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SABBY MANAGEMENT, LLC

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13F filer, CIK 1535610, MIAMI BEACH, FL

SABBY MANAGEMENT, LLC reported $69,505,070 across 33 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 76.75% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-015753

Period
2025-12-31
Reported value
$69.5M
Holdings
33
Top 10 weight
76.75%
New
14
Sold out
20

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BLNKnew+2,125,958$1.42M
Bitcoin Depot Incnew+1,001,384$1.29M
ABVXnew+7,026$947K
EMPDadded+116,799$533K
TPSTnew+178,592$513K

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
EVEXexited-232,458-$886K
CAN FITE BIOFARMA LTDexited-1,406,050-$871K
SVRNexited-668,969-$823K
BIAFexited-242,757-$719K
BIG TREE CLOUD HLDGS LTDreduced-1,950,774-$532K

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 0001104659-26-015753, largest first. % of portfolio is the value over $12,000,387, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BIG TREE CLOUD HLDGS LTDBIG TREE CLOUD HLDGS 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: 7,720,762 shares; 2025Q4: 5,769,988 shares 5,769,988$1.57M13.1%-1,950,774
EMPDEMPERY 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: 15,835 shares; 2025Q3: 225,058 shares; 2025Q4: 341,857 shares 341,857$1.56M13%+116,799Timeline
BLNKBLINK CHARGING COQuarterly 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: 2,125,958 shares 2,125,958$1.42M11.82%newTimeline
Bitcoin Depot IncBitcoin Depot 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: 1,001,384 shares 1,001,384$1.29M10.76%new
ABVXABIVAX SAQuarterly 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: 7,026 shares 7,026$947K7.9%newTimeline
LYRALYRA THERAPEUTICS INC COM NEWQuarterly 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: 125,729 shares; 2025Q3: 127,624 shares; 2025Q4: 175,158 shares 175,158$539K4.5%+47,534Timeline
TPSTTEMPEST THERAPEUTICS 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: 276,587 shares; 2025Q3: not reported; 2025Q4: 178,592 shares 178,592$513K4.27%newTimeline
REVELATION BIOSCIENCES INCREVELATION BIOSCIENCES 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: 207,051 shares; 2025Q4: 605,702 shares 605,702$484K4.04%+398,651
SNESSENESTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,639 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 71,283 shares; 2025Q4: 210,564 shares 210,564$451K3.75%+139,281Timeline
BDRXBIODEXA PHARMACEUTICALS PLCQuarterly 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: 190,658 shares 190,658$433K3.61%newTimeline
CPOPPOP CULTURE GROUP CO 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: 1,227,666 shares; 2025Q4: 956,639 shares 956,639$402K3.35%-271,027Timeline
ZONEZONE FRONTIER 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: 1,448,598 shares 1,448,598$377K3.14%newTimeline
JZXNJIUZI 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: 187,951 shares 187,951$325K2.71%newTimeline
GVHGLOBAVEND HOLDINGS LIMITEDQuarterly 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: 178,645 shares 178,645$257K2.14%newTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,280 shares; 2025Q1: 1,190 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 335 shares 335$228K1.9%newTimeline
TIRXFTIAN RUIXIANG HLDGS LTD CLASSQuarterly 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: 624,551 shares 624,551$226K1.88%newTimeline
INMINMED PHARMACEUTICALS 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: 219,998 shares; 2025Q4: 201,633 shares 201,633$214K1.78%-18,365Timeline
NVANOVA MINERALS 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: not reported; 2025Q4: 29,858 shares 29,858$182K1.52%newTimeline
NUWENUWELLIS 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: 35,894 shares; 2025Q4: 89,685 shares 89,685$156K1.3%+53,791Timeline
EPICQUEST EDUCATN GRP INTL LEPICQUEST EDUCATN GRP INTL LQuarterly 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: 900,765 shares; 2025Q4: 667,108 shares 667,108$147K1.23%-233,657
BCTXZBRIACELL THERAPEUTICS CORPQuarterly 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: 598,743 shares; 2025Q3: 374,488 shares; 2025Q4: 265,964 shares 265,964$77.2K0.64%-108,524Timeline
PMCBPHARMACYTE BIOTECH 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: 100,000 shares 100,000$72.4K0.6%newTimeline
BNBXBNB PLUS CORPQuarterly 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: 24,355 shares; 2025Q3: not reported; 2025Q4: 54,000 shares 54,000$66.4K0.55%newTimeline
OGENORAGENICS 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: 58,953 shares; 2025Q4: 61,740 shares 61,740$48.4K0.4%+2,787Timeline
LMFALM FDG AMER 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: 638,250 shares; 2025Q4: 26,459 shares 26,459$11.7K0.1%-611,791Timeline

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
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T PUTput349$23.8M+90
ISHARES TRISHARES TR PUTput650$16M-54
ISHARES TRISHARES TR CALLcall564$13.9M-270
ABIVAX SAABIVAX SA CALLcall160$2.16Mnew
GEVO INCGEVO INC COM PARput6,274$1.25M+4,871
ZEVRA THERAPEUTICS INCZEVRA THERAPEUTICS INC COMput327$293K0
REVIVA PHARMACEUTCLS HLDGS …REVIVA PHARMACEUTCLS HLDGS INC COMput4,113$115K+3,848
EOS ENERGY ENTERPRISES INCEOS ENERGY ENTERPRISES INC PUTput3,251$1.63K-252

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
STATE STR SPDR S&P 500 ETF TSTATE STR SPDR S&P 500 ETF T118$7.86Mcall
EVEXEVE HLDG INC232,458$886Kshares
CAN FITE BIOFARMA LTDCAN FITE BIOFARMA LTD1,406,050$871Kshares
SVRNOCEANPAL INC COM PAR $0.01 NEW668,969$823Kshares
BIAFBIOAFFINITY TECHNOLOGIES INC242,757$719Kshares
UCARU POWER LTD240,260$485Kshares
GEOVAX LABS INCGEOVAX LABS INC661,376$313Kshares
VISION MARINE TECHNOLOGIES IVISION MARINE TECHNOLOGIES I186,536$254Kshares
CORE SCIENTIFIC INC NEWCORE SCIENTIFIC INC NEW130$233Kput
WORK MED TECHNOLOGY GROUP LTWORK MED TECHNOLOGY GROUP LT2,724,004$204Kshares
CETXCEMTREX INC24,987$141Kshares
SNGXSOLIGENIX INC81,000$94Kshares
AIMAIM IMMUNOTECH INC28,855$79.1Kshares
TCTOKEN CAT LTD3,983$55.3Kshares
BLUEJAY DIAGNOSTICS INCBLUEJAY DIAGNOSTICS INC29,628$45Kshares
RUBICO INCRUBICO INC20,835$44.2Kshares
ACXPACURX PHARMACEUTICALS INC8,705$37.3Kshares
SOLAI LIMITEDSOLAI LIMITED134$36.2Kput
CORZCORE SCIENTIFIC INC NEW1,040$18.7Kshares
SLAISOLAI LIMITED3,865$10.4Kshares

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 0001104659-26-015753 base2026-02-17acceptance time not in the bulk data set