Two Seas Capital LP Hedge Fund

Location: Rye, NY

CIK: 0001823138 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value: $6.23B (100.0% shares, 0.0% debt)

Holdings (41)

SPY SPDR S&P 500 ETF TR 62.0%

Value $3.865B Shares 5,802,300 Share Price $666.18 Est. Cost/Share — Unrealized @ Report Date —

IWM ISHARES TR 5.6%

Value $351M Shares 1,450,000 Share Price $241.96 Est. Cost/Share — Unrealized @ Report Date —

CORZ CORE SCIENTIFIC INC NEW 4.4%

Value $276M Shares 15,363,978 Share Price $17.94 Est. Cost/Share $11.03 Unrealized @ Report Date +62.7%

— INDIVIOR PLC 4.1%

Value $253M Shares 10,504,152 Share Price $24.11 Est. Cost/Share $23.28 Unrealized @ Report Date —

ROIV ROIVANT SCIENCES LTD 2.9%

Value $178M Shares 11,754,164 Share Price $15.13 Est. Cost/Share $7.68 Unrealized @ Report Date +97.1%

CRWV COREWEAVE INC 2.6%

Value $161M Shares 1,180,000 Share Price $136.85 Est. Cost/Share $118.31 Unrealized @ Report Date +15.7%

TLN TALEN ENERGY CORP 1.8%

Value $114M Shares 266,888 Share Price $425.38 Est. Cost/Share $124.30 Unrealized @ Report Date +242.2%

CLMT CALUMET INC 1.7%

Value $105M Shares 5,752,538 Share Price $18.25 Est. Cost/Share $16.40 Unrealized @ Report Date +11.3%

— AVADEL PHARMACEUTICALS PLC 1.3%

Value $81.99M Shares 5,369,082 Share Price $15.27 Est. Cost/Share $11.18 Unrealized @ Report Date —

FSLR FIRST SOLAR INC 1.2%

Value $75.13M Shares 340,692 Share Price $220.53 Est. Cost/Share $190.64 Unrealized @ Report Date +15.7%

CORZ CORE SCIENTIFIC INC NEW 1.0%

Value $61M Shares 3,400,000 Share Price $17.94 Est. Cost/Share $11.03 Unrealized @ Report Date +62.7%

TDAY GANNETT CO INC 0.9%

Value $58.57M Shares 14,180,621 Share Price $4.13 Est. Cost/Share $3.73 Unrealized @ Report Date +10.7%

SHC SOTERA HEALTH CO 0.9%

Value $53.06M Shares 3,373,228 Share Price $15.73 Est. Cost/Share $13.83 Unrealized @ Report Date +13.7%

ABUS ARBUTUS BIOPHARMA CORP 0.8%

Value $49.9M Shares 10,991,261 Share Price $4.54 Est. Cost/Share $2.85 Unrealized @ Report Date +59.6%

FTAI FTAI AVIATION LTD 0.7%

Value $44.99M Shares 269,601 Share Price $166.86 Est. Cost/Share $124.02 Unrealized @ Report Date +34.3%

IMVT IMMUNOVANT INC 0.7%

Value $44.52M Shares 2,762,040 Share Price $16.12 Est. Cost/Share $23.42 Unrealized @ Report Date -31.2%

GLNG GOLAR LNG LTD 0.7%

Value $44.29M Shares 1,095,998 Share Price $40.41 Est. Cost/Share $38.90 Unrealized @ Report Date +3.2%

WULF TERAWULF INC 0.7%

Value $43.98M Shares 3,851,188 Share Price $11.42 Est. Cost/Share $5.19 Unrealized @ Report Date +120.1%

CRWV COREWEAVE INC 0.6%

Value $38.19M Shares 279,051 Share Price $136.85 Est. Cost/Share $118.31 Unrealized @ Report Date +15.7%

ROIV ROIVANT SCIENCES LTD 0.6%

Value $36.85M Shares 2,435,500 Share Price $15.13 Est. Cost/Share $7.68 Unrealized @ Report Date +97.1%

VST VISTRA CORP 0.5%

Value $33.31M Shares 170,000 Share Price $195.92 Est. Cost/Share $92.07 Unrealized @ Report Date +112.5%

PCG PG&E CORP 0.5%

Value $28.81M Shares 1,910,800 Share Price $15.08 Est. Cost/Share — Unrealized @ Report Date —

NBIS NEBIUS GROUP N.V. 0.4%

Value $26.33M Shares 234,482 Share Price $112.27 Est. Cost/Share $33.51 Unrealized @ Report Date +235.0%

SOC SABLE OFFSHORE CORP 0.4%

Value $26.19M Shares 1,500,000 Share Price $17.46 Est. Cost/Share $23.93 Unrealized @ Report Date -27.0%

