Filed: 8/14/2025ACC: 0001041062-25-000163
📋 What this filing means
GRAHAM CAPITAL MANAGEMENT, L.P. filed this quarterly 13F‑HR report disclosing 1242 equity positions with a total reported market value of $6.62B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
1242
Positions
$6.62B
Total AUM (reported)
910.47M
Total Shares
Allocation by class
CL A NEW$1.72B26.0%
COM$1.60B24.1%
RUSSELL 2000 ETF$507.73M7.7%
SHS BEN INT$310.30M4.7%
TR UNIT$231.79M3.5%
CL A$190.85M2.9%
NOTE 3.250% 4/0$161.83M2.4%
Portfolio Concentration
Top 3$2.53B38.3%
4–10$891.34M13.5%
11–25$743.02M11.2%
Rest$2.45B37.0%
Top 3 weight
38.3%
Top 10 weight
51.7%
Voting Authority Distribution
Total shares with voting rights: 910.47M
Sole
Full voting authority
910.47M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole1242
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings1242
Rows:
MICROSTRATEGY INC
SOLEShares4.24M
TypeSH
Market value$1.72B
25.92%
Sole
4.24M
Shared
0.00
None
0.00
ISHARES TR
SOLEShares2.35M
TypeSH
Market value$507.73M
7.67%
Sole
2.35M
Shared
0.00
None
0.00
ISHARES BITCOIN TRUST ETF
SOLEShares5.06M
TypeSH
Market value$309.93M
4.68%
Sole
5.06M
Shared
0.00
None
0.00
SPDR S&P 500 ETF TR
SOLEShares375.15K
TypeSH
Market value$231.79M
3.50%
Sole
375.15K
Shared
0.00
None
0.00
PERMIAN RES OPER LLC
SOLEShares66.55M
TypeSH
Market value$161.83M
2.45%
Sole
66.55M
Shared
0.00
None
0.00
INVESCO QQQ TR
SOLEShares285K
TypeSH
Market value$157.22M
2.38%
Sole
285K
Shared
0.00
None
0.00
FIDELITY WISE ORIGIN BITCOIN
SOLEShares1.08M
TypeSH
Market value$101.08M
1.53%
Sole
1.08M
Shared
0.00
None
0.00
COINBASE GLOBAL INC
SOLEShares75.50M
TypeSH
Market value$87.43M
1.32%
Sole
75.50M
Shared
0.00
None
0.00
PURECYCLE TECHNOLOGIES INC
SOLEShares62.57M
TypeSH
Market value$77.16M
1.17%
Sole
62.57M
Shared
0.00
None
0.00
NOVAVAX INC
SOLEShares74.18M
TypeSH
Market value$74.84M
1.13%
Sole
74.18M
Shared
0.00
None
0.00
BRIDGEBIO PHARMA INC
SOLEShares58.24M
TypeSH
Market value$72.83M
1.10%
Sole
58.24M
Shared
0.00
None
0.00
BLOOM ENERGY CORP
SOLEShares44.76M
TypeSH
Market value$63.45M
0.96%
Sole
44.76M
Shared
0.00
None
0.00
PURECYCLE TECHNOLOGIES INC
SOLEShares4.33M
TypeSH
Market value$59.31M
0.90%
Sole
4.33M
Shared
0.00
None
0.00
ISHARES TR
SOLEShares650K
TypeSH
Market value$57.36M
0.87%
Sole
650K
Shared
0.00
None
0.00
TILRAY BRANDS INC
SOLEShares59.50M
TypeSH
Market value$54.66M
0.83%
Sole
59.50M
Shared
0.00
None
0.00
RIVIAN AUTOMOTIVE INC
SOLEShares59.79M
TypeSH
Market value$53.82M
0.81%
Sole
59.79M
Shared
0.00
None
0.00
PROSHARES TR
SOLEShares2.50M
TypeSH
Market value$53.77M
0.81%
Sole
2.50M
Shared
0.00
None
0.00
BLOOM ENERGY CORP
SOLEShares36.17M
TypeSH
Market value$53.73M
0.81%
Sole
36.17M
Shared
0.00
None
0.00
MARA HOLDINGS INC
SOLEShares2.73M
TypeSH
Market value$42.82M
0.65%
Sole
2.73M
Shared
0.00
None
0.00
SELECT SECTOR SPDR TR
SOLEShares506.95K
TypeSH
Market value$41.40M
0.63%
Sole
506.95K
Shared
0.00
None
