Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WULF	TERAWULF INC	1,700,000	$41.99M	0.8%	$6.38	—	CALL	88080T104
SPCX	SPACE EXPLORATION TECHN CORP	208,890	$35.69M	0.7%	$170.86	—	CLASS A COM STK	84615Q103
ABVX	ABIVAX SA	266,400	$35.5M	0.7%	$133.26	—	CALL	00370M103
CIFR	CIPHER DIGITAL INC	1,446,600	$35.44M	0.7%	$14.96	—	CALL	17253J106
ABVX	ABIVAX SA	244,590	$32.59M	0.6%	$133.26	—	SPONSORED ADS	00370M103
BTDR	BITDEER TECHNOLOGIES GROUP	1,917,500	$30.43M	0.6%	$12.00	—	CALL	G11448100
QMCO	QUANTUM CORP	2,488,535	$27.37M	0.5%	$11.00	—	COM	747906600
XE	X-ENERGY INC	1,000,000	$18.36M	0.4%	$18.36	—	COM CL A	98386P102
CRWV	COREWEAVE INC	153,139	$15.24M	0.3%	$99.54	—	COM CL A	21873S108
IREN	IREN LIMITED	140,000	$6.402M	0.1%	$45.73	—	ORDINARY SHARES	Q4982L109

Increased Positions (15)

CORZ CORE SCIENTIFIC INC NEW 3.0%

Value $154M (+305.0%) Shares 6,000,000 (+136.8%) Est. Cost $11.65 Unrealized —

SHAZ SHARONAI HOLDINGS INC 2.2%

Value $110M (+1056.5%) Shares 1,293,753 (+210.5%) Est. Cost $64.71 Unrealized —

NKTR NEKTAR THERAPEUTICS 4.3%

Value $216M (+53.1%) Shares 3,092,234 (+57.8%) Est. Cost $58.04 Unrealized —

SOC SABLE OFFSHORE CORP 0.5%

Value $25.8M (-71.6%) Shares 8,377,636 (+52.4%) Est. Cost $8.39 Unrealized —

QURE UNIQURE NV 1.3%

Value $66.39M (+212.4%) Shares 1,441,410 (+10.9%) Est. Cost $25.76 Unrealized —

VST VISTRA CORP 1.4%

Value $68.31M (+144.8%) Shares 430,621 (+132.0%) Est. Cost $142.31 Unrealized —

ROIV ROIVANT SCIENCES LTD 1.0%

Value $52.47M (+158.7%) Shares 1,482,600 (+102.5%) Est. Cost $7.68 Unrealized —

DAR DARLING INGREDIENTS INC 0.6%

Value $28.21M (+2660.0%) Shares 516,527 (+3025.4%) Est. Cost $54.32 Unrealized —

CLMT CALUMET INC 4.7%

Value $238M (+11.4%) Shares 6,619,708 (+11.1%) Est. Cost $18.80 Unrealized —

FSLR FIRST SOLAR INC 2.2%

Value $111M (+23.0%) Shares 471,500 (+2.8%) Est. Cost $193.52 Unrealized —

STAA STAAR SURGICAL CO 0.6%

Value $30.54M (+57.5%) Shares 1,064,389 (+2.6%) Est. Cost $19.70 Unrealized —

ABUS ARBUTUS BIOPHARMA CORP 1.8%

Value $91.66M (+9.8%) Shares 19,095,583 (+2.9%) Est. Cost $3.49 Unrealized —

SATS ECHOSTAR CORP 1.0%

Value $51.05M (+14.1%) Shares 502,975 (+31.6%) Est. Cost $66.28 Unrealized —

FRMI FERMI INC 0.1%

Value $3.23M (+2094.1%) Shares 352,671 (+1298.9%) Est. Cost $9.17 Unrealized —

LUCD LUCID DIAGNOSTICS INC 0.1%

Value $6.42M (+86.1%) Shares 6,000,000 (+100.0%) Est. Cost $1.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	6,000,000 (+136.8%)	$154M (+305.0%)	3.0%	$11.65	—	CALL	21874A106
SHAZ	SHARONAI HOLDINGS INC	1,293,753 (+210.5%)	$110M (+1056.5%)	2.2%	$64.71	—	COM CL A	778920306
NKTR	NEKTAR THERAPEUTICS	3,092,234 (+57.8%)	$216M (+53.1%)	4.3%	$58.04	—	COM NEW	640268306
SOC	SABLE OFFSHORE CORP	8,377,636 (+52.4%)	$25.8M (-71.6%)	0.5%	$8.39	—	COM SHS	78574H104
QURE	UNIQURE NV	1,441,410 (+10.9%)	$66.39M (+212.4%)	1.3%	$25.76	—	SHS	N90064101
VST	VISTRA CORP	430,621 (+132.0%)	$68.31M (+144.8%)	1.4%	$142.31	—	COM	92840M102
ROIV	ROIVANT SCIENCES LTD	1,482,600 (+102.5%)	$52.47M (+158.7%)	1.0%	$7.68	—	CALL	G76279101
DAR	DARLING INGREDIENTS INC	516,527 (+3025.4%)	$28.21M (+2660.0%)	0.6%	$54.32	—	COM	237266101
CLMT	CALUMET INC	6,619,708 (+11.1%)	$238M (+11.4%)	4.7%	$18.80	—	COM	131428104
FSLR	FIRST SOLAR INC	471,500 (+2.8%)	$111M (+23.0%)	2.2%	$193.52	—	CALL	336433107
STAA	STAAR SURGICAL CO	1,064,389 (+2.6%)	$30.54M (+57.5%)	0.6%	$19.70	—	COM PAR $0.01	852312305
ABUS	ARBUTUS BIOPHARMA CORP	19,095,583 (+2.9%)	$91.66M (+9.8%)	1.8%	$3.49	—	COM	03879J100
SATS	ECHOSTAR CORP	502,975 (+31.6%)	$51.05M (+14.1%)	1.0%	$66.28	—	CL A	278768106
FRMI	FERMI INC	352,671 (+1298.9%)	$3.23M (+2094.1%)	0.1%	$9.17	—	COM	314911108
LUCD	LUCID DIAGNOSTICS INC	6,000,000 (+100.0%)	$6.42M (+86.1%)	0.1%	$1.08	—	COM	54948X109