ESPR ESPERION THERAPEUTICS INC NE 0.4%

Value $25.84M Shares 9,749,724 Share Price $2.65 Est. Cost/Share $1.51 Unrealized @ Report Date +75.2%

SATS ECHOSTAR CORP 0.4%

Value $22.33M Shares 292,470 Share Price $76.36 Est. Cost/Share $45.28 Unrealized @ Report Date +68.6%

BUR BURFORD CAP LTD 0.3%

Value $19.16M Shares 1,602,067 Share Price $11.96 Est. Cost/Share $13.03 Unrealized @ Report Date -8.2%

CLMT CALUMET INC 0.3%

Value $18.25M Shares 1,000,000 Share Price $18.25 Est. Cost/Share $16.40 Unrealized @ Report Date +11.3%

META META PLATFORMS INC 0.3%

Value $17.82M Shares 24,272 Share Price $734.38 Est. Cost/Share $664.64 Unrealized @ Report Date +10.4%

MSOS ADVISORSHARES TR 0.3%

Value $17.13M Shares 3,575,300 Share Price $4.79 Est. Cost/Share $3.94 Unrealized @ Report Date +21.6%

SOC SABLE OFFSHORE CORP 0.2%

Value $10.72M Shares 614,044 Share Price $17.46 Est. Cost/Share $23.93 Unrealized @ Report Date -27.0%

OMEX ODYSSEY MARINE EXPL INC 0.1%

Value $8.912M Shares 4,570,011 Share Price $1.95 Est. Cost/Share $1.32 Unrealized @ Report Date +47.2%

SONO SONOS INC 0.1%

Value $8.39M Shares 531,042 Share Price $15.80 Est. Cost/Share $14.96 Unrealized @ Report Date +5.6%

BTDR BITDEER TECHNOLOGIES GROUP 0.1%

Value $7.691M Shares 450,000 Share Price $17.09 Est. Cost/Share $14.04 Unrealized @ Report Date +21.8%

MSOS ADVISORSHARES TR 0.1%

Value $7.185M Shares 1,500,000 Share Price $4.79 Est. Cost/Share $3.94 Unrealized @ Report Date +21.6%

CIFR CIPHER MINING INC 0.1%

Value $5.817M Shares 462,000 Share Price $12.59 Est. Cost/Share $5.21 Unrealized @ Report Date +141.6%

CORZW CORE SCIENTIFIC INC NEW 0.1%

Value $3.367M Shares 289,539 Share Price $11.63 Est. Cost/Share $2.92 Unrealized @ Report Date —

LUCD LUCID DIAGNOSTICS INC 0.0%

Value $3.03M Shares 3,000,000 Share Price $1.01 Est. Cost/Share $1.09 Unrealized @ Report Date -7.5%

ANIP ANI PHARMACEUTICALS INC 0.0%

Value $2.356M Shares 25,721 Share Price $91.60 Est. Cost/Share $81.54 Unrealized @ Report Date +12.3%

GLXY GALAXY DIGITAL INC. 0.0%

Value $1.183M Shares 35,000 Share Price $33.81 Est. Cost/Share $26.97 Unrealized @ Report Date +25.4%

