Hudson Bay Capital Management LP
Follow13F filer, CIK 1393825, STAMFORD, CT
Hudson Bay Capital Management LP reported $30,340,662,734 across 1,160 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 30.1% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001393825-26-000021
- Period
- 2025-12-31
- Reported value
- $30.3B
- Holdings
- 1,160
- Top 10 weight
- 30.1%
- New
- 448
- Sold out
- 486
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| PLTRadded | +2,274,618 | $404M |
| MSFTadded | +765,630 | $370M |
| NFLXadded | +3,647,761 | $342M |
| GOOGLadded | +885,845 | $277M |
| AVGOadded | +532,436 | $184M |
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 |
|---|---|---|
| AMZNreduced | -1,840,368 | -$425M |
| SPYreduced | -254,816 | -$174M |
| TSMreduced | -507,458 | -$154M |
| Kexited | -1,219,143 | -$100M |
| DLTRreduced | -767,376 | -$94.4M |
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 0001393825-26-000021, largest first. % of portfolio is the value over $17,441,825,725, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| ASMLASML HLDG NV | 3 | $3.21K | <0.01% | -4,767 | Timeline | ||
| BENFWBENEFICIENT | 300,000 | $3.18K | <0.01% | 0 | Timeline | ||
| FUSEWFUSEMACHINES INC | 50,000 | $3.1K | <0.01% | new | Timeline | ||
| TGEWSGENERATION ESSENTIALS GROUP | 13,251 | $1.99K | <0.01% | 0 | Timeline | ||
| CPTWFCAPTIVISION INC | 97,483 | $1.26K | <0.01% | 0 | Timeline | ||
| TAPMOLSON COORS BEVERAGE CO | 3 | $140 | <0.01% | new | Timeline |
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 139. All 139
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| TSLATESLA INC COM | put | 3,020,000 | $1.36B | +825,000 |
| NVDANVIDIA CORPORATION COM | put | 5,986,900 | $1.12B | -1,113,200 |
| AMZNAMAZON COM INC COM | put | 2,952,000 | $681M | -1,418,000 |
| AMDADVANCED MICRO DEVICES INC COM | put | 2,750,000 | $589M | +825,000 |
| TSLATESLA INC COM | call | 1,244,000 | $559M | +789,400 |
| IWMISHARES TR SHS | put | 2,249,000 | $554M | -1,351,000 |
| SPYSTATE STR SPDR S&P 500 ETF T SHS | put | 705,800 | $481M | -482,400 |
| PLTRPALANTIR TECHNOLOGIES INC COM | put | 2,697,500 | $479M | +2,197,500 |
| MSFTMICROSOFT CORP COM | put | 924,000 | $447M | new |
| NFLXNETFLIX INC. COM | put | 3,850,000 | $361M | +3,550,000 |
| BRK-BBERKSHIRE HATHAWAY INC DEL COM | put | 690,000 | $347M | +6,000 |
| GOOGLALPHABET INC COM | put | 980,000 | $307M | +780,000 |
| AAPLAPPLE INC COM | put | 1,096,000 | $298M | -754,000 |
| DLTRDOLLAR TREE INC Stock | put | 2,000,000 | $246M | -500,000 |
| IBITISHARES BITCOIN TRUST ETF SHS | put | 4,611,100 | $229M | -927,200 |
| BABOEING CO COM | put | 1,003,000 | $218M | +515,500 |
| AVGOBROADCOM INC COM | put | 500,000 | $173M | new |
| SHOPSHOPIFY INC CL A SUB VTG SHS | put | 1,075,000 | $173M | new |
| COSTCOSTCO WHOLESALE CORPORATION COM | put | 200,000 | $172M | +125,000 |
| HOODROBINHOOD MKTS INC COM | put | 1,520,000 | $172M | -80,000 |
| HOODROBINHOOD MKTS INC COM | call | 1,350,000 | $153M | -539,300 |
| VRTVERTIV HOLDINGS CO Stock | put | 920,000 | $149M | +895,000 |
