Ursa Fund Management, LLC Hedge Fund

Location: Danville, CA

CIK: 0001693838 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $2.439B (100.0% shares, 0.0% debt)

Holdings (44)

MSFT MICROSOFT CORP 27.0%

Value $657M Shares 1,359,400 Est. Cost $500.58 Unrealized 0.0%

MSFT MICROSOFT CORP 26.5%

Value $647M Shares 1,337,400 Est. Cost $500.58 Unrealized 0.0%

AAPL APPLE INC 5.6%

Value $136M Shares 500,000 Est. Cost $268.34 Unrealized 0.0%

AAPL APPLE INC 5.6%

Value $136M Shares 500,000 Est. Cost $268.34 Unrealized 0.0%

JPM JPMORGAN CHASE & CO. 4.9%

Value $119M Shares 370,000 Est. Cost $309.53 Unrealized 0.0%

JPM JPMORGAN CHASE & CO. 4.9%

Value $119M Shares 370,000 Est. Cost $309.53 Unrealized 0.0%

NVDA NVIDIA CORPORATION 4.4%

Value $108M Shares 580,900 Est. Cost $186.13 Unrealized 0.0%

NVDA NVIDIA CORPORATION 4.4%

Value $108M Shares 580,900 Est. Cost $186.13 Unrealized 0.0%

AMZN AMAZON COM INC 2.2%

Value $53.9M Shares 233,500 Est. Cost $228.79 Unrealized 0.0%

AMZN AMAZON COM INC 2.2%

Value $53.9M Shares 233,500 Est. Cost $228.79 Unrealized 0.0%

GOOGL ALPHABET INC 1.9%

Value $46.95M Shares 150,000 Est. Cost $285.60 Unrealized 0.0%

GOOGL ALPHABET INC 1.9%

Value $46.95M Shares 150,000 Est. Cost $285.60 Unrealized 0.0%

META META PLATFORMS INC 1.6%

Value $39.61M Shares 60,000 Est. Cost $667.32 Unrealized 0.0%

META META PLATFORMS INC 1.5%

Value $36.3M Shares 55,000 Est. Cost $667.32 Unrealized 0.0%

TSLA TESLA INC 0.9%

Value $22.89M Shares 50,900 Est. Cost $443.29 Unrealized 0.0%

TSLA TESLA INC 0.9%

Value $22.8M Shares 50,900 Est. Cost $443.29 Unrealized 0.0%

IWM ISHARES TR 0.5%

Value $12.31M Shares 50,000 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 0.4%

Value $10.64M Shares 22,000 Est. Cost $500.58 Unrealized 0.0%

KWEB KRANESHARES TRUST 0.4%

Value $10.21M Shares 300,000 Est. Cost — Unrealized —

KWEB KRANESHARES TRUST 0.4%

Value $10.21M Shares 300,000 Est. Cost — Unrealized —

NFLX NETFLIX INC 0.2%

Value $5.344M Shares 57,000 Est. Cost $107.81 Unrealized 0.0%

NFLX NETFLIX INC 0.2%

Value $5.344M Shares 57,000 Est. Cost $107.81 Unrealized 0.0%

URA GLOBAL X FDS 0.2%

Value $3.662M Shares 85,700 Est. Cost $42.73 Unrealized —

META META PLATFORMS INC 0.1%

Value $3.3M Shares 5,000 Est. Cost $667.32 Unrealized 0.0%

URA GLOBAL X FDS 0.1%

Value $3.205M Shares 75,000 Est. Cost $42.73 Unrealized —

IAC IAC INC 0.1%

Value $2.933M Shares 75,000 Est. Cost $35.02 Unrealized 0.0%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $2.84M Shares 57,200 Est. Cost $52.98 Unrealized —

AIV APARTMENT INVT & MGMT CO 0.1%

Value $2.516M Shares 423,600 Est. Cost $7.93 Unrealized —

SILJ AMPLIFY ETF TR 0.1%

Value $2.255M Shares 81,500 Est. Cost $27.67 Unrealized —

GLIBA GCI LIBERTY INC 0.1%

Value $2.073M Shares 55,700 Est. Cost — Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 0.1%

