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Two Seas Capital LP

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13F filer, CIK 1823138, RYE, NY

Two Seas Capital LP reported $6,229,649,975 across 41 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 74.77% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001315863-25-000810

Period
2025-09-30
Reported value
$6.23B
Holdings
41
Top 10 weight
74.77%
New
14
Sold out
12

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 2025-09-30

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
CORZadded+8,593,951$154M
FSLRadded+330,692$72.9M
CRWVnew+279,051$38.2M
CLMTadded+1,254,929$22.9M
ECHOnew+292,470$22.3M

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
INDIVIOR PLCreduced-903,643-$21.8M
CEGexited-47,688-$15.4M
TLNreduced-33,810-$14.4M
IRENexited-971,891-$14.2M
AVADEL PHARMACEUTICALSreduced-785,992-$12M

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, Q3 2025

Share positions as resolved from 13F-HR 0001315863-25-000810, largest first. % of portfolio is the value over $1,663,723,095, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,232,888 shares; 2025Q1: 7,995,574 shares; 2025Q2: 6,770,027 shares; 2025Q3: 15,363,978 shares 15,363,978$276M16.57%+8,593,951Timeline
INDIVIOR PLCINDIVIOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 12,457,514 shares; 2025Q1: 11,366,777 shares; 2025Q2: 11,407,795 shares; 2025Q3: 10,504,152 shares 10,504,152$253M15.22%-903,643
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 10,167,807 shares; 2025Q1: 10,136,307 shares; 2025Q2: 10,598,040 shares; 2025Q3: 11,754,164 shares 11,754,164$178M10.69%+1,156,124Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 568,475 shares; 2025Q1: 472,275 shares; 2025Q2: 300,698 shares; 2025Q3: 266,888 shares 266,888$114M6.82%-33,810Timeline
CLMTCALUMET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,783,334 shares; 2025Q1: 2,866,511 shares; 2025Q2: 4,497,609 shares; 2025Q3: 5,752,538 shares 5,752,538$105M6.31%+1,254,929Timeline
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 4,296,449 shares; 2025Q1: 4,946,449 shares; 2025Q2: 6,155,074 shares; 2025Q3: 5,369,082 shares 5,369,082$82M4.93%-785,992
FSLRFIRST SOLAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 340,692 shares 340,692$75.1M4.52%+330,692Timeline
TDAYUSA TODAY CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 500,000 shares; 2025Q1: 3,437,206 shares; 2025Q2: 11,230,621 shares; 2025Q3: 14,180,621 shares 14,180,621$58.6M3.52%+2,950,000Timeline
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,896,136 shares; 2025Q1: 3,321,136 shares; 2025Q2: 4,020,867 shares; 2025Q3: 3,373,228 shares 3,373,228$53.1M3.19%-647,639Timeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 8,740,956 shares; 2025Q1: 9,465,956 shares; 2025Q2: 10,443,317 shares; 2025Q3: 10,991,261 shares 10,991,261$49.9M3%+547,944Timeline
FTAIFTAI AVIATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 115,663 shares; 2025Q2: 178,844 shares; 2025Q3: 269,601 shares 269,601$45M2.7%+90,757Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,511,614 shares; 2025Q1: 1,642,772 shares; 2025Q2: 2,252,772 shares; 2025Q3: 2,762,040 shares 2,762,040$44.5M2.68%+509,268Timeline
GLNGGOLAR LNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 515,949 shares; 2025Q2: 909,355 shares; 2025Q3: 1,095,998 shares 1,095,998$44.3M2.66%+186,643Timeline
WULFTERAWULF INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 214,371 shares; 2025Q2: 2,287,100 shares; 2025Q3: 3,851,188 shares 3,851,188$44M2.64%+1,564,088Timeline
CRWVCOREWEAVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 279,051 shares 279,051$38.2M2.3%newTimeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 379,085 shares; 2025Q1: 211,435 shares; 2025Q2: 231,257 shares; 2025Q3: 170,000 shares 170,000$33.3M2%-61,257Timeline
NBISNEBIUS GROUP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 250,000 shares; 2025Q3: 234,482 shares 234,482$26.3M1.58%-15,518Timeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,230,871 shares; 2025Q1: 6,930,871 shares; 2025Q2: 9,954,975 shares; 2025Q3: 9,749,724 shares 9,749,724$25.8M1.55%-205,251Timeline
ECHOECHOSTAR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 292,470 shares 292,470$22.3M1.34%newTimeline
BURBURFORD CAPITAL LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,577,670 shares; 2025Q3: 1,602,067 shares 1,602,067$19.2M1.15%+24,397Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 18,516 shares; 2025Q1: not reported; 2025Q2: 15,065 shares; 2025Q3: 24,272 shares 24,272$17.8M1.07%+9,207Timeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 158,518 shares; 2025Q1: not reported; 2025Q2: 441,677 shares; 2025Q3: 614,044 shares 614,044$10.7M0.64%+172,367Timeline
OMEXODYSSEY MARINE EXPL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,549,049 shares; 2025Q1: 2,549,049 shares; 2025Q2: 1,430,769 shares; 2025Q3: 4,570,011 shares 4,570,011$8.91M0.54%+3,139,242Timeline
SONOSONOS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 528,928 shares; 2025Q1: 431,042 shares; 2025Q2: 281,042 shares; 2025Q3: 531,042 shares 531,042$8.39M0.5%+250,000Timeline
BTDRBITDEER TECHNOLOGIES GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 433,028 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 450,000 shares 450,000$7.69M0.46%newTimeline
MSOSADVISORSHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,500,000 shares 1,500,000$7.18M0.43%newTimeline
CIFRCIPHER DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 250,000 shares; 2025Q3: 462,000 shares 462,000$5.82M0.35%+212,000Timeline
CORZWCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 280,248 shares; 2025Q1: 280,248 shares; 2025Q2: 336,378 shares; 2025Q3: 289,539 shares 289,539$3.37M0.2%-46,839Timeline
LUCDLUCID DIAGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000,000 shares 3,000,000$3.03M0.18%newTimeline
ANIPANI PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 25,721 shares 25,721$2.36M0.14%newTimeline
GLXYGALAXY DIGITAL INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 35,000 shares 35,000$1.18M0.07%newTimeline
CORZZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,107 shares; 2025Q3: 24,107 shares 24,107$432K0.03%0Timeline

