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Bracebridge Capital, LLC

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13F filer, CIK 1426486, BOSTON, MA

Bracebridge Capital, LLC reported $3,116,653,298 across 38 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 96.37% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001426486-26-000002

Period
2025-12-31
Reported value
$3.12B
Holdings
38
Top 10 weight
96.37%
New
9
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GLDnew+398,700$158M
PDDnew+9,000$1.02M
BXMTadded+25,000$478K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
RSPexited-529,100-$100M
OPTUreduced-2,596,047-$4.28M
IWMexited-16,080-$3.89M
MAGNexited-316,854-$3.71M
GEN DIGITAL INCreduced-257,028-$1.16M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001426486-26-000002, largest first. % of portfolio is the value over $275,162,852, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 398,700 shares 398,700$158M57.42%newTimeline
UNITUNITI GROUP LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,941,775 shares; 2025Q4: 6,941,775 shares 6,941,775$48.7M17.68%0Timeline
ADTADT INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,626,000 shares; 2024Q4: 2,126,000 shares; 2025Q1: 2,126,000 shares; 2025Q2: 2,126,000 shares; 2025Q3: 2,126,000 shares; 2025Q4: 2,126,000 shares 2,126,000$17.2M6.24%0Timeline
ALVOALVOTECHQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,705,304 shares; 2024Q4: 2,705,304 shares; 2025Q1: 2,705,304 shares; 2025Q2: 2,705,304 shares; 2025Q3: 2,705,304 shares; 2025Q4: 2,705,304 shares 2,705,304$13.9M5.04%0Timeline
AAMAA MISSION ACQUISITION COR-AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,000 shares; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares; 2025Q3: 600,000 shares; 2025Q4: 600,000 shares 600,000$6.4M2.33%0Timeline
OPTUOPTIMUM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,532,640 shares; 2024Q4: 8,854,977 shares; 2025Q1: 9,390,440 shares; 2025Q2: 9,351,240 shares; 2025Q3: 5,727,065 shares; 2025Q4: 3,131,018 shares 3,131,018$5.17M1.88%-2,596,047Timeline
BXMTBLACKSTONE MORTGAGE TRUST INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 229,400 shares; 2024Q4: 241,700 shares; 2025Q1: 216,700 shares; 2025Q2: 216,700 shares; 2025Q3: 216,700 shares; 2025Q4: 241,700 shares 241,700$4.62M1.68%+25,000Timeline
OSGOCTAVE SPECIALTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 579,234 shares; 2024Q4: 579,234 shares; 2025Q1: 579,234 shares; 2025Q2: 579,234 shares; 2025Q3: 579,234 shares; 2025Q4: 579,234 shares 579,234$4.51M1.64%0Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 924,931 shares; 2024Q4: 924,931 shares; 2025Q1: 924,931 shares; 2025Q2: 924,931 shares; 2025Q3: 924,931 shares; 2025Q4: 924,931 shares 924,931$3.79M1.38%0Timeline
AQSTAQUESTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 428,571 shares; 2024Q4: 459,216 shares; 2025Q1: 459,216 shares; 2025Q2: 459,216 shares; 2025Q3: 459,216 shares; 2025Q4: 459,216 shares 459,216$2.97M1.08%0Timeline
GEN DIGITAL INCGEN DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 210,700 shares; 2025Q3: 836,258 shares; 2025Q4: 579,230 shares 579,230$2.62M0.95%-257,028
CCOCLEAR CHANNEL OUTDOOR HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 756,426 shares; 2024Q4: 756,426 shares; 2025Q1: 756,426 shares; 2025Q2: 756,426 shares; 2025Q3: 756,426 shares; 2025Q4: 756,426 shares 756,426$1.67M0.61%0Timeline
TRTXTPG RE FIN TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 143,100 shares; 2025Q2: 231,000 shares; 2025Q3: 182,157 shares; 2025Q4: 182,157 shares 182,157$1.57M0.57%0Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 9,000 shares 9,000$1.02M0.37%newTimeline
