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MAD RIVER INVESTORS

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13F filer, CIK 1384484, BOSTON, MA

MAD RIVER INVESTORS reported holdings worth $215,202,583 (the sum of its rows) across 26 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-01-16. The total stated on the cover page is $215,202. Its ten largest share positions make up 89.53% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001384484-25-000002

The cover page states a total of $215,202, about 1/1,000 of the sum of the rows, $215,202,583. The filer likely wrote its cover total in thousands and its rows in dollars. This page uses the sum of the rows.

Period
2024-12-31
Value, sum of rows
$215M
Stated on the cover page
$215K
Holdings
26
Top 10 weight
89.53%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BTCnew+78,086$3.27M
HEnew+120,300$1.17M
LBadded+902$58.3K
MSBadded+1,832$51.5K
CBOEadded+125$24.4K

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
Grayscale Bitcoin Minitrust…exited-390,445-$2.2M
TPLreduced-1,840-$2.03M
TRCreduced-28,600-$455K
FBTCreduced-4,851-$396K
PBTreduced-30,089-$333K

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 2024

Share positions as resolved from 13F-HR 0001384484-25-000002, largest first. % of portfolio is the value over $215,202,583, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TPLTEXAS PACIFIC LAND CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,778 shares; 2024Q4: 95,938 shares 95,938$106M49.3%-1,840Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,745 shares; 2024Q4: 385,806 shares 385,806$28.6M13.27%-3,939Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 232,550 shares; 2024Q4: 233,452 shares 233,452$15.1M7.01%+902Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,288 shares; 2024Q4: 147,493 shares 147,493$8.29M3.85%+205Timeline
MSBMESABI TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 293,069 shares; 2024Q4: 294,901 shares 294,901$8.29M3.85%+1,832Timeline
CACICACI INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,560 shares; 2024Q4: 16,310 shares 16,310$6.59M3.06%-250Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,149 shares; 2024Q4: 76,298 shares 76,298$6.22M2.89%-4,851Timeline
CVEOCIVEO CORP CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 230,258 shares; 2024Q4: 216,766 shares 216,766$4.92M2.29%-13,492Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,596 shares; 2024Q4: 192,896 shares 192,896$4.81M2.23%-6,700Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,600 shares; 2024Q4: 32,351 shares 32,351$3.8M1.77%-249Timeline
VTIVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,122 shares; 2024Q4: 12,122 shares 12,122$3.51M1.63%0Timeline
BTCGRAYSCALE BITCOIN MINI TR ETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 78,086 shares 78,086$3.27M1.52%newTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,225 shares; 2024Q4: 6,725 shares 6,725$3.05M1.42%-500Timeline
PBTPERMIAN BASIN RTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,382 shares; 2024Q4: 246,293 shares 246,293$2.73M1.27%-30,089Timeline
VIGVANGUARD SPECIALIZED FUNDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,065 shares; 2024Q4: 9,065 shares 9,065$1.78M0.82%0Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,672 shares; 2024Q4: 5,376 shares 5,376$1.33M0.62%-296Timeline
CBOECBOE GLOBAL MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,080 shares; 2024Q4: 6,205 shares 6,205$1.21M0.56%+125Timeline
HEHAWAIIAN ELEC INDS INC MTN BQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,300 shares 120,300$1.17M0.54%newTimeline
ICEINTERCONTINENTAL EXCHANGE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,625 shares; 2024Q4: 7,470 shares 7,470$1.11M0.52%-155Timeline
Sandstorm Gold LtdSandstorm Gold LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 193,249 shares; 2024Q4: 183,099 shares 183,099$1.02M0.47%-10,150
RLIRLI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,500 shares; 2024Q4: 5,500 shares 5,500$907K0.42%0Timeline
TRCTEJON RANCH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,399 shares; 2024Q4: 27,799 shares 27,799$442K0.21%-28,600Timeline
ACWXISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,747 shares; 2024Q4: 7,747 shares 7,747$404K0.19%0Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,400 shares; 2024Q4: 2,400 shares 2,400$267K0.12%0Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,508 shares; 2024Q4: 1,508 shares 1,508$264K0.12%0Timeline
RCGRENN FD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,000 shares; 2024Q4: 28,000 shares 28,000$62.4K0.03%0Timeline

Sold out in Q4 2024

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

SecurityShares beforeValue beforeType
Grayscale Bitcoin Minitrust…Grayscale Bitcoin Minitrust ETF390,445$2.2Mshares
CMECME GROUP INC1,318$291Kshares

How Q4 2024 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 0001384484-25-000002 base2025-01-16acceptance time not in the bulk data set