CORZZ CORE SCIENTIFIC INC NEW 0.0%

Value $432K Shares 24,107 Share Price $17.94 Est. Cost/Share $17.16 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	5,802,300	$3.865B	62.0%	$666.18	—	—	Put	78462F103
IWM	ISHARES TR	1,450,000	$351M	5.6%	$241.96	—	—	Put	464287655
CORZ	CORE SCIENTIFIC INC NEW	15,363,978	$276M	4.4%	$17.94	$11.03	+62.7%	COM	21874A106
—	INDIVIOR PLC	10,504,152	$253M	4.1%	$24.11	$23.28	—	ORD	G4766E116
ROIV	ROIVANT SCIENCES LTD	11,754,164	$178M	2.9%	$15.13	$7.68	+97.1%	SHS	G76279101
CRWV	COREWEAVE INC	1,180,000	$161M	2.6%	$136.85	$118.31	+15.7%	Call	21873S108
TLN	TALEN ENERGY CORP	266,888	$114M	1.8%	$425.38	$124.30	+242.2%	COM	87422Q109
CLMT	CALUMET INC	5,752,538	$105M	1.7%	$18.25	$16.40	+11.3%	COM	131428104
—	AVADEL PHARMACEUTICALS PLC	5,369,082	$81.99M	1.3%	$15.27	$11.18	—	COM SHS	G29687103
FSLR	FIRST SOLAR INC	340,692	$75.13M	1.2%	$220.53	$190.64	+15.7%	COM	336433107
CORZ	CORE SCIENTIFIC INC NEW	3,400,000	$61M	1.0%	$17.94	$11.03	+62.7%	Call	21874A106
TDAY	GANNETT CO INC	14,180,621	$58.57M	0.9%	$4.13	$3.73	+10.7%	COM	36472T109
SHC	SOTERA HEALTH CO	3,373,228	$53.06M	0.9%	$15.73	$13.83	+13.7%	COM	83601L102
ABUS	ARBUTUS BIOPHARMA CORP	10,991,261	$49.9M	0.8%	$4.54	$2.85	+59.6%	COM	03879J100
FTAI	FTAI AVIATION LTD	269,601	$44.99M	0.7%	$166.86	$124.02	+34.3%	SHS	G3730V105
IMVT	IMMUNOVANT INC	2,762,040	$44.52M	0.7%	$16.12	$23.42	-31.2%	COM	45258J102
GLNG	GOLAR LNG LTD	1,095,998	$44.29M	0.7%	$40.41	$38.90	+3.2%	SHS	G9456A100
WULF	TERAWULF INC	3,851,188	$43.98M	0.7%	$11.42	$5.19	+120.1%	COM	88080T104
CRWV	COREWEAVE INC	279,051	$38.19M	0.6%	$136.85	$118.31	+15.7%	COM CL A	21873S108
ROIV	ROIVANT SCIENCES LTD	2,435,500	$36.85M	0.6%	$15.13	$7.68	+97.1%	Call	G76279101
VST	VISTRA CORP	170,000	$33.31M	0.5%	$195.92	$92.07	+112.5%	COM	92840M102
PCG	PG&E CORP	1,910,800	$28.81M	0.5%	$15.08	—	—	Call	69331C108
NBIS	NEBIUS GROUP N.V.	234,482	$26.33M	0.4%	$112.27	$33.51	+235.0%	SHS CLASS A	N97284108
SOC	SABLE OFFSHORE CORP	1,500,000	$26.19M	0.4%	$17.46	$23.93	-27.0%	Call	78574H104
ESPR	ESPERION THERAPEUTICS INC NE	9,749,724	$25.84M	0.4%	$2.65	$1.51	+75.2%	COM	29664W105
SATS	ECHOSTAR CORP	292,470	$22.33M	0.4%	$76.36	$45.28	+68.6%	CL A	278768106
BUR	BURFORD CAP LTD	1,602,067	$19.16M	0.3%	$11.96	$13.03	-8.2%	ORD SHS	G17977110
CLMT	CALUMET INC	1,000,000	$18.25M	0.3%	$18.25	$16.40	+11.3%	Call	131428104
META	META PLATFORMS INC	24,272	$17.82M	0.3%	$734.38	$664.64	+10.4%	CL A	30303M102
MSOS	ADVISORSHARES TR	3,575,300	$17.13M	0.3%	$4.79	$3.94	+21.6%	Call	00768Y453
SOC	SABLE OFFSHORE CORP	614,044	$10.72M	0.2%	$17.46	$23.93	-27.0%	COM SHS	78574H104
OMEX	ODYSSEY MARINE EXPL INC	4,570,011	$8.912M	0.1%	$1.95	$1.32	+47.2%	COM NEW	676118201
SONO	SONOS INC	531,042	$8.39M	0.1%	$15.80	$14.96	+5.6%	COM	83570H108
BTDR	BITDEER TECHNOLOGIES GROUP	450,000	$7.691M	0.1%	$17.09	$14.04	+21.8%	CL A ORD SHS	G11448100
MSOS	ADVISORSHARES TR	1,500,000	$7.185M	0.1%	$4.79	$3.94	+21.6%	PURE US CANNABIS	00768Y453
CIFR	CIPHER MINING INC	462,000	$5.817M	0.1%	$12.59	$5.21	+141.6%	COM	17253J106
CORZW	CORE SCIENTIFIC INC NEW	289,539	$3.367M	0.1%	$11.63	$2.92	—	*W EXP 01/23/202	21874A114
LUCD	LUCID DIAGNOSTICS INC	3,000,000	$3.03M	0.0%	$1.01	$1.09	-7.5%	COM	54948X109
ANIP	ANI PHARMACEUTICALS INC	25,721	$2.356M	0.0%	$91.60	$81.54	+12.3%	COM	00182C103
GLXY	GALAXY DIGITAL INC.	35,000	$1.183M	0.0%	$33.81	$26.97	+25.4%	CL A	36317J209
CORZZ	CORE SCIENTIFIC INC NEW	24,107	$432K	0.0%	$17.94	$17.16	—	*W EXP 01/23/202	21874A130