| METAMETA PLATFORMS INC COM | put | 222,400 | $147M | new |
| DISDISNEY WALT CO COM | put | 1,100,000 | $125M | new |
| FXIISHARES TR CHINA LG-CAP ETF | put | 3,263,700 | $125M | +2,263,700 |
| HONHONEYWELL INTL INC COM | put | 625,000 | $122M | new |
| HYGISHARES TR IBOXX HI YD ETF | put | 1,500,000 | $121M | -5,500,000 |
| AALAMERICAN AIRLINES GROUP INC Stock | put | 7,694,800 | $118M | +846,900 |
| ISRGINTUITIVE SURGICAL INC COM | put | 200,000 | $113M | new |
| WMTWALMART INC COM | put | 920,000 | $102M | new |
| COINCOINBASE GLOBAL INC Stock | put | 450,000 | $102M | +263,800 |
| TMUST-MOBILE US INC COM | put | 500,000 | $102M | +100,000 |
| ADBEADOBE INC COM | put | 290,000 | $101M | new |
| NBISNEBIUS GROUP N.V. SHS CLASS A | put | 1,150,000 | $96.3M | +1,110,000 |
| COINCOINBASE GLOBAL INC Stock | call | 390,400 | $88.3M | +359,800 |
| CNCCENTENE CORP DEL Stock | put | 2,125,000 | $87.4M | +2,000,000 |
| AMDADVANCED MICRO DEVICES INC COM | call | 400,000 | $85.7M | new |
| ALNYALNYLAM PHARMACEUTICALS INC Stock | put | 200,000 | $79.5M | new |
| CDNSCADENCE DESIGN SYSTEM INC Stock | put | 250,000 | $78.1M | +100,000 |
| NBISNEBIUS GROUP N.V. SHS CLASS A | call | 900,000 | $75.3M | new |
| SNPSSYNOPSYS INC Stock | put | 160,000 | $75.2M | new |
| MSTRSTRATEGY INC Stock | put | 488,100 | $74.2M | -422,300 |
| NOWSERVICENOW INC COM | put | 465,000 | $71.2M | new |
| PYPLPAYPAL HLDGS INC STOK | put | 1,197,000 | $69.9M | new |
| GOOGALPHABET INC COM | put | 200,000 | $62.8M | -84,000 |
| INTCINTEL CORP COM | put | 1,500,000 | $55.4M | new |
| MSFTMICROSOFT CORP COM | call | 112,000 | $54.2M | +59,500 |
| GSGOLDMAN SACHS GROUP INC COM | put | 60,500 | $53.2M | new |
| NVDANVIDIA CORPORATION COM | call | 284,500 | $53.1M | -1,050,100 |
| MSTRSTRATEGY INC Stock | call | 340,000 | $51.7M | -80,200 |
| TSMTAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS | put | 170,000 | $51.7M | -452,500 |
| CCITIGROUP INC COM | put | 400,000 | $46.7M | new |
| VRTXVERTEX PHARMACEUTICALS INC COM | put | 100,000 | $45.3M | new |
| LITELUMENTUM HLDGS INC Stock | put | 121,500 | $44.8M | new |
| LLYELI LILLY & CO COM | put | 40,000 | $43M | -80,000 |
| AFRMAFFIRM HLDGS INC Stock | put | 577,500 | $43M | new |
| LINLINDE PLC COM | put | 100,000 | $42.6M | new |
| CCITIGROUP INC COM | call | 350,000 | $40.8M | new |
| CRCLCIRCLE INTERNET GROUP INC COM CL A | put | 500,000 | $39.6M | +150,000 |
| QQQINVESCO QQQ TR COM | put | 64,300 | $39.5M | -746,200 |
| CATCATERPILLAR INC COM | put | 67,500 | $38.7M | new |
| MRKMERCK & CO INC COM | put | 350,000 | $36.8M | -250,000 |
| TVTXTRAVERE THERAPEUTICS INC COM | put | 900,300 | $34.4M | +584,000 |
| SOFISOFI TECHNOLOGIES INC Stock | put | 1,305,000 | $34.2M | -195,000 |
| DASHDOORDASH INC Stock | put | 150,000 | $34M | -285,000 |
| WMTWALMART INC COM | call | 300,000 | $33.4M | +20,000 |
| KDPKEURIG DR PEPPER INC Stock | call | 1,000,000 | $28M | 0 |
| AMZNAMAZON COM INC COM | call | 116,000 | $26.8M | +16,000 |
| KVUEKENVUE INC COM | call | 1,500,000 | $25.9M | new |