Exited Positions (10)

XBI SPDR SERIES TRUST 4.9%

Value $246M Shares 1,928,000 Est. Cost — Unrealized —

AAPL APPLE INC 4.3%

Value $216M Shares 850,000 Est. Cost — Unrealized —

MRNA MODERNA INC 1.1%

Value $55.88M Shares 1,100,000 Est. Cost — Unrealized —

SATS ECHOSTAR CORP 0.9%

Value $43.9M Shares 375,000 Est. Cost $66.28 Unrealized —

ESPR ESPERION THERAPEUTICS INC NE 0.6%

Value $31.22M Shares 11,394,833 Est. Cost $1.82 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.6%

Value $29.92M Shares 2,000,000 Est. Cost $11.65 Unrealized —

TAC TRANSALTA CORP 0.4%

Value $20.93M Shares 1,597,900 Est. Cost $12.92 Unrealized —

NBIS NEBIUS GROUP N.V. 0.4%

Value $20.39M Shares 196,475 Est. Cost $55.90 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.4%

Value $19.21M Shares 500,000 Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.2%

Value $11.72M Shares 3,302,409 Est. Cost $4.73 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,928,000	$246M	4.9%	—	—	PUT	78464A870
AAPL	APPLE INC	850,000	$216M	4.3%	—	—	PUT	037833100
MRNA	MODERNA INC	1,100,000	$55.88M	1.1%	—	—	PUT	60770K107
SATS	ECHOSTAR CORP	375,000	$43.9M	0.9%	$66.28	—	CALL	278768106
ESPR	ESPERION THERAPEUTICS INC NE	11,394,833	$31.22M	0.6%	$1.82	—	—	29664W105
CORZ	CORE SCIENTIFIC INC NEW	2,000,000	$29.92M	0.6%	$11.65	—	PUT	21874A106
TAC	TRANSALTA CORP	1,597,900	$20.93M	0.4%	$12.92	—	—	89346D107
NBIS	NEBIUS GROUP N.V.	196,475	$20.39M	0.4%	$55.90	—	—	N97284108
IBIT	ISHARES BITCOIN TRUST ETF	500,000	$19.21M	0.4%	—	—	PUT	46438F101
MSOS	ADVISORSHARES TR	3,302,409	$11.72M	0.2%	$4.73	—	—	00768Y453

Decreased Positions (14)

SPY STATE STR SPDR S&P 500 ETF T 38.5%

Value $1.944B (-53.8%) Shares 2,603,500 (-59.8%) Est. Cost — Unrealized —

IMVT IMMUNOVANT INC 2.4%

Value $121M (+52.5%) Shares 3,148,505 (-1.7%) Est. Cost $23.68 Unrealized —

ROIV ROIVANT SCIENCES LTD 5.9%

Value $300M (+16.1%) Shares 8,475,356 (-9.1%) Est. Cost $7.68 Unrealized —

FSLR FIRST SOLAR INC 0.6%

Value $30.2M (-49.5%) Shares 127,984 (-57.8%) Est. Cost $193.52 Unrealized —

SHC SOTERA HEALTH CO 2.1%

Value $104M (+19.9%) Shares 5,836,053 (-3.1%) Est. Cost $15.43 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 4.6%

