Graham Capital Management, L.P.
Follow13F filer, CIK 1315421, ROWAYTON, CT
Graham Capital Management, L.P. reported $6,318,485,575 across 1,208 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 35.26% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0002048251-25-002362
- Period
- 2025-09-30
- Reported value
- $6.32B
- Holdings
- 1,208
- Top 10 weight
- 35.26%
- New
- 475
- Sold out
- 531
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| GDXadded | +712,500 | $54.4M |
| XLIadded | +134,002 | $20.7M |
| IWMnew | +58,400 | $14.1M |
| EWYnew | +165,220 | $13.2M |
| BBIOadded | +253,269 | $13.2M |
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
| Security | Shares change | Approx. value |
|---|---|---|
| PERMIAN RES OPER LLCexited | -66,551,000 | -$162M |
| COINBASE GLOBAL INCexited | -75,500,000 | -$87.4M |
| PURECYCLE TECHNOLOGIES INCexited | -62,567,000 | -$77.2M |
| NOVAVAX INCexited | -74,177,000 | -$74.8M |
| BRIDGEBIO PHARMA INCexited | -58,241,000 | -$72.8M |
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.
Back to all 1,146 share positions
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).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| MSTRSTRATEGY INC Stock | put | 4,237,200 | $1.37B | 0 |
| IWMISHARES TR SHS | put | 3,897,000 | $943M | +1,544,100 |
| IBITISHARES BITCOIN TRUST ETF SHS | put | 2,377,600 | $155M | -130,000 |
| IWMISHARES TR SHS | call | 588,200 | $142M | new |
| SPYSTATE STR SPDR S&P 500 ETF T SHS | put | 200,000 | $133M | -150,000 |
| QQQINVESCO QQQ TR COM | put | 200,000 | $120M | -75,000 |
| FBTCFIDELITY WISE ORIGIN BITCOIN SHS | put | 1,166,800 | $116M | +91,400 |
| EOSEEOS ENERGY ENTERPRISES INC Stock | put | 7,743,900 | $88.2M | +142,800 |
| MARAMARA HOLDINGS INC Stock | put | 2,731,000 | $49.9M | 0 |
| BITOPROSHARES TR BITCOIN ETF | put | 2,499,900 | $49.2M | 0 |
| HYGISHARES TR IBOXX HI YD ETF | put | 599,700 | $48.7M | new |
| CLMTCALUMET INC COM | put | 2,610,100 | $47.6M | 0 |
| GMEGAMESTOP CORP CL A | put | 1,675,100 | $45.7M | +1,674,100 |
| SLVISHARES SILVER TR COM | call | 900,000 | $38.1M | -1,426,000 |
| EEMISHARES TR MSCI EMG MKT ETF | call | 700,000 | $37.4M | new |
| PCTPURECYCLE TECHNOLOGIES INC COM | put | 2,514,200 | $33.1M | -961,600 |
| RUNSUNRUN INC COM | put | 1,764,700 | $30.5M | -613,000 |
| NVAXNOVAVAX INC COM NEW | put | 2,549,900 | $22.1M | +100,000 |
| BYNDBEYOND MEAT INC COM | put | 11,293,500 | $21.3M | new |
| OPENOPENDOOR TECHNOLOGIES INC COM | put | 2,410,800 | $19.2M | new |
| PLUGPLUG PWR INC COM NEW | put | 6,903,100 | $16.1M | +10,000 |
| LCIDLUCID GROUP INC Stock | put | 551,840 | $13.1M | new |
| FDXFEDEX CORP Stock | put | 50,000 | $11.8M | new |
| AAPLAPPLE INC COM | put | 45,000 | $11.5M | -45,000 |
| TLTISHARES TR 20 YR TR BD ETF | put | 100,000 | $8.94M | -550,000 |
| GDXVANECK ETF TRUST GOLD MINERS ETF | call | 100,000 | $7.64M | -340,000 |
| BTDRBITDEER TECHNOLOGIES GROUP Stock | put | 430,700 | $7.36M | 0 |
| KRESPDR SERIES TRUST ST STR SP REGBNK | put | 100,000 | $6.33M | new |
| SPCEVIRGIN GALACTIC HOLDINGS INC COMMON STOCK | put | 1,398,500 | $5.4M | +203,800 |
| GRPNGROUPON INC COM NEW | put | 189,000 | $4.41M | -236,000 |
| AMZNAMAZON COM INC COM | put | 20,000 | $4.39M | new |
| BITFBITFARMS LTD Common Stock | call | 1,176,500 | $3.32M | new |
| SEMLER SCIENTIFIC INCSEMLER SCIENTIFIC INC COM | put | 85,300 | $2.56M | new |
| XLUSELECT SECTOR SPDR TR SHS | call | 25,000 | $2.18M | new |
| PPTAPERPETUA RESOURCES CORP COM | call | 100,000 | $2.02M | new |
| NFENEW FORTRESS ENERGY INC COM CL A | put | 676,200 | $1.49M | -1,219,300 |
| BBAIBIGBEAR AI HLDGS INC Stock | put | 207,500 | $1.35M | 0 |
| MARAMARA HOLDINGS INC Stock | call | 50,000 | $913K | new |
| STRIVE INCSTRIVE INC CL A COM | put | 357,000 | $892K | new |
| EBAYEBAY INC. Stock | call | 4,000 | $364K | new |
