Hudson Bay Capital Management LP
Follow13F filer, CIK 1393825, STAMFORD, CT
Hudson Bay Capital Management LP reported $30,081,997,002 across 1,198 holdings for the quarter ended 2025-09-30, in a 13F-HR/A filed 2025-12-15. Its ten largest share positions make up 30.51% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001393825-25-000093
- Period
- 2025-09-30
- Reported value
- $30.1B
- Holdings
- 1,198
- Top 10 weight
- 30.51%
- New
- 450
- Sold out
- 591
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| AMZNadded | +2,301,110 | $505M |
| AAPLadded | +940,419 | $239M |
| CYBERARK SOFTWARE LTD/ISRAELnew | +476,630 | $230M |
| TSMadded | +660,610 | $185M |
| SPYadded | +255,501 | $170M |
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 |
|---|---|---|
| QQQreduced | -473,116 | -$284M |
| MSTRreduced | -733,747 | -$236M |
| AMDreduced | -1,274,575 | -$206M |
| NVDAreduced | -1,066,347 | -$199M |
| GOOGLreduced | -677,449 | -$165M |
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 984 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).
The largest 100 of 193. All 193
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| NVDANVIDIA CORPORATION COM | put | 7,100,100 | $1.32B | -665,400 |
| TSLATESLA INC COM | put | 2,195,000 | $976M | -802,500 |
| AMZNAMAZON COM INC COM | put | 4,370,000 | $960M | +1,294,500 |
| IWMISHARES TR SHS | put | 3,600,000 | $871M | +2,285,300 |
| SPYSTATE STR SPDR S&P 500 ETF T SHS | put | 1,188,200 | $792M | -205,000 |
| HYGISHARES TR IBOXX HI YD ETF | put | 7,000,000 | $568M | +2,200,000 |
| QQQINVESCO QQQ TR COM | put | 810,500 | $487M | -1,371,900 |
| AAPLAPPLE INC COM | put | 1,850,000 | $471M | +1,389,900 |
| IBITISHARES BITCOIN TRUST ETF SHS | put | 5,538,300 | $360M | +3,888,300 |
| NFLXNETFLIX INC. COM | put | 300,000 | $360M | +70,000 |
| BRK-BBERKSHIRE HATHAWAY INC DEL COM | put | 684,000 | $344M | -466,000 |
| AMDADVANCED MICRO DEVICES INC COM | put | 1,925,000 | $311M | -1,375,000 |
| MSTRSTRATEGY INC Stock | put | 910,400 | $293M | -229,700 |
| HOODROBINHOOD MKTS INC COM | call | 1,889,300 | $271M | +204,900 |
| NFLXNETFLIX INC. COM | call | 220,000 | $264M | -5,800 |
| NVDANVIDIA CORPORATION COM | call | 1,334,600 | $249M | +833,900 |
| DLTRDOLLAR TREE INC Stock | put | 2,500,000 | $236M | 0 |
| HOODROBINHOOD MKTS INC COM | put | 1,600,000 | $229M | +40,000 |
| AAPLAPPLE INC COM | call | 880,000 | $224M | +784,500 |
| SMHVANECK ETF TRUST COM | put | 658,200 | $215M | +443,200 |
| TSLATESLA INC COM | call | 454,600 | $202M | -717,900 |
| TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS | put | 622,500 | $174M | new |
| MSTRSTRATEGY INC Stock | call | 420,200 | $135M | +394,800 |
| WDAYWORKDAY INC Stock | put | 500,000 | $120M | new |
| DASHDOORDASH INC Stock | put | 435,000 | $118M | +235,000 |
| BABOEING CO COM | put | 487,500 | $105M | +27,500 |
| TMUST-MOBILE US INC COM | put | 400,000 | $95.8M | +372,200 |
| SMHVANECK ETF TRUST COM | call | 285,800 | $93.3M | +245,800 |