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 SHSput5,802,300$3.87B-185,200
IWMISHARES TR SHSput1,450,000$351Mnew
CRWVCOREWEAVE INC COMcall1,180,000$161Mnew
CORZCORE SCIENTIFIC INC NEW COMcall3,400,000$61M0
ROIVROIVANT SCIENCES LTD SHScall2,435,500$36.8Mnew
PCGPG&E CORP Stockcall1,910,800$28.8Mnew
SOCSABLE OFFSHORE CORP COM SHScall1,500,000$26.2Mnew
CLMTCALUMET INC COMcall1,000,000$18.2Mnew
MSOSADVISORSHARES TR PURE US CANNABIScall3,575,300$17.1Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
HYGISHARES TR7,325,500$591Mput
FSLRFIRST SOLAR INC2,844,000$471Mcall
HUMHUMANA INC411,500$101Mcall
RUNSUNRUN INC1,942,700$15.9Mput
CEGCONSTELLATION ENERGY CORP47,688$15.4Mshares
IRENIREN LIMITED971,891$14.2Mshares
SQQQProShares UltraPro Short QQQ500,000$9.79Mshares
ARDXARDELYX INC1,539,416$6.03Mshares
ADAPYADAPTIMMUNE THERAPEUTICS PLC S22,580,701$5.41Mshares
APLDAPPLIED DIGITAL CORP500,000$5.04Mshares
NRGNRG ENERGY INC15,000$2.41Mshares
WOLFSPEED INCWOLFSPEED INC2,412,111$962Kshares

How Q3 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 0001315863-25-000810 base2025-11-14acceptance time not in the bulk data set