| BRK-BBERKSHIRE HATHAWAY INC DEL COM | call | 50,000 | $25.1M | +10,000 |
| XBISPDR SERIES TRUST S&P BIOTECH | put | 200,000 | $24.4M | new |
| HPEHEWLETT PACKARD ENTERPRISE C Stock | call | 1,000,000 | $24M | +199,900 |
| KNXKNIGHT-SWIFT TRANSN HLDGS IN CL A | put | 361,400 | $18.9M | new |
| DLTRDOLLAR TREE INC Stock | call | 140,000 | $17.2M | -35,000 |
| ECHOECHOSTAR CORP CL A | put | 147,800 | $16.1M | 0 |
| TEVATEVA PHARMACEUTICAL INDS LTD ADR | put | 495,000 | $15.4M | new |
| LVSLAS VEGAS SANDS CORP Stock | put | 200,000 | $13M | new |
| QCOMQUALCOMM INC COM | put | 75,000 | $12.8M | new |
| NVONOVO-NORDISK A S ADR | call | 250,000 | $12.7M | new |
| KMBKIMBERLY-CLARK CORP Stock | call | 125,000 | $12.6M | new |
| UBERUBER TECHNOLOGIES INC COM | put | 150,000 | $12.3M | new |
| CWANCLEARWATER ANALYTICS HLDGS I CL A | call | 500,000 | $12.1M | new |
| SPOTSPOTIFY TECHNOLOGY S A STOK | put | 20,000 | $11.6M | new |
| BABOEING CO COM | call | 50,000 | $10.9M | -60,000 |
| RKLBROCKET LAB CORP STOK | put | 150,000 | $10.5M | +100,000 |
| GMGENERAL MTRS CO Stock | put | 125,000 | $10.2M | +85,000 |
| DBRGDIGITALBRIDGE GROUP INC CL A NEW | call | 647,600 | $9.93M | new |
| LMTLOCKHEED MARTIN CORP COM | put | 20,000 | $9.67M | -44,500 |
| SONSONOCO PRODS CO COM | call | 175,000 | $7.64M | new |
| METAMETA PLATFORMS INC COM | call | 11,200 | $7.39M | new |
| CORTCORCEPT THERAPEUTICS INC COM | put | 185,800 | $6.47M | new |
| VSTVISTRA CORP Stock | put | 40,000 | $6.45M | -6,000 |
| QCOMQUALCOMM INC COM | call | 37,500 | $6.41M | new |
| AAPLAPPLE INC COM | call | 23,000 | $6.25M | -857,000 |
| APGEAPOGEE THERAPEUTICS INC Stock | put | 79,000 | $5.96M | new |
| JBHTHUNT J B TRANS SVCS INC Stock | put | 30,000 | $5.83M | new |
| LYFTLYFT INC CL A COM | call | 300,000 | $5.81M | new |
| BILLBILL HOLDINGS INC COM | call | 100,000 | $5.45M | new |
| VKTXVIKING THERAPEUTICS INC COM | call | 150,000 | $5.28M | new |
| FLYFIREFLY AEROSPACE INC COM | call | 220,000 | $4.92M | 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 |
|---|---|---|---|---|
| ALIBABA GROUP HLDG LTDALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 | principal | 203,500,000 | $316M | +108,500,000 |
| ECHOSTAR CORPECHOSTAR CORP NOTE 3.875%11/3 | principal | 82,554,417 | $277M | +12,324,790 |
| PG&E CORPPG&E CORP NOTE 4.250%12/0 | principal | 262,066,000 | $270M | +56,621,000 |
| TRANSOCEAN INCTRANSOCEAN INC DEB 4.625% 9/3 | principal | 123,646,000 | $170M | +5,500,000 |
| UNITI GROUP LLCUNITI GROUP LLC COM | principal | 120,103,000 | $131M | +13,051,000 |
| BOFA FIN LLCBOFA FIN LLC MTNF 0.600% 5/2 | principal | 84,308,000 | $91.8M | +8,500,000 |
| RINGCENTRAL INCRINGCENTRAL INC NOTE 3/1 | principal | 52,686,000 | $52.2M | 0 |
| STRATEGY INCSTRATEGY INC NOTE 0.625% 9/1 | principal | 38,192,000 | $44.7M | +23,192,000 |
| VAIL RESORTS INCVAIL RESORTS INC NOTE 1/0 | principal | 30,236,000 | $30.2M | 0 |
| DAYFORCE INCDAYFORCE INC NOTE 0.250% 3/1 | principal | 29,204,000 | $28.9M | 0 |
| RIVIAN AUTOMOTIVE INCRIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 | principal | 20,000,000 | $22.5M | 0 |