| LLYELI LILLY & CO COM | put | 120,000 | $91.6M | -104,900 |
| PLTRPALANTIR TECHNOLOGIES INC COM | put | 500,000 | $91.2M | -585,000 |
| UNHUNITEDHEALTH GROUP INC COM | put | 250,000 | $86.3M | -86,300 |
| AALAMERICAN AIRLINES GROUP INC Stock | put | 6,847,900 | $77M | +250,700 |
| IBITISHARES BITCOIN TRUST ETF SHS | call | 1,161,500 | $75.5M | -796,900 |
| LLYELI LILLY & CO COM | call | 95,000 | $72.5M | +92,200 |
| COSTCOSTCO WHOLESALE CORPORATION COM | put | 75,000 | $69.4M | +65,900 |
| GOOGALPHABET INC COM | put | 284,000 | $69.2M | new |
| SLBSLB LIMITED COM | put | 2,000,000 | $68.7M | new |
| COINCOINBASE GLOBAL INC Stock | put | 186,200 | $62.8M | +36,200 |
| WDAYWORKDAY INC Stock | call | 235,000 | $56.6M | new |
| CARTMAPLEBEAR INC Stock | call | 1,467,500 | $53.9M | +1,317,500 |
| CDNSCADENCE DESIGN SYSTEM INC Stock | put | 150,000 | $52.7M | +145,100 |
| GOOGLALPHABET INC COM | call | 215,000 | $52.3M | +165,000 |
| MRKMERCK & CO INC COM | put | 600,000 | $50.4M | -120,000 |
| CRWDCROWDSTRIKE HLDGS INC COM | put | 100,000 | $49M | -10,000 |
| GOOGLALPHABET INC COM | put | 200,000 | $48.6M | -530,000 |
| ABNBAIRBNB INC COM | put | 400,000 | $48.6M | 0 |
| CVXCHEVRON CORPORATION COM | call | 300,000 | $46.6M | +39,200 |
| CRCLCIRCLE INTERNET GROUP INC COM CL A | put | 350,000 | $46.4M | +320,000 |
| GILDGILEAD SCIENCES INC COM | call | 415,000 | $46.1M | +405,700 |
| XOMEXXON MOBIL CORP COM | put | 405,000 | $45.7M | +317,400 |
| XOMEXXON MOBIL CORP COM | call | 405,000 | $45.7M | +389,800 |
| PLTRPALANTIR TECHNOLOGIES INC COM | call | 250,000 | $45.6M | -810,000 |
| XOPSPDR SERIES TRUST S&P OILGAS EXP | put | 336,600 | $44.5M | new |
| FXIISHARES TR CHINA LG-CAP ETF | put | 1,000,000 | $41.1M | new |
| SOFISOFI TECHNOLOGIES INC Stock | put | 1,500,000 | $39.6M | new |
| CSCOCISCO SYS INC COM | put | 570,000 | $39M | +390,900 |
| CSCOCISCO SYS INC COM | call | 565,000 | $38.7M | +409,600 |
| KKELLANOVA COM | put | 450,000 | $36.9M | new |
| GILDGILEAD SCIENCES INC COM | put | 315,000 | $35M | +28,600 |
| COFCAPITAL ONE FINL CORP COM | call | 151,600 | $32.2M | new |
| LMTLOCKHEED MARTIN CORP COM | put | 64,500 | $32.2M | +58,800 |
| ORCLORACLE CORP COM | call | 111,800 | $31.4M | -21,500 |
| WMTWALMART INC COM | call | 280,000 | $28.9M | +255,000 |
| MSFTMICROSOFT CORP COM | call | 52,500 | $27.2M | new |
| ARKKARK ETF TR INNOVATION ETF | put | 300,000 | $25.9M | new |
| KDPKEURIG DR PEPPER INC Stock | call | 1,000,000 | $25.5M | +982,200 |
| LQDALIQUIDIA CORPORATION Stock | put | 1,113,600 | $25.3M | +513,600 |
| ABNBAIRBNB INC COM | call | 200,000 | $24.3M | new |
| BABOEING CO COM | call | 110,000 | $23.7M | new |
| NVONOVO-NORDISK A S ADR | put | 426,200 | $23.6M | new |
| ETHAISHARES ETHEREUM TR COM | put | 750,000 | $23.6M | new |
| NEMNEWMONT CORP COM | put | 275,000 | $23.2M | -375,000 |
| XOPSPDR SERIES TRUST S&P OILGAS EXP | call | 168,300 | $22.2M | new |
| AMZNAMAZON COM INC COM | call | 100,000 | $22M | -958,300 |
| SRRKSCHOLAR ROCK HLDG CORP COM | put | 550,800 | $20.5M | new |