0.00
CALUMET INC
SOLEShares2.61M
TypeSH
Market value$41.14M
0.62%
Sole
2.61M
Shared
0.00
None
0.00
TRAVERE THERAPEUTICS INC
SOLEShares41.67M
TypeSH
Market value$39.75M
0.60%
Sole
41.67M
Shared
0.00
None
0.00
EOS ENERGY ENTERPRISES INC
SOLEShares7.60M
TypeSH
Market value$38.92M
0.59%
Sole
7.60M
Shared
0.00
None
0.00
GREEN PLAINS INC
SOLEShares43.05M
TypeSH
Market value$36.75M
0.56%
Sole
43.05M
Shared
0.00
None
0.00
VANECK ETF TRUST
SOLEShares640K
TypeSH
Market value$33.32M
0.50%
Sole
640K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
MICROSTRATEGY INCSOLE | CL A NEW | 4.24M | SH | $1.72B 25.92% | 4.24M | 0.00 | 0.00 |
ISHARES TRSOLE | RUSSELL 2000 ETF | 2.35M | SH | $507.73M 7.67% | 2.35M | 0.00 | 0.00 |
ISHARES BITCOIN TRUST ETFSOLE | SHS BEN INT | 5.06M | SH | $309.93M 4.68% | 5.06M | 0.00 | 0.00 |
SPDR S&P 500 ETF TRSOLE | TR UNIT | 375.15K | SH | $231.79M 3.50% | 375.15K | 0.00 | 0.00 |
PERMIAN RES OPER LLCSOLE | NOTE 3.250% 4/0 | 66.55M | SH | $161.83M 2.45% | 66.55M | 0.00 | 0.00 |
INVESCO QQQ TRSOLE | UNIT SER 1 | 285K | SH | $157.22M 2.38% | 285K | 0.00 | 0.00 |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 1.08M | SH | $101.08M 1.53% | 1.08M | 0.00 | 0.00 |
COINBASE GLOBAL INCSOLE | NOTE 0.500% 6/0 | 75.50M | SH | $87.43M 1.32% | 75.50M | 0.00 | 0.00 |
PURECYCLE TECHNOLOGIES INCSOLE | NOTE 7.250% 8/1 | 62.57M | SH | $77.16M 1.17% | 62.57M | 0.00 | 0.00 |
NOVAVAX INCSOLE | NOTE 5.000%12/1 | 74.18M | SH | $74.84M 1.13% | 74.18M | 0.00 | 0.00 |
BRIDGEBIO PHARMA INCSOLE | NOTE 2.500% 3/1 | 58.24M | SH | $72.83M 1.10% | 58.24M | 0.00 | 0.00 |
BLOOM ENERGY CORPSOLE | NOTE 3.000% 6/0 | 44.76M | SH | $63.45M 0.96% | 44.76M | 0.00 | 0.00 |
PURECYCLE TECHNOLOGIES INCSOLE | COM | 4.33M | SH | $59.31M 0.90% | 4.33M | 0.00 | 0.00 |
ISHARES TRSOLE | 20 YR TR BD ETF | 650K | SH | $57.36M 0.87% | 650K | 0.00 | 0.00 |
TILRAY BRANDS INCSOLE | NOTE 5.200% 6/1 | 59.50M | SH | $54.66M 0.83% | 59.50M | 0.00 | 0.00 |
RIVIAN AUTOMOTIVE INCSOLE | NOTE 3.625%10/1 | 59.79M | SH | $53.82M 0.81% | 59.79M | 0.00 | 0.00 |
PROSHARES TRSOLE | BITCOIN ETF | 2.50M | SH | $53.77M 0.81% | 2.50M | 0.00 | 0.00 |
BLOOM ENERGY CORPSOLE | NOTE 3.000% 6/0 | 36.17M | SH | $53.73M 0.81% | 36.17M | 0.00 | 0.00 |
MARA HOLDINGS INCSOLE | COM | 2.73M | SH | $42.82M 0.65% | 2.73M | 0.00 | 0.00 |
SELECT SECTOR SPDR TRSOLE | SBI INT-UTILS | 506.95K | SH | $41.40M 0.63% | 506.95K | 0.00 | 0.00 |
CALUMET INCSOLE | COM | 2.61M | SH | $41.14M 0.62% | 2.61M | 0.00 | 0.00 |
TRAVERE THERAPEUTICS INCSOLE | NOTE 2.250% 3/0 | 41.67M | SH | $39.75M 0.60% | 41.67M | 0.00 | 0.00 |
EOS ENERGY ENTERPRISES INCSOLE | COM CL A | 7.60M | SH | $38.92M 0.59% | 7.60M | 0.00 | 0.00 |
GREEN PLAINS INCSOLE | NOTE 2.250% 3/1 | 43.05M | SH | $36.75M 0.56% | 43.05M | 0.00 | 0.00 |
VANECK ETF TRUSTSOLE | GOLD MINERS ETF | 640K | SH | $33.32M 0.50% | 640K | 0.00 | 0.00 |
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