| H WORLD GROUP LTDH WORLD GROUP LTD Convertible bond | principal | 10,000,000 | $12.8M | 0 |
| JD.COM INCJD.COM INC NOTE 0.250% 6/0 | principal | 10,000,000 | $10M | new |
| NABORS INDS INCNABORS INDS INC NOTE 1.750% 6/1 | principal | 6,500,000 | $5.28M | new |
| EVOLENT HEALTH INCEVOLENT HEALTH INC DEBT 4.500% 8/1 | principal | 5,000,000 | $3.54M | 0 |
Sold out in Q4 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
The largest 100 of 486. All 486
| Security | Shares before | Value before | Type |
|---|---|---|---|
| SOUTHERN COSOUTHERN CO | 279,129,000 | $315M | principal |
| CNX RES CORPCNX RES CORP | 122,098,000 | $305M | principal |
| NFLXNETFLIX INC. | 220,000 | $264M | call |
| DEXCOM INCDEXCOM INC | 259,028,000 | $257M | principal |
| INTERDIGITAL INCINTERDIGITAL INC | 27,500,000 | $123M | principal |
| WDAYWORKDAY INC | 500,000 | $120M | put |
| KKELLANOVA | 1,219,143 | $100M | shares |
| UNHUNITEDHEALTH GROUP INC | 250,000 | $86.3M | shares |
| UNHUNITEDHEALTH GROUP INC | 250,000 | $86.3M | put |
| IBITISHARES BITCOIN TRUST ETF | 1,161,500 | $75.5M | call |
| LLYELI LILLY & CO | 95,000 | $72.5M | call |
| MERUS N VMERUS N V | 740,394 | $69.7M | shares |
| SLBSLB LIMITED | 2,007,420 | $69M | shares |
| SLBSLB LIMITED | 2,000,000 | $68.7M | put |
| WDAYWORKDAY INC | 276,648 | $66.6M | shares |
| WDAYWORKDAY INC | 235,000 | $56.6M | call |
| CARTMAPLEBEAR INC | 1,467,500 | $53.9M | call |
| GOOGLALPHABET INC | 215,000 | $52.3M | call |
| MR COOPER GROUP INCMR COOPER GROUP INC | 237,489 | $50.1M | shares |
| CRWDCROWDSTRIKE HLDGS INC | 100,000 | $49M | shares |
| CRWDCROWDSTRIKE HLDGS INC | 100,000 | $49M | put |
| VERONA PHARMA PLCVERONA PHARMA PLC | 455,334 | $48.6M | shares |
| ABNBAIRBNB INC | 400,000 | $48.6M | put |
| CVXCHEVRON CORPORATION | 300,000 | $46.6M | call |
| GILDGILEAD SCIENCES INC | 415,000 | $46.1M | call |
| XOMEXXON MOBIL CORP | 405,000 | $45.7M | put |
| XOMEXXON MOBIL CORP | 405,000 | $45.7M | call |
| PLTRPALANTIR TECHNOLOGIES INC | 250,000 | $45.6M | call |
| XOPSPDR SERIES TRUST | 336,600 | $44.5M | put |
| VERINT SYSTEMS INCVERINT SYSTEMS INC | 42,913,000 | $42.2M | principal |
| CSCOCISCO SYS INC | 570,000 | $39M | put |
| CSCOCISCO SYS INC | 565,000 | $38.7M | call |
| SNOWSNOWFLAKE INC | 170,000 | $38.3M | shares |
| BNLBROADSTONE NET LEASE INC | 2,126,373 | $38M | shares |
| KKELLANOVA | 450,000 | $36.9M | put |
| GILDGILEAD SCIENCES INC | 315,000 | $35M | put |
| AZNASTRAZENECA PLC-SPONS ADR | 444,874 | $34.1M | shares |
| COFCAPITAL ONE FINL CORP | 151,600 | $32.2M | call |
| 89BIO INC89BIO INC | 2,172,000 | $31.9M | shares |
| ORCLORACLE CORP | 111,800 | $31.4M | call |
| HPEHEWLETT PACKARD ENTERPRISE C | 1,242,399 | $30.5M | shares |
| VTRVENTAS INC | 419,484 | $29.4M | shares |
| ARKKARK ETF TR | 300,000 | $25.9M | put |
| LQDALIQUIDIA CORPORATION | 1,113,600 | $25.3M | put |
| OHIOMEGA HEALTHCARE INVS INC | 594,808 | $25.1M | shares |
| ADIANALOG DEVICES INC | 99,569 | $24.5M | shares |
| ABNBAIRBNB INC | 200,000 | $24.3M | call |
| NEMNEWMONT CORP | 284,152 | $24M | shares |
