Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,928,000	$246M	3.4%	—	—	PUT	78464A870
AAPL	APPLE INC	850,000	$216M	3.0%	—	—	PUT	037833100
INDV	INDIVIOR PHARMACEUTICALS INC	4,746,510	$145M	2.0%	—	—	COM	45579U109
FSLR	FIRST SOLAR INC	458,700	$90.48M	1.3%	—	—	CALL	336433107
MRNA	MODERNA INC	1,100,000	$55.88M	0.8%	—	—	PUT	60770K107
SATS	ECHOSTAR CORP	375,000	$43.9M	0.6%	—	—	CALL	278768106
QURE	UNIQURE NV	1,300,000	$21.25M	0.3%	—	—	SHS	N90064101
TAC	TRANSALTA CORP	1,597,900	$20.93M	0.3%	—	—	COM	89346D107
STAA	STAAR SURGICAL CO	1,036,973	$19.39M	0.3%	—	—	COM PAR $0.01	852312305
BTDR	BITDEER TECHNOLOGIES GROUP	2,223,999	$19.24M	0.3%	—	—	CL A ORD SHS	G11448100
GLNG	GOLAR LNG LTD	250,000	$13.53M	0.2%	—	—	CALL	G9456A100
SHAZ	SHARONAI HOLDINGS INC	416,666	$9.471M	0.1%	—	—	COM CL A	778920306
PAVM	PAVMED INC	461,539	$4.685M	0.1%	—	—	COM	70387R502
DAR	DARLING INGREDIENTS INC	16,527	$1.022M	0.0%	—	—	COM	237266101
FRMI	FERMI INC	25,211	$147K	0.0%	—	—	COM	314911108

Increased Positions (15)

SPY STATE STR SPDR S&P 500 ETF T 58.8%

Value $4.207B (+66.4%) Shares 6,468,600 (+74.5%) Est. Cost — Unrealized —

NKTR NEKTAR THERAPEUTICS 2.0%

Value $141M (+347.4%) Shares 1,959,178 (+162.9%) Est. Cost — Unrealized —

SOC SABLE OFFSHORE CORP 1.3%

Value $90.81M (+480.8%) Shares 5,496,711 (+217.1%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 2.6%

Value $185M (+25.8%) Shares 579,129 (+47.7%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.4%

Value $29.92M (+756.2%) Shares 2,000,000 (+733.3%) Est. Cost — Unrealized —

FTAI FTAI AVIATION LTD 0.9%

Value $62.6M (+70.8%) Shares 255,507 (+37.2%) Est. Cost — Unrealized —

GLNG GOLAR LNG LTD 1.0%

Value $68.97M (+58.3%) Shares 1,274,710 (+8.9%) Est. Cost — Unrealized —

ABUS ARBUTUS BIOPHARMA CORP 1.2%

Value $83.51M (+37.9%) Shares 18,557,543 (+47.4%) Est. Cost — Unrealized —

CIFR CIPHER DIGITAL INC 0.4%

Value $26.38M (+484.6%) Shares 2,050,000 (+570.5%) Est. Cost — Unrealized —

FSLR FIRST SOLAR INC 0.8%

Value $59.77M (-19.5%) Shares 302,984 (+6.6%) Est. Cost — Unrealized —

SHC SOTERA HEALTH CO 1.2%

Value $86.38M (+11.0%) Shares 6,023,371 (+36.5%) Est. Cost — Unrealized —

IMVT IMMUNOVANT INC 1.1%

Value $79.54M (+9.1%) Shares 3,201,962 (+11.7%) Est. Cost — Unrealized —

SONO SONOS INC 0.2%

Value $12.32M (+117.6%) Shares 919,327 (+185.1%) Est. Cost — Unrealized —

OMEX ODYSSEY MARINE EXPL INC 0.1%

Value $4.665M (-54.1%) Shares 5,592,985 (+7.9%) Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.2%