| BRK-BBERKSHIRE HATHAWAY INC DEL COM | call | 40,000 | $20.1M | -360,000 |
| HPEHEWLETT PACKARD ENTERPRISE C Stock | call | 800,100 | $19.7M | new |
| BABAALIBABA GROUP HLDG LTD SPONSORED ADS | call | 100,000 | $17.9M | new |
| CRWVCOREWEAVE INC COM | put | 130,000 | $17.8M | -5,000 |
| SLNOSOLENO THERAPEUTICS INC COM | call | 260,000 | $17.6M | +10,000 |
| ETHEGRAYSCALE ETHEREUM STAKING E SHS | call | 490,000 | $16.8M | new |
| DLTRDOLLAR TREE INC Stock | call | 175,000 | $16.5M | -25,000 |
| IGVISHARES TR SHS | put | 140,200 | $16.1M | new |
| TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR SPONSORED ADS | call | 250,000 | $14.9M | new |
| MRKMERCK & CO INC COM | call | 175,000 | $14.7M | +166,300 |
| SOXSDIREXION DAILY SEMI BEAR 3X ETF | put | 2,756,200 | $14.2M | +1,830,300 |
| RDDTREDDIT INC Stock | put | 55,000 | $12.6M | new |
| CRWVCOREWEAVE INC COM | call | 90,000 | $12.3M | new |
| GLWCORNING INC COM | put | 148,100 | $12.1M | new |
| EAELECTRONIC ARTS INC Stock | put | 59,400 | $12M | new |
| HTZHERTZ GLOBAL HLDGS INC COM NEW | call | 1,700,000 | $11.6M | +450,000 |
| AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS COM SHS | put | 750,000 | $11.5M | new |
| ECHOECHOSTAR CORP CL A | put | 147,800 | $11.3M | +47,800 |
| ECHOECHOSTAR CORP CL A | call | 139,800 | $10.7M | 0 |
| TLNTALEN ENERGY CORP Stock | put | 25,000 | $10.6M | new |
| ASMLASML HLDG NV STOK | call | 10,700 | $10.4M | +9,800 |
| COINCOINBASE GLOBAL INC Stock | call | 30,600 | $10.3M | new |
| SLNOSOLENO THERAPEUTICS INC COM | put | 150,000 | $10.1M | +125,000 |
| CCICROWN CASTLE INC REIT | put | 104,100 | $10M | new |
| BHFBRIGHTHOUSE FINL INC COM | call | 172,700 | $9.17M | 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 |
|---|---|---|---|---|
| SOUTHERN COSOUTHERN CO NOTE 3.875%12/1 | principal | 279,129,000 | $315M | +104,284,000 |
| CNX RES CORPCNX RES CORP NOTE 2.250% 5/0 | principal | 122,098,000 | $305M | +5,000,000 |
| DEXCOM INCDEXCOM INC NOTE 0.250%11/1 | principal | 259,028,000 | $257M | +22,965,000 |
| PG&E CORPPG&E CORP NOTE 4.250%12/0 | principal | 205,445,000 | $208M | +21,250,000 |
| ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 | principal | 95,000,000 | $175M | +55,000,000 |
| ECHOSTAR CORPECHOSTAR CORP NOTE 3.875%11/3 | principal | 70,229,627 | $173M | +49,540,000 |
| TRANSOCEAN INCTRANSOCEAN INC DEB 4.625% 9/3 | principal | 118,146,000 | $142M | -2,320,000 |
| INTERDIGITAL INCINTERDIGITAL INC NOTE 3.500% 6/0 | principal | 27,500,000 | $123M | 0 |
| UNITI GROUP LLCUNITI GROUP LLC COM | principal | 107,052,000 | $117M | new |
| BOFA FIN LLCBOFA FIN LLC MTNF 0.600% 5/2 | principal | 75,808,000 | $75.1M | -1,692,000 |
| RINGCENTRAL INCRINGCENTRAL INC NOTE 3/1 | principal | 52,686,000 | $51.5M | +2,500,000 |
| VERINT SYSTEMS INCVERINT SYSTEMS INC BOND | principal | 42,913,000 | $42.2M | 0 |
| VAIL RESORTS INCVAIL RESORTS INC NOTE 1/0 | principal | 30,236,000 | $29.9M | 0 |
| DAYFORCE INCDAYFORCE INC NOTE 0.250% 3/1 | principal | 29,204,000 | $28.6M | -14,000,000 |