AA MISSION ACQUISITI…AA MISSION ACQUISITION …Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares; 2025Q4: 300,000 shares 300,000$50.9K0.02%0
TGEWSGENERATION ESSENTIALS GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 325,000 shares; 2025Q3: 325,000 shares; 2025Q4: 325,000 shares 325,000$48.8K0.02%0Timeline
AIRJWAIRJOULE TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$42.5K0.02%0Timeline
CRMLWCRITICAL METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 12,500 shares; 2025Q1: 12,500 shares; 2025Q2: 12,500 shares; 2025Q3: 12,500 shares; 2025Q4: 12,500 shares 12,500$34.1K0.01%0Timeline
BGLWWBLUE GOLD LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares 75,000$31.6K0.01%0Timeline
COCHWENVOY MEDICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 262,156 shares; 2024Q4: 262,156 shares; 2025Q1: 262,156 shares; 2025Q2: 262,156 shares; 2025Q3: 262,156 shares; 2025Q4: 262,156 shares 262,156$10.2K<0.01%0Timeline
BNAIWBRAND ENGAGEMENT NETWORK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,666 shares; 2024Q4: 166,666 shares; 2025Q1: 166,666 shares; 2025Q2: 166,666 shares; 2025Q3: 166,666 shares; 2025Q4: 166,666 shares 166,666$7.32K<0.01%0Timeline
GCT SEMICONDUCTOR HLDG INCGCT SEMICONDUCTOR HLDG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares 75,000$5.65K<0.01%0
DAICWCID HOLDCO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 62,500 shares; 2025Q3: 62,500 shares; 2025Q4: 62,500 shares 62,500$5.01K<0.01%0Timeline
TWIN RIDGE CAPITAL ACQUISIT…TWIN RIDGE CAPITAL ACQUISITIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 141,666 shares; 2024Q4: 141,666 shares; 2025Q1: 141,666 shares; 2025Q2: 141,666 shares; 2025Q3: 141,666 shares; 2025Q4: 141,666 shares 141,666$1.03K<0.01%0
TVGNWTEVOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,500 shares; 2024Q4: 12,500 shares; 2025Q1: 12,500 shares; 2025Q2: 12,500 shares; 2025Q3: 12,500 shares; 2025Q4: 12,500 shares 12,500$528<0.01%0Timeline
ALURWALLURION TECHNOLOGIES INC WT PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,311 shares; 2024Q4: 15,311 shares; 2025Q1: 15,311 shares; 2025Q2: 15,311 shares; 2025Q3: 15,311 shares; 2025Q4: 15,311 shares 15,311$234<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
ISHARES TRISHARES TR PUTput129,500$1.04B+59,500
ISHARES TRISHARES TR PUTput20,615$507M+13,000
SPDR GOLD TRSPDR GOLD TR PUTput9,500$376Mnew
ISHARES TRISHARES TR CALLcall15,065$371M+4,750
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T CALLcall3,165$216M+2,535
SPDR GOLD TRSPDR GOLD TR CALLcall4,000$159Mnew
CORE SCIENTIFIC INC NEWCORE SCIENTIFIC INC NEW CALLcall59,822$87.1Mnew
TESLA INCTESLA INC CALLcall1,100$49.5Mnew
KRANESHARES TRUSTKRANESHARES TRUST CALLcall8,000$27.2Mnew
PDD HOLDINGS INCPDD HOLDINGS INC CALLcall193$2.19Mnew
PDD HOLDINGS INCPDD HOLDINGS INC PUTput193$2.19Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 4.000%11/1principal47,700,000$2.88M0

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
INVESCO QQQ TRINVESCO QQQ TR5,175$311Mput
INVESCO QQQ TRINVESCO QQQ TR5,175$311Mcall
RSPINVESCO EXCHANGE TRADED FD T529,100$100Mshares
IWMISHARES TR16,080$3.89Mshares
MAGNMAGNERA CORP316,854$3.71Mshares
Spring Valley Acquisition C…Spring Valley Acquisition Corp II25,000$32.5Kshares
Spring Valley Acquisition C…Spring Valley Acquisition Corp II50,000$26Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001426486-26-000002 base2026-02-17acceptance time not in the bulk data set