, Inc.(UBER)33,04840,430+7,382$3.08M$3.96M0.42%+$877.5K
Pros Holdings IncNOTE 2 250 9 1000$3.76M$3.96M0.42%+$195.6K
Rayonier Advanced Materials Inc.(RYAM)0542,720+542,720$0$3.92M0.41%+$3.92M
Upwork Inc.NOTE 0 250 8 1(UPWK)000$3.78M$3.88M0.41%+$105.6K
PAR Technology CorporationNOTE 1 50010 1(PAR)000$4.60M$3.88M0.41%-$723.2K
Peloton Interactive, Inc.CL A(PTON)447,734429,369-18,365$3.11M$3.86M0.41%+$757.0K
Fiverr International Ltd.NOTE 11 0(FVRR)000$0$3.73M0.39%+$3.73M
Telus Intl Cda IncSUB VTG SHS835,087806,090-28,997$3.03M$3.61M0.38%+$579.9K
American Exceptionalism AcquCL A
ORD CL A
0330,235+330,235$0$3.61M0.38%+$3.61M
Hennessy Cap Invt Corp ViiCL A
ORD SHS CL A
452,717352,579-100,138$4.60M$3.59M0.38%-$1.01M
British American Tobacco p.l.c.ADR(BTI)38,20065,356+27,156$1.81M$3.47M0.36%+$1.66M
MKS Inc.NOTE 1 250 6 0(MKSI)000$2.97M$3.30M0.35%+$328.2K
Alphabet Inc.CL C(GOOG)15,00013,500-1,500$2.66M$3.29M0.35%+$627.1K
Mr Cooper Group Inc015,000+15,000$0$3.16M0.33%+$3.16M
Shelf Drill Hold Ltd9 625 04 15 29 25000$0$3.15M0.33%+$3.15M
AST SpaceMobile, Inc.2 375 10 15 32 CVT(ASTS)000$0$3.13M0.33%+$3.13M
Peakstone Realty Trust
COMMON SHARES
116,697237,403+120,706$1.54M$3.11M0.33%+$1.57M
Bold Eagle Acquisition Corp.CL A(BEAG)303,575299,415-4,160$3.18M$3.11M0.33%-$64.5K
LCI Industries3 000 03 01 30 CVT(LCII)000$0$3.08M0.32%+$3.08M
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K2 PRINCIPAL FUND, L.P. — 13F Holdings — Q3 2025 | TickerTrail