| STRATEGY INCSTRATEGY INC NOTE 0.625% 9/1 | principal | 15,000,000 | $28.4M | new |
| RIVIAN AUTOMOTIVE INCRIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 | principal | 20,000,000 | $18.5M | 0 |
| AIRBNB INCAIRBNB INC CLASS A | principal | 15,000,000 | $14.7M | 0 |
| ETSY INCETSY INC NOTE 0.250% 6/1 | principal | 14,853,000 | $13.2M | -23,750,000 |
| H WORLD GROUP LTDH WORLD GROUP LTD Convertible bond | principal | 10,000,000 | $11.1M | new |
| FIRSTENERGY CORPFIRSTENERGY CORP NOTE 4.000% 5/0 | principal | 9,500,000 | $9.88M | new |
| EVOLENT HEALTH INCEVOLENT HEALTH INC DEBT 4.500% 8/1 | principal | 5,000,000 | $5.03M | 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 |
|---|---|---|---|
| PTCPTC INC | 2,009 | $346K | shares |
| SRPTSAREPTA THERAPEUTICS INC | 20,000 | $342K | put |
| ENTGENTEGRIS INC | 4,210 | $340K | shares |
| NAKNORTHERN DYNASTY MINERALS LT | 250,000 | $335K | shares |
| CMECME GROUP INC | 1,200 | $331K | call |
| FISVFISERV INC | 1,900 | $328K | call |
| LULULULULEMON ATHLETICA INC | 1,368 | $325K | shares |
| BROBROWN & BROWN INC | 2,931 | $325K | shares |
| LGIHLGI HOMES INC | 6,300 | $325K | call |
| LMTLOCKHEED MARTIN CORP | 700 | $324K | call |
| DUKDUKE ENERGY CORP NEW | 2,700 | $319K | call |
| ELVELEVANCE HEALTH INC FORMERLY | 800 | $311K | call |
| BKRBAKER HUGHES COMPANY | 8,000 | $307K | call |
| SMCISUPER MICRO COMPUTER INC | 6,248 | $306K | shares |
| CITHE CIGNA GROUP | 900 | $298K | call |
| HEI-AHEICO CORP NEW | 1,080 | $279K | shares |
| GSR III ACQUISITION CORPGSR III ACQUISITION CORP | 40,254 | $275K | shares |
| BBWIBATH & BODY WORKS INC | 9,119 | $273K | shares |
| MRPMILLROSE PPTYS INC | 9,500 | $271K | call |
| PNWPINNACLE WEST CAP CORP | 2,925 | $262K | shares |
| INMDINMODE LTD | 17,550 | $253K | shares |
| AXONAXON ENTERPRISE INC | 300 | $248K | put |
| AALAMERICAN AIRLINES GROUP INC | 21,703 | $244K | shares |
| AVYAVERY DENNISON CORP | 1,383 | $243K | shares |
| DLRDIGITAL RLTY TR INC | 1,371 | $239K | shares |
| PCTPURECYCLE TECHNOLOGIES INC | 16,800 | $230K | shares |
| IQVIQVIA HLDGS INC | 1,422 | $224K | shares |
| SWSMURFIT WESTROCK PLC | 5,188 | $224K | shares |
| TREXTREX INC | 4,000 | $218K | shares |
| HPQHP INC | 8,799 | $215K | shares |
| MORNMORNINGSTAR INC | 660 | $207K | shares |
| EMREMERSON ELEC CO | 1,542 | $206K | shares |
| ESEVERSOURCE ENERGY | 3,160 | $201K | shares |
| GRAFTECH INTL LTDGRAFTECH INTL LTD | 202,425 | $197K | shares |
| NAMSNEWAMSTERDAM PHARMA COMPANY | 10,739 | $194K | shares |
| LFMDLIFEMD INC | 11,206 | $153K | shares |
| OTRKONTRAK INC COM COM PAR $0.0001 | 262,666 | $131K | shares |
| MQMARQETA INC | 20,920 | $122K | shares |
| ARES ACQUISITION CORP II-28ARES ACQUISITION CORP II-28 | 104,500 | $115K | shares |
| NORTHVIEW ACQUISITION CORPNORTHVIEW ACQUISITION CORP | 281,328 | $113K | shares |
| CCOCLEAR CHANNEL OUTDOOR HLDGS | 94,342 | $110K | shares |
| URGUR-ENERGY INC | 96,508 | $101K | shares |
| OPENOPENDOOR TECHNOLOGIES INC | 185,030 | $98.6K | shares |