Value $11.72M (-23.6%) Shares 3,302,409 (+1.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	6,468,600 (+74.5%)	$4.207B (+66.4%)	58.8%	—	—	PUT	78462F103
NKTR	NEKTAR THERAPEUTICS	1,959,178 (+162.9%)	$141M (+347.4%)	2.0%	—	—	COM NEW	640268306
SOC	SABLE OFFSHORE CORP	5,496,711 (+217.1%)	$90.81M (+480.8%)	1.3%	—	—	COM SHS	78574H104
TLN	TALEN ENERGY CORP	579,129 (+47.7%)	$185M (+25.8%)	2.6%	—	—	COM	87422Q109
CORZ	CORE SCIENTIFIC INC NEW	2,000,000 (+733.3%)	$29.92M (+756.2%)	0.4%	—	—	PUT	21874A106
FTAI	FTAI AVIATION LTD	255,507 (+37.2%)	$62.6M (+70.8%)	0.9%	—	—	SHS	G3730V105
GLNG	GOLAR LNG LTD	1,274,710 (+8.9%)	$68.97M (+58.3%)	1.0%	—	—	SHS	G9456A100
ABUS	ARBUTUS BIOPHARMA CORP	18,557,543 (+47.4%)	$83.51M (+37.9%)	1.2%	—	—	COM	03879J100
CIFR	CIPHER DIGITAL INC	2,050,000 (+570.5%)	$26.38M (+484.6%)	0.4%	—	—	COM	17253J106
FSLR	FIRST SOLAR INC	302,984 (+6.6%)	$59.77M (-19.5%)	0.8%	—	—	COM	336433107
SHC	SOTERA HEALTH CO	6,023,371 (+36.5%)	$86.38M (+11.0%)	1.2%	—	—	COM	83601L102
IMVT	IMMUNOVANT INC	3,201,962 (+11.7%)	$79.54M (+9.1%)	1.1%	—	—	COM	45258J102
SONO	SONOS INC	919,327 (+185.1%)	$12.32M (+117.6%)	0.2%	—	—	COM	83570H108
OMEX	ODYSSEY MARINE EXPL INC	5,592,985 (+7.9%)	$4.665M (-54.1%)	0.1%	—	—	COM NEW	676118201
MSOS	ADVISORSHARES TR	3,302,409 (+1.5%)	$11.72M (-23.6%)	0.2%	—	—	PURE US CANNABIS	00768Y453

Exited Positions (6)

IWM ISHARES TR 3.6%

Value $258M Shares 1,050,000 Est. Cost — Unrealized —

— INDIVIOR PLC 2.6%

Value $183M Shares 5,109,198 Est. Cost — Unrealized —

HUT HUT 8 CORP 1.1%

Value $80.51M Shares 1,752,500 Est. Cost — Unrealized —

CLMT CALUMET INC 0.3%

Value $22.29M Shares 1,122,000 Est. Cost — Unrealized —

META META PLATFORMS INC 0.1%

Value $9.421M Shares 14,272 Est. Cost — Unrealized —

CRWV COREWEAVE INC 0.1%

Value $7.877M Shares 110,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	1,050,000	$258M	3.6%	—	—	PUT	464287655
—	INDIVIOR PLC	5,109,198	$183M	2.6%	—	—	—	G4766E116
HUT	HUT 8 CORP	1,752,500	$80.51M	1.1%	—	—	CALL	44812J104
CLMT	CALUMET INC	1,122,000	$22.29M	0.3%	—	—	CALL	131428104
META	META PLATFORMS INC	14,272	$9.421M	0.1%	—	—	—	30303M102
CRWV	COREWEAVE INC	110,000	$7.877M	0.1%	—	—	—	21873S108

Decreased Positions (14)

CORZ CORE SCIENTIFIC INC NEW 0.5%

Value $37.91M (-69.3%) Shares 2,534,000 (-70.1%) Est. Cost — Unrealized —

CLMT CALUMET INC 3.0%

Value $214M (+54.4%) Shares 5,960,292 (-14.6%) Est. Cost — Unrealized —

ROIV ROIVANT SCIENCES LTD 3.6%

Value $258M (+21.6%) Shares 9,328,291 (-4.7%) Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.3%

