Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BMNR	BITMINE IMMERSION TECHS INC	235,000	$19.04M	5.3%	—	—	COM NEW	09175A206
—	STRATEGY INC	2,000,000	$2.033M	0.6%	—	—	NOTE 0.625% 9/1	594972AQ4
BTGO	BITGO HOLDINGS INC	374,400	$1.939M	0.5%	—	—	COM SHS CL A	091947101
—	STRATEGY INC	2,000,000	$1.729M	0.5%	—	—	NOTE 12/0	594972AS0
SPY	STATE STR SPDR S&P 500 ETF T	1,961	$1.464M	0.4%	—	—	TR UNIT	78462F103
AVAT	AVALANCHE TREAS CORP	2,802,748	$1.402M	0.4%	—	—	SHS CL A	05338N101
USDE	STABLECOINX INC	411,900	$1.133M	0.3%	—	—	SHS CL A	85238K100
—	CME GROUP INC	4,000	$883K	0.2%	—	—	CALL	12572Q905
DFDVW	DEFI DEVELOPMENT CORP	21,634	$5,841	0.0%	—	—	*W EXP 01/21/202	47100L111
MSTR	STRATEGY INC	1	$87	0.0%	—	—	CL A NEW	594972408

Increased Positions (6)

HOOD ROBINHOOD MKTS INC 6.9%

Value $25.07M (+227.8%) Shares 250,000 (+126.2%) Est. Cost — Unrealized —

GEMI GEMINI SPACE STA INC 4.0%

Value $14.61M (+411.5%) Shares 3,428,888 (+430.7%) Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 14.0%

Value $50.51M (-10.0%) Shares 1,517,172 (+3.8%) Est. Cost — Unrealized —

CRCL CIRCLE INTERNET GROUP INC 5.2%

Value $18.79M (+19.4%) Shares 300,000 (+81.8%) Est. Cost — Unrealized —

STSS SKYAI INC 0.7%

Value $2.387M (+23.5%) Shares 2,150,180 (+87.0%) Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC 0.5%

Value $1.971M (-13.2%) Shares 13,484 (+3.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HOOD	ROBINHOOD MKTS INC	250,000 (+126.2%)	$25.07M (+227.8%)	6.9%	—	—	COM CL A	770700102
GEMI	GEMINI SPACE STA INC	3,428,888 (+430.7%)	$14.61M (+411.5%)	4.0%	—	—	CL A COM	36866J105
IBIT	ISHARES BITCOIN TRUST ETF	1,517,172 (+3.8%)	$50.51M (-10.0%)	14.0%	—	—	SHS BEN INT	46438F101
CRCL	CIRCLE INTERNET GROUP INC	300,000 (+81.8%)	$18.79M (+19.4%)	5.2%	—	—	COM CL A	172573107
STSS	SKYAI INC	2,150,180 (+87.0%)	$2.387M (+23.5%)	0.7%	—	—	COM	82003F309
COIN	COINBASE GLOBAL INC	13,484 (+3.7%)	$1.971M (-13.2%)	0.5%	—	—	COM CL A	19260Q107

Exited Positions (8)

SBET SHARPLINK INC 7.0%

Value $25.17M Shares 3,902,430 Est. Cost — Unrealized —

ASST STRIVE INC 4.3%

Value $15.65M Shares 156,904 Est. Cost — Unrealized —

— ISHARES ETHEREUM TR 2.6%

Value $9.492M Shares 599,600 Est. Cost — Unrealized —

— SEMLER SCIENTIFIC INC 1.2%

Value $4.471M Shares 4,602,000 Est. Cost — Unrealized —

STSSW SHARPS TECHNOLOGY INC 1.2%

Value $4.271M Shares 2,542,308 Est. Cost — Unrealized —

CRWV COREWEAVE INC 0.8%

Value $2.866M Shares 37,000 Est. Cost — Unrealized —

— ISHARES BITCOIN TRUST ETF 0.2%

Value $768K Shares 20,000 Est. Cost — Unrealized —

TONX TON STRATEGY CO 0.0%

Value $124K Shares 50,380 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBET	SHARPLINK INC	3,902,430	$25.17M	7.0%	—	—	—	820014405
ASST	STRIVE INC	156,904	$15.65M	4.3%	—	—	—	862945300
—	ISHARES ETHEREUM TR	599,600	$9.492M	2.6%	—	—	PUT	46438R955
—	SEMLER SCIENTIFIC INC	4,602,000	$4.471M	1.2%	—	—	—	81684MAC8
STSSW	SHARPS TECHNOLOGY INC	2,542,308	$4.271M	1.2%	—	—	—	82003F119
CRWV	COREWEAVE INC	37,000	$2.866M	0.8%	—	—	—	21873S108
—	ISHARES BITCOIN TRUST ETF	20,000	$768K	0.2%	—	—	PUT	46438F951
TONX	TON STRATEGY CO	50,380	$124K	0.0%	—	—	—	92337U302

Decreased Positions (3)

— ISHARES BITCOIN TRUST ETF 20.7%

Value $74.81M (-40.0%) Shares 2,247,100 (-30.8%) Est. Cost — Unrealized —

— STRATEGY INC 3.7%

Value $13.43M (-55.9%) Shares 228,319 (-47.0%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.6%

Value $2.189M (-71.3%) Shares 85,555 (-83.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES BITCOIN TRUST ETF	2,247,100 (-30.8%)	$74.81M (-40.0%)	20.7%	—	—	CALL	46438F901
—	STRATEGY INC	228,319 (-47.0%)	$13.43M (-55.9%)	3.7%	—	—	SERIES A PERP PF	594972887
CORZ	CORE SCIENTIFIC INC NEW	85,555 (-83.2%)	$2.189M (-71.3%)	0.6%	—	—	COM	21874A106

Unchanged Positions (5)

BITB BITWISE BITCOIN ETF TR 15.0%

Value $54.16M Shares 1,700,000 Est. Cost — Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 14.8%

Value $53.6M Shares 1,050,000 Est. Cost — Unrealized —

— CIRCLE INTERNET GROUP INC 1.6%

Value $5.881M Shares 93,900 Est. Cost — Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 3.7%

Value $13.49M Shares 520,000 Est. Cost — Unrealized —

FWDI FORWARD INDUSTRIES INC 0.2%

Value $684K Shares 162,164 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BITB	BITWISE BITCOIN ETF TR	1,700,000	$54.16M	15.0%	—	—	SHS BEN INT	09174C104
FBTC	FIDELITY WISE ORIGIN BITCOIN	1,050,000	$53.6M	14.8%	—	—	SHS	315948109
—	CIRCLE INTERNET GROUP INC	93,900	$5.881M	1.6%	—	—	CALL	172573907
BTC	GRAYSCALE BITCOIN MINI TR ET	520,000	$13.49M	3.7%	—	—	SHS NEW	389930207
FWDI	FORWARD INDUSTRIES INC	162,164	$684K	0.2%	—	—	COM NEW	349932103