| JVSPAC ACQUISITION CORPJVSPAC ACQUISITION CORP | 100,000 | $87K | shares |
| DYNCWDYNAMIX CORP | 200,000 | $72K | shares |
| CHARGEPOINT HLDGS INCCHARGEPOINT HLDGS INC | 102,270 | $71.9K | shares |
| PTENPATTERSON-UTI ENERGY INC | 10,430 | $61.9K | shares |
| FIGSFIGS INC | 10,840 | $61.1K | shares |
| INOZYME PHARMA INCINOZYME PHARMA INC | 14,996 | $60K | shares |
| IAUXI-80 GOLD CORP | 93,700 | $56.1K | shares |
| SMRTSMARTRENT INC | 47,030 | $46.6K | shares |
| LCTXLINEAGE CELL THERAPEUTICS IN | 48,330 | $43.9K | shares |
| COPL/UCOPLEY ACQUISITION CORP | 250,000 | $41.9K | shares |
| LWLGLIGHTWAVE LOGIC INC | 32,142 | $39.9K | shares |
| AMPYAMPLIFY ENERGY CORP NEW | 11,740 | $37.6K | shares |
| VZLAVIZSLA SILVER CORP | 12,400 | $36.6K | shares |
| CHGGCHEGG INC | 30,070 | $36.4K | shares |
| VTYXVENTYX BIOSCIENCES INC | 15,864 | $33.9K | shares |
| REIRING ENERGY INC | 42,310 | $33.6K | shares |
| STLNSTARLING ONCOLOGY INC | 15,200 | $31.2K | shares |
| GPMTGRANITE PT MTG TR INC | 12,593 | $31.1K | shares |
| SESSES AI CORPORATION | 34,590 | $30.7K | shares |
| CRBUCARIBOU BIOSCIENCES INC | 23,738 | $29.9K | shares |
| ONLORION PROPERTIES INC | 13,854 | $29.5K | shares |
| NNBRNN INC | 13,840 | $29.1K | shares |
| ATOSSA THERAPEUTICS INCATOSSA THERAPEUTICS INC | 31,235 | $25.9K | shares |
| BDTXBLACK DIAMOND THERAPEUTICS I | 10,440 | $25.9K | shares |
| LXRXLEXICON PHARMACEUTICALS INC | 27,010 | $25.5K | shares |
| UPWHEELS UP EXPERIENCE INC | 23,626 | $25.3K | shares |
| BLNKBLINK CHARGING CO | 25,340 | $23.8K | shares |
| NRGVENERGY VAULT HOLDINGS INC | 33,218 | $23.8K | shares |
| CCCCC4 THERAPEUTICS INC | 16,095 | $23K | shares |
| REKRREKOR SYSTEMS INC | 19,560 | $22.7K | shares |
| FLNAFILANA THERAPEUTICS INC | 12,355 | $22.4K | shares |
| Leslie's IncLeslie's Inc | 52,154 | $21.9K | shares |
| MGNXMACROGENICS INC | 17,483 | $21.2K | shares |
| CDLXCARDLYTICS INC | 12,477 | $20.5K | shares |
| GUTSFRACTYL HEALTH INC | 12,457 | $20.2K | shares |
| CABACABALETTA BIO INC | 13,070 | $19.9K | shares |
| ZNTLZENTALIS PHARMACEUTICALS INC | 16,638 | $19.3K | shares |
| Veru IncVeru Inc | 33,088 | $19.3K | shares |
| QIPTQUIPT HOME MEDICAL CORP | 10,412 | $18.6K | shares |
| PLRXPLIANT THERAPEUTICS INC | 15,710 | $18.2K | shares |
| ProKidney CorpProKidney Corp | 29,887 | $17.7K | shares |
| GRWGGROWGENERATION CORP | 17,624 | $16.5K | shares |
| NMRANEUMORA THERAPEUTICS INC. | 22,449 | $16.5K | shares |
| SUTRO BIOPHARMA INCSUTRO BIOPHARMA INC | 22,571 | $16.1K | shares |
| IVVDINVIVYD INC | 21,322 | $15.2K | shares |
| PYXSPYXIS ONCOLOGY INC | 13,790 | $15.2K | shares |
| EMCWFEMBRACE CHANGE ACQUISITION COR | 135,000 | $2.7K | shares |
| MKDWWMKDWELL TECH INC | 200,000 | $2.34K | 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 0001393825-25-000090 | superseded | 2025-11-13 | acceptance time not in the bulk data set | ||
| 13F-HR/A 0001393825-25-000093 | base | restatement | 2025-12-15 | acceptance time not in the bulk data set |