Filed: 11/14/2025ACC: 0002048251-25-002362
📋 What this filing means
GRAHAM CAPITAL MANAGEMENT, L.P. filed this quarterly 13F‑HR report disclosing 1183 equity positions with a total reported market value of $6.32B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
1183
Positions
$6.32B
Total AUM (reported)
698.43M
Total Shares
Allocation by class
CL A NEW$1.37B21.6%
COM$1.17B18.5%
RUSSELL 2000 ETF$1.10B17.4%
NOTE 3.000% 6/0$377.97M6.0%
SHS BEN INT$304.85M4.8%
SHS$175.04M2.8%
CL A$156.54M2.5%
Portfolio Concentration
Top 3$2.77B43.8%
4–10$926.49M14.7%
11–25$756.31M12.0%
Rest$1.87B29.5%
Top 3 weight
43.8%
Top 10 weight
58.5%
Voting Authority Distribution
Total shares with voting rights: 698.43M
Sole
Full voting authority
698.43M
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)
Sole1183
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings1183
Rows:
STRATEGY INC
SOLEShares4.24M
TypeSH
Market value$1.37B
21.61%
Sole
4.24M
Shared
0.00
None
0.00
ISHARES TR
SOLEShares4.54M
TypeSH
Market value$1.10B
17.40%
Sole
4.54M
Shared
0.00
None
0.00
ISHARES BITCOIN TRUST ETF
SOLEShares4.69M
TypeSH
Market value$304.85M
4.82%
Sole
4.69M
Shared
0.00
None
0.00
BLOOM ENERGY CORP
SOLEShares51.51M
TypePRN
Market value$213.72M
3.38%
Sole
51.51M
Shared
0.00
None
0.00
BLOOM ENERGY CORP
SOLEShares36.17M
TypePRN
Market value$164.25M
2.60%
Sole
36.17M
Shared
0.00
None
0.00
SPDR S&P 500 ETF TR
SOLEShares215.65K
TypeSH
Market value$143.66M
2.27%
Sole
215.65K
Shared
0.00
None
0.00
INVESCO QQQ TR
SOLEShares208.20K
TypeSH
Market value$125.00M
1.98%
Sole
208.20K
Shared
0.00
None
0.00
FIDELITY WISE ORIGIN BITCOIN
SOLEShares1.17M
TypeSH
Market value$116.46M
1.84%
Sole
1.17M
Shared
0.00
None
0.00
EOS ENERGY ENTERPRISES INC
SOLEShares7.74M
TypeSH
Market value$88.20M
1.40%
Sole
7.74M
Shared
0.00
None
0.00
PURECYCLE TECHNOLOGIES INC
SOLEShares62.57M
TypePRN
Market value$75.20M
1.19%
Sole
62.57M
Shared
0.00
None
0.00
VANECK ETF TRUST
SOLEShares912.50K
TypeSH
Market value$69.72M
1.10%
Sole
912.50K
Shared
0.00
None
0.00
TILRAY BRANDS INC
SOLEShares58.50M
TypePRN
Market value$68.59M
1.09%
Sole
58.50M
Shared
0.00
None
0.00
SUNRUN INC
SOLEShares47.06M
TypePRN
Market value$63.52M
1.01%
Sole
47.06M
Shared
0.00
None
0.00
SELECT SECTOR SPDR TR
SOLEShares660.21K
TypeSH
Market value$57.58M
0.91%
Sole
660.21K
Shared
0.00
None
0.00
RIVIAN AUTOMOTIVE INC
SOLEShares59.79M
TypePRN
Market value$55.14M
0.87%
Sole
59.79M
Shared
0.00
None
0.00
MARA HOLDINGS INC
SOLEShares2.78M
TypeSH
Market value$50.78M
0.80%
Sole
2.78M
Shared
0.00
None
0.00
PROSHARES TR
SOLEShares2.50M
TypeSH
Market value$49.20M
0.78%
Sole
2.50M
Shared
0.00
None
0.00
ISHARES TR
SOLEShares599.70K
TypeSH
Market value$48.69M
0.77%
Sole
599.70K
Shared
0.00
None
0.00
CALUMET INC
SOLEShares2.61M
TypeSH
Market value$47.63M
0.75%
Sole
2.61M
Shared
0.00
None
0.00
GAMESTOP CORP NEW
SOLEShares1.68M
TypeSH
Market value$45.91M
