Two Seas Capital LP
Follow13F filer, CIK 1823138, RYE, NY
Two Seas Capital LP reported $3,174,039,753 across 30 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 87.16% of the portfolio.
Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001315863-25-000402
- Period
- 2025-03-31
- Reported value
- $3.17B
- Holdings
- 30
- Top 10 weight
- 87.16%
- New
- 7
- Sold out
- 9
Stakes and trades reported after 2025-03-31
13D, 13G and Form 4 filings by this filer's group, dated after the 13F period, on securities the quarter does not hold as shares.
- NKTR NEKTAR THERAPEUTICS: 13G/A 3,345,978 shares, 9.8% of the class, 13G/A filed 2026-09-28, 0001193125-26-403411Timeline
Accepted , ingested
Largest buys vs the previous quarter
| Security | Shares change | Approx. value |
|---|---|---|
| GLNGnew | +515,949 | $19.6M |
| CLMTadded | +1,083,177 | $13.7M |
| FTAInew | +115,663 | $12.8M |
| CORZadded | +1,762,686 | $12.8M |
| TDAYadded | +2,937,206 | $8.49M |
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 |
|---|---|---|
| CEGexited | -98,463 | -$22M |
| VSTreduced | -167,650 | -$19.7M |
| TLNreduced | -96,200 | -$19.2M |
| METAexited | -18,516 | -$10.8M |
| INDIVIOR PLCreduced | -1,090,737 | -$10.2M |
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.
Holdings, Q1 2025
Share positions as resolved from 13F-HR 0001315863-25-000402, largest first. % of portfolio is the value over $643,328,587, the sum of the share positions whose value is usable for ratios (method).
| Security | History | Shares | Value | % of portfolio | Change | Latest event | Timeline |
|---|---|---|---|---|---|---|---|
| INDIVIOR PLCINDIVIOR PLC | 11,366,777 | $107M | 16.56% | -1,090,737 | |||
| ROIVROIVANT SCIENCES LTD | 10,136,307 | $102M | 15.9% | -31,500 | Timeline | ||
| TLNTALEN ENERGY CORP | 472,275 | $94.3M | 14.66% | -96,200 | Timeline | ||
| CORZCORE SCIENTIFIC INC NEW | 7,995,574 | $57.9M | 9% | +1,762,686 | Timeline | ||
| AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS | 4,946,449 | $38.7M | 6.02% | +650,000 | |||
| SHCSOTERA HEALTH CO | 3,321,136 | $38.7M | 6.02% | +425,000 | Timeline | ||
| CLMTCALUMET INC | 2,866,511 | $36.3M | 5.65% | +1,083,177 | Timeline | ||
| ABUSARBUTUS BIOPHARMA CORP | 9,465,956 | $33M | 5.14% | +725,000 | Timeline | ||
| IMVTIMMUNOVANT INC | 1,642,772 | $28.1M | 4.36% | +131,158 | Timeline | ||
| VSTVISTRA CORP | 211,435 | $24.8M | 3.86% | -167,650 | Timeline | ||
| GLNGGOLAR LNG LTD | 515,949 | $19.6M | 3.05% | new | Timeline | ||
| FTAIFTAI AVIATION LTD | 115,663 | $12.8M | 2% | new | Timeline | ||
| ARDXARDELYX INC | 2,120,337 | $10.4M | 1.62% | +265,000 | Timeline | ||
| ESPRESPERION THERAPEUTICS INC NE | 6,930,871 | $9.98M | 1.55% | +700,000 | Timeline | ||
| TDAYUSA TODAY CO INC | 3,437,206 | $9.93M | 1.54% | +2,937,206 | Timeline | ||
| SONOSONOS INC | 431,042 | $4.6M | 0.71% | -97,886 | Timeline | ||
| IRENIREN LIMITED | 665,000 | $4.05M | 0.63% | -195,000 | Timeline | ||
| ADAPYADAPTIMMUNE THERAPEUTICS PLC S | 20,529,685 | $4.04M | 0.63% | +5,694,539 | Timeline | ||
| NBISNEBIUS GROUP N.V. | 150,000 | $3.17M | 0.49% | new | Timeline | ||
| HUTHUT 8 CORP | 131,808 | $1.53M | 0.24% | -345,000 | Timeline | ||
| OMEXODYSSEY MARINE EXPL INC | 2,549,049 | $1.02M | 0.16% | 0 | Timeline | ||
| CORZWCORE SCIENTIFIC INC NEW | 280,248 | $849K | 0.13% | 0 | Timeline | ||
| WULFTERAWULF INC | 214,371 | $585K | 0.09% | 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).
| Security | Type | Amount | Value | Change |
|---|---|---|---|---|
| SPYSTATE STR SPDR S&P 500 ETF T SHS | put | 2,035,000 | $1.14B | +1,835,000 |
| QQQINVESCO QQQ TR COM | put | 1,525,000 | $715M | +1,326,000 |
| HYGISHARES TR IBOXX HI YD ETF | put | 7,325,500 | $578M | new |
| TLNTALEN ENERGY CORP Stock | call | 250,000 | $49.9M | -100,000 |
| VSTVISTRA CORP Stock | call | 300,000 | $35.2M | new |
| TDAYUSA TODAY CO INC COM | call | 2,814,900 | $8.14M | +294,100 |
| CORZCORE SCIENTIFIC INC NEW COM | call | 836,500 | $6.06M | new |
Sold out in Q1 2025
Positions in the previous quarter's report that this quarter's report no longer lists.
| Security | Shares before | Value before | Type |
|---|---|---|---|
| CEGCONSTELLATION ENERGY CORP | 98,463 | $22M | shares |
| METAMETA PLATFORMS INC | 18,516 | $10.8M | shares |
| BTDRBITDEER TECHNOLOGIES GROUP | 433,028 | $9.38M | shares |
| CLMTCALUMET INC | 400,000 | $8.81M | call |
| Esperion Therapeutics IncEsperion Therapeutics Inc | 5,315,000 | $5.16M | principal |
| APLDAPPLIED DIGITAL CORP | 662,587 | $5.06M | shares |
| GOOGLALPHABET INC | 25,000 | $4.73M | shares |
| SOCSABLE OFFSHORE CORP | 158,518 | $3.63M | shares |
| BTBTBIT DIGITAL INC | 662,414 | $1.94M | shares |
How Q1 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 0001315863-25-000402 | base | 2025-05-15 | acceptance time not in the bulk data set |