Value $1.525M Shares 20,000 Est. Cost $88.02 Unrealized —

SIL GLOBAL X FDS 0.1%

Value $1.411M Shares 16,900 Est. Cost $83.52 Unrealized —

SIL GLOBAL X FDS 0.1%

Value $1.411M Shares 16,900 Est. Cost $83.52 Unrealized —

— WHEELER REAL ESTATE INVT TR 0.0%

Value $771K Shares 148,592 Est. Cost $4.06 Unrealized —

RIOT RIOT PLATFORMS INC 0.0%

Value $634K Shares 50,000 Est. Cost — Unrealized —

SRG SERITAGE GROWTH PPTYS 0.0%

Value $553K Shares 170,000 Est. Cost $3.50 Unrealized +8.5%

LC LENDINGCLUB CORP 0.0%

Value $379K Shares 20,000 Est. Cost $17.67 Unrealized 0.0%

LC LENDINGCLUB CORP 0.0%

Value $189K Shares 10,000 Est. Cost $17.67 Unrealized 0.0%

COPX GLOBAL X FDS 0.0%

Value $172K Shares 2,400 Est. Cost $71.79 Unrealized —

SLVR SPROTT FDS TR 0.0%

Value $159K Shares 1,900 Est. Cost $55.80 Unrealized —

COPX GLOBAL X FDS 0.0%

Value $136K Shares 1,900 Est. Cost $71.79 Unrealized —

— STRIVE INC 0.0%

Value $111K Shares 150,000 Est. Cost $0.74 Unrealized —

SLVR SPROTT FDS TR 0.0%

Value $106K Shares 1,900 Est. Cost $55.80 Unrealized —

— STRIVE INC 0.0%

Value $32,841 Shares 44,500 Est. Cost $0.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	1,359,400	$657M	27.0%	$500.58	0.0%	Put	594918104
MSFT	MICROSOFT CORP	1,337,400	$647M	26.5%	$500.58	0.0%	COM	594918104
AAPL	APPLE INC	500,000	$136M	5.6%	$268.34	0.0%	Put	037833100
AAPL	APPLE INC	500,000	$136M	5.6%	$268.34	0.0%	COM	037833100
JPM	JPMORGAN CHASE & CO.	370,000	$119M	4.9%	$309.53	0.0%	COM	46625H100
JPM	JPMORGAN CHASE & CO.	370,000	$119M	4.9%	$309.53	0.0%	Put	46625H100
NVDA	NVIDIA CORPORATION	580,900	$108M	4.4%	$186.13	0.0%	COM	67066G104
NVDA	NVIDIA CORPORATION	580,900	$108M	4.4%	$186.13	0.0%	Put	67066G104
AMZN	AMAZON COM INC	233,500	$53.9M	2.2%	$228.79	0.0%	Put	023135106
AMZN	AMAZON COM INC	233,500	$53.9M	2.2%	$228.79	0.0%	COM	023135106
GOOGL	ALPHABET INC	150,000	$46.95M	1.9%	$285.60	0.0%	Put	02079K305
GOOGL	ALPHABET INC	150,000	$46.95M	1.9%	$285.60	0.0%	CAP STK CL A	02079K305
META	META PLATFORMS INC	60,000	$39.61M	1.6%	$667.32	0.0%	Put	30303M102
META	META PLATFORMS INC	55,000	$36.3M	1.5%	$667.32	0.0%	Call	30303M102
TSLA	TESLA INC	50,900	$22.89M	0.9%	$443.29	0.0%	COM	88160R101
TSLA	TESLA INC	50,900	$22.8M	0.9%	$443.29	0.0%	Put	88160R101
IWM	ISHARES TR	50,000	$12.31M	0.5%	—	—	Put	464287655
MSFT	MICROSOFT CORP	22,000	$10.64M	0.4%	$500.58	0.0%	Call	594918104
KWEB	KRANESHARES TRUST	300,000	$10.21M	0.4%	—	—	Put	500767306
KWEB	KRANESHARES TRUST	300,000	$10.21M	0.4%	—	—	Call	500767306
NFLX	NETFLIX INC	57,000	$5.344M	0.2%	$107.81	0.0%	COM	64110L106
NFLX	NETFLIX INC	57,000	$5.344M	0.2%	$107.81	0.0%	Put	64110L106
URA	GLOBAL X FDS	85,700	$3.662M	0.2%	$42.73	—	GLOBAL X URANIUM	37954Y871
META	META PLATFORMS INC	5,000	$3.3M	0.1%	$667.32	0.0%	CL A	30303M102
URA	GLOBAL X FDS	75,000	$3.205M	0.1%	$42.73	—	Put	37954Y871
IAC	IAC INC	75,000	$2.933M	0.1%	$35.02	0.0%	COM NEW	44891N208
IBIT	ISHARES BITCOIN TRUST ETF	57,200	$2.84M	0.1%	$52.98	—	SHS BEN INT	46438F101
AIV	APARTMENT INVT & MGMT CO	423,600	$2.516M	0.1%	$7.93	—	CL A	03748R747
SILJ	AMPLIFY ETF TR	81,500	$2.255M	0.1%	$27.67	—	AMPLIFY JUNIOR S	032108649
GLIBA	GCI LIBERTY INC	55,700	$2.073M	0.1%	—	—	Call	36164V602
FBTC	FIDELITY WISE ORIGIN BITCOIN	20,000	$1.525M	0.1%	$88.02	—	SHS	315948109
SIL	GLOBAL X FDS	16,900	$1.411M	0.1%	$83.52	—	GLOBAL X SILVER	37954Y848
SIL	GLOBAL X FDS	16,900	$1.411M	0.1%	$83.52	—	Put	37954Y848
—	WHEELER REAL ESTATE INVT TR	148,592	$771K	0.0%	$4.06	—	CV PFD SER B	963025309
RIOT	RIOT PLATFORMS INC	50,000	$634K	0.0%	—	—	Call	767292105
SRG	SERITAGE GROWTH PPTYS	170,000	$553K	0.0%	$3.50	+8.5%	CL A	81752R100
LC	LENDINGCLUB CORP	20,000	$379K	0.0%	$17.67	0.0%	Call	52603A208
LC	LENDINGCLUB CORP	10,000	$189K	0.0%	$17.67	0.0%	COM NEW	52603A208
COPX	GLOBAL X FDS	2,400	$172K	0.0%	$71.79	—	Put	37954Y830
SLVR	SPROTT FDS TR	1,900	$159K	0.0%	$55.80	—	Put	85208P873
COPX	GLOBAL X FDS	1,900	$136K	0.0%	$71.79	—	GLOBAL X COPPER	37954Y830
—	STRIVE INC	150,000	$111K	0.0%	$0.74	—	Call	862945102
SLVR	SPROTT FDS TR	1,900	$106K	0.0%	$55.80	—	SILVER MINERS	85208P873
—	STRIVE INC	44,500	$32,841	0.0%	$0.74	—	CL A COM	862945102