Value $231M (-4.4%) Shares 9,028,509 (-44.1%) Est. Cost $11.65 Unrealized —

TLN TALEN ENERGY CORP 3.9%

Value $195M (+5.4%) Shares 507,208 (-12.4%) Est. Cost $260.23 Unrealized —

GLNG GOLAR LNG LTD 1.2%

Value $60.89M (-11.7%) Shares 1,221,779 (-4.2%) Est. Cost $39.05 Unrealized —

HUT HUT 8 CORP 0.4%

Value $18.25M (+55.6%) Shares 158,082 (-36.8%) Est. Cost $44.08 Unrealized —

FTAI FTAI AVIATION LTD 1.3%

Value $67.35M (+7.6%) Shares 248,962 (-2.6%) Est. Cost $163.84 Unrealized —

BTDR BITDEER TECHNOLOGIES GROUP 0.5%

Value $23.8M (+23.7%) Shares 1,500,000 (-32.6%) Est. Cost $12.00 Unrealized —

WULF TERAWULF INC 1.2%

Value $61.58M (+6.1%) Shares 2,493,139 (-38.0%) Est. Cost $6.38 Unrealized —

SONO SONOS INC 0.2%

Value $9.615M (-22.0%) Shares 710,612 (-22.7%) Est. Cost $15.56 Unrealized —

INDV INDIVIOR PHARMACEUTICALS INC 2.8%

Value $143M (-1.3%) Shares 3,479,493 (-26.7%) Est. Cost $34.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	2,603,500 (-59.8%)	$1.944B (-53.8%)	38.5%	—	—	PUT	78462F103
IMVT	IMMUNOVANT INC	3,148,505 (-1.7%)	$121M (+52.5%)	2.4%	$23.68	—	COM	45258J102
ROIV	ROIVANT SCIENCES LTD	8,475,356 (-9.1%)	$300M (+16.1%)	5.9%	$7.68	—	SHS	G76279101
FSLR	FIRST SOLAR INC	127,984 (-57.8%)	$30.2M (-49.5%)	0.6%	$193.52	—	COM	336433107
SHC	SOTERA HEALTH CO	5,836,053 (-3.1%)	$104M (+19.9%)	2.1%	$15.43	—	COM	83601L102
CORZ	CORE SCIENTIFIC INC NEW	9,028,509 (-44.1%)	$231M (-4.4%)	4.6%	$11.65	—	COM	21874A106
TLN	TALEN ENERGY CORP	507,208 (-12.4%)	$195M (+5.4%)	3.9%	$260.23	—	COM	87422Q109
GLNG	GOLAR LNG LTD	1,221,779 (-4.2%)	$60.89M (-11.7%)	1.2%	$39.05	—	SHS	G9456A100
HUT	HUT 8 CORP	158,082 (-36.8%)	$18.25M (+55.6%)	0.4%	$44.08	—	COM	44812J104
FTAI	FTAI AVIATION LTD	248,962 (-2.6%)	$67.35M (+7.6%)	1.3%	$163.84	—	SHS	G3730V105
BTDR	BITDEER TECHNOLOGIES GROUP	1,500,000 (-32.6%)	$23.8M (+23.7%)	0.5%	$12.00	—	CL A ORD SHS	G11448100
WULF	TERAWULF INC	2,493,139 (-38.0%)	$61.58M (+6.1%)	1.2%	$6.38	—	COM	88080T104
SONO	SONOS INC	710,612 (-22.7%)	$9.615M (-22.0%)	0.2%	$15.56	—	COM	83570H108
INDV	INDIVIOR PHARMACEUTICALS INC	3,479,493 (-26.7%)	$143M (-1.3%)	2.8%	$34.29	—	COM	45579U109

Unchanged Positions (8)

CIFR CIPHER DIGITAL INC 1.0%

Value $49.98M Shares 2,040,000 Est. Cost $14.96 Unrealized —

TDAY USA TODAY CO INC 2.4%

Value $120M Shares 14,070,311 Est. Cost $3.76 Unrealized —

MSOS ADVISORSHARES TR 0.2%

Value $11.3M Shares 2,225,300 Est. Cost $4.73 Unrealized —

CORZW CORE SCIENTIFIC INC NEW 0.1%

Value $5.443M Shares 289,539 Est. Cost $2.92 Unrealized —

PAVM PAVMED INC 0.1%

Value $2.742M Shares 461,539 Est. Cost $9.13 Unrealized —

GLNG GOLAR LNG LTD 0.2%

Value $12.46M Shares 250,000 Est. Cost $39.05 Unrealized —

CORZZ CORE SCIENTIFIC INC NEW 0.0%

Value $601K Shares 24,107 Est. Cost $17.16 Unrealized —

OMEX ODYSSEY MARINE EXPL INC 0.1%

Value $4.756M Shares 5,592,985 Est. Cost $1.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CIFR	CIPHER DIGITAL INC	2,040,000	$49.98M	1.0%	$14.96	—	COM	17253J106
TDAY	USA TODAY CO INC	14,070,311	$120M	2.4%	$3.76	—	COM	36472T109
MSOS	ADVISORSHARES TR	2,225,300	$11.3M	0.2%	$4.73	—	CALL	00768Y453
CORZW	CORE SCIENTIFIC INC NEW	289,539	$5.443M	0.1%	$2.92	—	*W EXP 01/23/202	21874A114
PAVM	PAVMED INC	461,539	$2.742M	0.1%	$9.13	—	COM	70387R502
GLNG	GOLAR LNG LTD	250,000	$12.46M	0.2%	$39.05	—	CALL	G9456A100
CORZZ	CORE SCIENTIFIC INC NEW	24,107	$601K	0.0%	$17.16	—	*W EXP 01/23/202	21874A130
OMEX	ODYSSEY MARINE EXPL INC	5,592,985	$4.756M	0.1%	$1.48	—	COM NEW	676118201