| NVONOVO-NORDISK A S | 426,200 | $23.6M | put |
| LRCXLAM RESEARCH CORP | 174,700 | $23.4M | shares |
| NEMNEWMONT CORP | 275,000 | $23.2M | put |
| XOPSPDR SERIES TRUST | 168,300 | $22.2M | call |
| MCDMCDONALDS CORP | 72,724 | $22.1M | shares |
| CITHE CIGNA GROUP | 74,449 | $21.5M | shares |
| SRRKSCHOLAR ROCK HLDG CORP | 550,800 | $20.5M | put |
| FYBRFRONTIER COMMUNICATIONS PARE | 538,934 | $20.1M | shares |
| EPRTESSENTIAL PPTYS RLTY TR INC | 671,913 | $20M | shares |
| DMIIUDRUGS MADE IN AMER ACQ II CO | 1,969,030 | $19.6M | shares |
| WATWATERS CORP | 65,004 | $19.5M | shares |
| STRKSTRATEGY INC | 212,231 | $19.4M | shares |
| HPPHUDSON PAC PPTYS INC | 6,987,635 | $19.3M | shares |
| HHYATT HOTELS CORP | 134,209 | $19M | shares |
| CVNACARVANA CO | 49,688 | $18.7M | shares |
| CRWVCOREWEAVE INC | 133,071 | $18.2M | shares |
| BABAALIBABA GROUP HLDG LTD | 100,000 | $17.9M | call |
| CRWVCOREWEAVE INC | 130,000 | $17.8M | put |
| SPRSPIRIT AEROSYSTEMS HLDGS INC | 443,991 | $17.1M | shares |
| MTSRMETSERA INC | 323,836 | $16.9M | shares |
| ETHEGRAYSCALE ETHEREUM STAKING E | 490,000 | $16.8M | call |
| IGVISHARES TR | 140,200 | $16.1M | put |
| AKROAKERO THERAPEUTICS INC | 338,500 | $16.1M | shares |
| ABBVABBVIE INC | 69,352 | $16.1M | shares |
| Surmodics IncSurmodics Inc | 536,275 | $16M | shares |
| ASNDASCENDIS PHARMA A/S | 78,934 | $15.7M | shares |
| CCLCARNIVAL CORP | 525,751 | $15.2M | shares |
| TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR | 250,000 | $14.9M | call |
| MRKMERCK & CO INC | 175,000 | $14.7M | call |
| AIRBNB INCAIRBNB INC | 15,000,000 | $14.7M | principal |
| PNRPENTAIR PLC | 132,134 | $14.6M | shares |
| CNMCORE & MAIN INC | 268,267 | $14.4M | shares |
| OLLIOLLIES BARGAIN OUTLET HLDGS | 108,028 | $13.9M | shares |
| NXHNEIGHBORHOOD INTELLIGENCE IN | 1,400,000 | $13.7M | shares |
| WALWESTERN ALLIANCE BANCORP | 153,822 | $13.3M | shares |
| ETSY INCETSY INC | 14,853,000 | $13.2M | principal |
| EXCEXELON CORP | 293,008 | $13.2M | shares |
| VERAVERA THERAPEUTICS INC | 440,591 | $12.8M | shares |
| RDDTREDDIT INC | 55,000 | $12.6M | put |
| MDBMONGODB INC | 40,203 | $12.5M | shares |
| SBACSBA COMMUNICATIONS CORP | 64,124 | $12.4M | shares |
| CRWVCOREWEAVE INC | 90,000 | $12.3M | call |
| GLWCORNING INC | 148,100 | $12.1M | put |
| EAELECTRONIC ARTS INC | 59,400 | $12M | put |
| BABAALIBABA GROUP HLDG LTD | 66,675 | $11.9M | shares |
| WRBBERKLEY W R CORP | 153,560 | $11.8M | shares |
| AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS | 750,000 | $11.5M | put |
| OSKOSHKOSH CORP | 85,935 | $11.1M | shares |
| ECHOECHOSTAR CORP | 139,800 | $10.7M | call |
| TLNTALEN ENERGY CORP | 25,000 | $10.6M | put |
| D-WAVE QUANTUM INCD-WAVE QUANTUM INC | 427,213 | $10.4M | shares |
| SLNOSOLENO THERAPEUTICS INC | 150,000 | $10.1M | put |
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).
| Filing | Role | Amendment | Filed | Accepted | Ingested |
|---|---|---|---|---|---|
| 13F-HR 0001393825-26-000021 | base | 2026-02-13 | acceptance time not in the bulk data set |