Value $19.21M (-68.2%) Shares 500,000 (-58.9%) Est. Cost — Unrealized —

ROIV ROIVANT SCIENCES LTD 0.3%

Value $20.28M (-61.6%) Shares 732,300 (-69.9%) Est. Cost — Unrealized —

TDAY USA TODAY CO INC 1.4%

Value $99.02M (+32.1%) Shares 14,045,443 (-3.5%) Est. Cost — Unrealized —

ESPR ESPERION THERAPEUTICS INC NE 0.4%

Value $31.22M (-29.1%) Shares 11,394,833 (-4.3%) Est. Cost — Unrealized —

VST VISTRA CORP 0.4%

Value $27.9M (-30.7%) Shares 185,597 (-25.7%) Est. Cost — Unrealized —

HUT HUT 8 CORP 0.2%

Value $11.73M (-48.1%) Shares 250,000 (-49.1%) Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.1%

Value $7.9M (-53.2%) Shares 2,225,300 (-37.8%) Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 0.3%

Value $20.39M (-29.3%) Shares 196,475 (-43.0%) Est. Cost — Unrealized —

WULF TERAWULF INC 0.8%

Value $58.07M (+12.2%) Shares 4,024,005 (-10.6%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 3.4%

Value $242M (-2.4%) Shares 16,151,833 (-5.1%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 0.6%

Value $44.74M (+2.3%) Shares 382,135 (-5.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	2,534,000 (-70.1%)	$37.91M (-69.3%)	0.5%	—	—	CALL	21874A106
CLMT	CALUMET INC	5,960,292 (-14.6%)	$214M (+54.4%)	3.0%	—	—	COM	131428104
ROIV	ROIVANT SCIENCES LTD	9,328,291 (-4.7%)	$258M (+21.6%)	3.6%	—	—	SHS	G76279101
IBIT	ISHARES BITCOIN TRUST ETF	500,000 (-58.9%)	$19.21M (-68.2%)	0.3%	—	—	PUT	46438F101
ROIV	ROIVANT SCIENCES LTD	732,300 (-69.9%)	$20.28M (-61.6%)	0.3%	—	—	CALL	G76279101
TDAY	USA TODAY CO INC	14,045,443 (-3.5%)	$99.02M (+32.1%)	1.4%	—	—	COM	36472T109
ESPR	ESPERION THERAPEUTICS INC NE	11,394,833 (-4.3%)	$31.22M (-29.1%)	0.4%	—	—	COM	29664W105
VST	VISTRA CORP	185,597 (-25.7%)	$27.9M (-30.7%)	0.4%	—	—	COM	92840M102
HUT	HUT 8 CORP	250,000 (-49.1%)	$11.73M (-48.1%)	0.2%	—	—	COM	44812J104
MSOS	ADVISORSHARES TR	2,225,300 (-37.8%)	$7.9M (-53.2%)	0.1%	—	—	CALL	00768Y453
NBIS	NEBIUS GROUP N.V.	196,475 (-43.0%)	$20.39M (-29.3%)	0.3%	—	—	SHS CLASS A	N97284108
WULF	TERAWULF INC	4,024,005 (-10.6%)	$58.07M (+12.2%)	0.8%	—	—	COM	88080T104
CORZ	CORE SCIENTIFIC INC NEW	16,151,833 (-5.1%)	$242M (-2.4%)	3.4%	—	—	COM	21874A106
SATS	ECHOSTAR CORP	382,135 (-5.0%)	$44.74M (+2.3%)	0.6%	—	—	CL A	278768106

Unchanged Positions (3)

LUCD LUCID DIAGNOSTICS INC 0.0%

Value $3.45M Shares 3,000,000 Est. Cost — Unrealized —

CORZW CORE SCIENTIFIC INC NEW 0.0%

Value $2.531M Shares 289,539 Est. Cost — Unrealized —

CORZZ CORE SCIENTIFIC INC NEW 0.0%

Value $362K Shares 24,107 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LUCD	LUCID DIAGNOSTICS INC	3,000,000	$3.45M	0.0%	—	—	COM	54948X109
CORZW	CORE SCIENTIFIC INC NEW	289,539	$2.531M	0.0%	—	—	*W EXP 01/23/202	21874A114
CORZZ	CORE SCIENTIFIC INC NEW	24,107	$362K	0.0%	—	—	*W EXP 01/23/202	21874A130