0.73%
Sole
1.68M
Shared
0.00
None
0.00
GREEN PLAINS INC
SOLEShares45.76M
TypePRN
Market value$43.86M
0.69%
Sole
45.76M
Shared
0.00
None
0.00
AMAZON COM INC
SOLEShares186.70K
TypeSH
Market value$40.99M
0.65%
Sole
186.70K
Shared
0.00
None
0.00
GROUPON INC
SOLEShares42.09M
TypePRN
Market value$39.19M
0.62%
Sole
42.09M
Shared
0.00
None
0.00
ISHARES SILVER TR
SOLEShares900K
TypeSH
Market value$38.13M
0.60%
Sole
900K
Shared
0.00
None
0.00
ISHARES TR
SOLEShares700K
TypeSH
Market value$37.38M
0.59%
Sole
700K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
STRATEGY INCSOLE | CL A NEW | 4.24M | SH | $1.37B 21.61% | 4.24M | 0.00 | 0.00 |
ISHARES TRSOLE | RUSSELL 2000 ETF | 4.54M | SH | $1.10B 17.40% | 4.54M | 0.00 | 0.00 |
ISHARES BITCOIN TRUST ETFSOLE | SHS BEN INT | 4.69M | SH | $304.85M 4.82% | 4.69M | 0.00 | 0.00 |
BLOOM ENERGY CORPSOLE | NOTE 3.000% 6/0 | 51.51M | PRN | $213.72M 3.38% | 51.51M | 0.00 | 0.00 |
BLOOM ENERGY CORPSOLE | NOTE 3.000% 6/0 | 36.17M | PRN | $164.25M 2.60% | 36.17M | 0.00 | 0.00 |
SPDR S&P 500 ETF TRSOLE | TR UNIT | 215.65K | SH | $143.66M 2.27% | 215.65K | 0.00 | 0.00 |
INVESCO QQQ TRSOLE | UNIT SER 1 | 208.20K | SH | $125.00M 1.98% | 208.20K | 0.00 | 0.00 |
FIDELITY WISE ORIGIN BITCOINSOLE | SHS | 1.17M | SH | $116.46M 1.84% | 1.17M | 0.00 | 0.00 |
EOS ENERGY ENTERPRISES INCSOLE | COM CL A | 7.74M | SH | $88.20M 1.40% | 7.74M | 0.00 | 0.00 |
PURECYCLE TECHNOLOGIES INCSOLE | NOTE 7.250% 8/1 | 62.57M | PRN | $75.20M 1.19% | 62.57M | 0.00 | 0.00 |
VANECK ETF TRUSTSOLE | GOLD MINERS ETF | 912.50K | SH | $69.72M 1.10% | 912.50K | 0.00 | 0.00 |
TILRAY BRANDS INCSOLE | NOTE 5.200% 6/1 | 58.50M | PRN | $68.59M 1.09% | 58.50M | 0.00 | 0.00 |
SUNRUN INCSOLE | NOTE 4.000% 3/0 | 47.06M | PRN | $63.52M 1.01% | 47.06M | 0.00 | 0.00 |
SELECT SECTOR SPDR TRSOLE | SBI INT-UTILS | 660.21K | SH | $57.58M 0.91% | 660.21K | 0.00 | 0.00 |
RIVIAN AUTOMOTIVE INCSOLE | NOTE 3.625%10/1 | 59.79M | PRN | $55.14M 0.87% | 59.79M | 0.00 | 0.00 |
MARA HOLDINGS INCSOLE | COM | 2.78M | SH | $50.78M 0.80% | 2.78M | 0.00 | 0.00 |
PROSHARES TRSOLE | BITCOIN ETF | 2.50M | SH | $49.20M 0.78% | 2.50M | 0.00 | 0.00 |
ISHARES TRSOLE | IBOXX HI YD ETF | 599.70K | SH | $48.69M 0.77% | 599.70K | 0.00 | 0.00 |
CALUMET INCSOLE | COM | 2.61M | SH | $47.63M 0.75% | 2.61M | 0.00 | 0.00 |
GAMESTOP CORP NEWSOLE | CL A | 1.68M | SH | $45.91M 0.73% | 1.68M | 0.00 | 0.00 |
GREEN PLAINS INCSOLE | NOTE 2.250% 3/1 | 45.76M | PRN | $43.86M 0.69% | 45.76M | 0.00 | 0.00 |
AMAZON COM INCSOLE | COM | 186.70K | SH | $40.99M 0.65% | 186.70K | 0.00 | 0.00 |
GROUPON INCSOLE | NOTE 4.875% 6/3 | 42.09M | PRN | $39.19M 0.62% | 42.09M | 0.00 | 0.00 |
ISHARES SILVER TRSOLE | ISHARES | 900K | SH | $38.13M 0.60% | 900K | 0.00 | 0.00 |
ISHARES TRSOLE | MSCI EMG MKT ETF | 700K | SH | $37.38M 0.59% | 700K | 0.00 | 0.00 |
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