| SNOWSNOWFLAKE INC Stock | put | 900 | $203K | new |
| KWEBKRANESHARES TRUST CSI CHI INTERNET | call | 4,000 | $168K | new |
| FSLRFIRST SOLAR INC Stock | call | 400 | $88.2K | new |
| ORCLORACLE CORP COM | put | 200 | $56.2K | new |
| UPSTUPSTART HLDGS INC STOK | put | 1,000 | $50.8K | new |
| SEISOLARIS ENERGY INFRAS INC Stock | call | 1,200 | $48K | new |
| KSSKOHLS CORP COM | put | 2,000 | $30.7K | new |
Principal amounts
Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| BLOOM ENERGY CORPBLOOM ENERGY CORP NOTE 3.000% 6/0 | principal | 51,510,000 | $214M | new |
| BLOOM ENERGY CORPBLOOM ENERGY CORP Bond | principal | 36,170,000 | $164M | new |
| PURECYCLE TECHNOLOGIES INCPURECYCLE TECHNOLOGIES INC NOTE 7.250% 8/1 | principal | 62,567,000 | $75.2M | new |
| TILRAY BRANDS INCTILRAY BRANDS INC NOTE 5.200% 6/1 | principal | 58,500,000 | $68.6M | new |
| SUNRUN INCSUNRUN INC NOTE 4.000% 3/0 | principal | 47,058,000 | $63.5M | new |
| RIVIAN AUTOMOTIVE INCRIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 | principal | 59,794,000 | $55.1M | new |
| GREEN PLAINS INCGREEN PLAINS INC NOTE 2.250% 3/1 | principal | 45,759,000 | $43.9M | new |
| GROUPON INCGROUPON INC NOTE 4.875% 6/3 | principal | 42,088,000 | $39.2M | new |
| BRIDGEBIO PHARMA INCBRIDGEBIO PHARMA INC NOTE 2.500% 3/1 | principal | 25,741,000 | $36.2M | new |
| GROUPON INCGROUPON INC DEBT 4.875% 6/3 | principal | 28,383,000 | $26.4M | new |
| THE REALREAL INCTHE REALREAL INC DEBT 4.000% 2/1 | principal | 20,124,000 | $25.9M | new |
| TRAVERE THERAPEUTICS INCTRAVERE THERAPEUTICS INC CNV | principal | 22,238,000 | $25.1M | new |
| BLACKSTONE MORTGAGE TRUST INBLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 | principal | 20,638,000 | $20.4M | new |
| BEYOND MEAT INCBEYOND MEAT INC NOTE 3/1 | principal | 60,730,000 | $12.3M | new |
| APPLIED OPTOELECTRONICS INCAPPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 | principal | 4,995,000 | $5M | new |
Sold out in Q3 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| TMCITREACE MED CONCEPTS INC | 15,748 | $92.6K | shares |
| LXULSB INDS INC | 11,817 | $92.2K | shares |
| LUNGPULMONX CORP | 34,241 | $88.7K | shares |
| SENSEONICS HLDGS INCSENSEONICS HLDGS INC | 185,798 | $88.5K | shares |
| BBARRICK MNG CORP | 4,175 | $86.9K | shares |
| PGENPRECIGEN INC | 59,425 | $84.4K | shares |
| INSGINSEEGO CORP | 10,079 | $83.1K | shares |
| DUOLDUOLINGO INC | 200 | $82K | put |
| AVDAMERICAN VANGUARD CORP | 20,489 | $80.3K | shares |
| KWKENNEDY-WILSON HOLDINGS INC | 11,758 | $80K | shares |
| Leslie's IncLeslie's Inc | 181,758 | $76.3K | shares |
| RCELAVITA MEDICAL INC | 13,976 | $73.9K | shares |
| HLLYHOLLEY INC | 36,666 | $73.3K | shares |
| RXTRACKSPACE TECHNOLOGY INC | 56,968 | $72.9K | shares |
| WIDEOPENWEST INCWIDEOPENWEST INC | 17,828 | $72.4K | shares |
| VSTMVERASTEM INC | 16,361 | $67.9K | shares |
| REALTHE REALREAL INC | 13,092 | $62.7K | shares |
| CRDFCARDIFF ONCOLOGY INC | 18,718 | $59K | shares |
| MREOMEREO BIOPHARMA GROUP PLC | 21,176 | $57.4K | shares |
| SRGSERITAGE GROWTH PPTYS | 17,850 | $55K | shares |
| DEFTDEFI TECHNOLOGIES INC | 18,187 | $53.3K | shares |
| RMNIRIMINI STR INC DEL | 13,398 | $50.5K | shares |
| HYLNHYLIION HOLDINGS CORP | 33,523 | $44.2K | shares |
| LUCDLUCID DIAGNOSTICS INC | 29,950 | $34.4K | shares |
| SEERSEER INC | 15,277 | $32.7K | shares |
| OPTUOPTIMUM COMMUNICATIONS INC | 12,326 | $26.4K | shares |
| ONLORION PROPERTIES INC | 10,838 | $23.1K | shares |
| BARKBARK INC | 21,875 | $19.2K | shares |
| UUNITY SOFTWARE INC | 500 | $12.1K | call |
| BEBLOOM ENERGY CORP | 100 | $2.39K | put |
| LUCID GROUP INCLUCID GROUP INC | 192 | $405 | shares |
How Q3 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).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0002048251-25-002362 | base | 2025-11-14 | acceptance time not in the bulk data set |