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Two Seas Capital LP

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13F filer, CIK 1823138, RYE, NY

Two Seas Capital LP reported $5,955,315,478 across 39 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 76.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001315863-25-000601

Period
2025-06-30
Reported value
$5.96B
Holdings
39
Top 10 weight
76.79%
New
14
Sold out
5

Part of the filer group Two Seas Capital LP

  • Sina Toussi
  • Two Seas Capital GP LLC
How groups are built

Stakes and trades reported after 2025-06-30

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

SecurityShares changeApprox. value
TDAYadded+7,793,415$27.9M
CLMTadded+1,631,098$25.7M
BURnew+1,577,670$22.5M
GLNGadded+393,406$16.2M
CEGnew+47,688$15.4M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
TLNreduced-171,577-$49.9M
CORZreduced-1,225,547-$20.9M
ARDXreduced-580,921-$2.28M
SONOreduced-150,000-$1.62M
HUTexited-131,808-$1.53M

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, Q2 2025

Share positions as resolved from 13F-HR 0001315863-25-000601, largest first. % of portfolio is the value over $1,019,808,462, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
INDIVIOR PLCINDIVIOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 12,457,514 shares; 2025Q1: 11,366,777 shares; 2025Q2: 11,407,795 shares 11,407,795$168M16.49%+41,018
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 10,167,807 shares; 2025Q1: 10,136,307 shares; 2025Q2: 10,598,040 shares 10,598,040$119M11.71%+461,733Timeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,232,888 shares; 2025Q1: 7,995,574 shares; 2025Q2: 6,770,027 shares 6,770,027$116M11.33%-1,225,547Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 568,475 shares; 2025Q1: 472,275 shares; 2025Q2: 300,698 shares 300,698$87.4M8.57%-171,577Timeline
CLMTCALUMET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,783,334 shares; 2025Q1: 2,866,511 shares; 2025Q2: 4,497,609 shares 4,497,609$70.9M6.95%+1,631,098Timeline
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 4,296,449 shares; 2025Q1: 4,946,449 shares; 2025Q2: 6,155,074 shares 6,155,074$54.5M5.34%+1,208,625
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 379,085 shares; 2025Q1: 211,435 shares; 2025Q2: 231,257 shares 231,257$44.8M4.39%+19,822Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,896,136 shares; 2025Q1: 3,321,136 shares; 2025Q2: 4,020,867 shares 4,020,867$44.7M4.38%+699,731Timeline
TDAYUSA TODAY CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 500,000 shares; 2025Q1: 3,437,206 shares; 2025Q2: 11,230,621 shares 11,230,621$40.2M3.94%+7,793,415Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 515,949 shares; 2025Q2: 909,355 shares 909,355$37.5M3.67%+393,406Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,511,614 shares; 2025Q1: 1,642,772 shares; 2025Q2: 2,252,772 shares 2,252,772$36M3.53%+610,000Timeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 8,740,956 shares; 2025Q1: 9,465,956 shares; 2025Q2: 10,443,317 shares 10,443,317$32.3M3.16%+977,361Timeline
BURBURFORD CAPITAL LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,577,670 shares 1,577,670$22.5M2.21%newTimeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 115,663 shares; 2025Q2: 178,844 shares 178,844$20.6M2.02%+63,181Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 98,463 shares; 2025Q1: not reported; 2025Q2: 47,688 shares 47,688$15.4M1.51%newTimeline
IRENIREN LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 860,000 shares; 2025Q1: 665,000 shares; 2025Q2: 971,891 shares 971,891$14.2M1.39%+306,891Timeline
NBISNEBIUS GROUP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 250,000 shares 250,000$13.8M1.36%+100,000Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 18,516 shares; 2025Q1: not reported; 2025Q2: 15,065 shares 15,065$11.1M1.09%newTimeline
WULFTERAWULF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 214,371 shares; 2025Q2: 2,287,100 shares 2,287,100$10M0.98%+2,072,729Timeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,230,871 shares; 2025Q1: 6,930,871 shares; 2025Q2: 9,954,975 shares 9,954,975$9.8M0.96%+3,024,104Timeline
SQQQProShares UltraPro Short QQQQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares 500,000$9.79M0.96%newTimeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 158,518 shares; 2025Q1: not reported; 2025Q2: 441,677 shares 441,677$9.71M0.95%newTimeline
ARDXARDELYX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,855,337 shares; 2025Q1: 2,120,337 shares; 2025Q2: 1,539,416 shares 1,539,416$6.03M0.59%-580,921Timeline
ADAPYADAPTIMMUNE THERAPEUTICS PLC SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 14,835,146 shares; 2025Q1: 20,529,685 shares; 2025Q2: 22,580,701 shares 22,580,701$5.41M0.53%+2,051,016Timeline
APLDAPPLIED DIGITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 662,587 shares; 2025Q1: not reported; 2025Q2: 500,000 shares 500,000$5.04M0.49%newTimeline
CORZWCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 280,248 shares; 2025Q1: 280,248 shares; 2025Q2: 336,378 shares 336,378$3.65M0.36%+56,130Timeline
SONOSONOS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 528,928 shares; 2025Q1: 431,042 shares; 2025Q2: 281,042 shares 281,042$3.04M0.3%-150,000Timeline
NRGNRG ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares 15,000$2.41M0.24%newTimeline
OMEXODYSSEY MARINE EXPL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,549,049 shares; 2025Q1: 2,549,049 shares; 2025Q2: 1,430,769 shares 1,430,769$1.69M0.17%-1,118,280Timeline
FSLRFIRST SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares 10,000$1.66M0.16%newTimeline
CIFRCIPHER DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares 250,000$1.2M0.12%newTimeline
WOLFSPEED INCWOLFSPEED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,412,111 shares 2,412,111$962K0.09%new
CORZZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,107 shares 24,107$414K0.04%newTimeline

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
SPYSTATE STR SPDR S&P 500 ETF T SHSput5,987,500$3.7B+3,952,500
HYGISHARES TR IBOXX HI YD ETFput7,325,500$591M0
FSLRFIRST SOLAR INC Stockcall2,844,000$471Mnew
HUMHUMANA INC Stockcall411,500$101Mnew
CORZCORE SCIENTIFIC INC NEW COMcall3,400,000$58M+2,563,500
RUNSUNRUN INC COMput1,942,700$15.9Mnew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
QQQINVESCO QQQ TR1,525,000$715Mput
TLNTALEN ENERGY CORP250,000$49.9Mcall
VSTVISTRA CORP300,000$35.2Mcall
TDAYUSA TODAY CO INC2,814,900$8.14Mcall
HUTHUT 8 CORP131,808$1.53Mshares

How Q2 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 0001315863-25-000601 base2025-08-13acceptance time not in the bulk data set