Hidden Lake Asset Management LP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	300,000	$204,576	51.7%	—	—	PUT	78462F103
NVDA	NVIDIA CORPORATION	86,287	$16,093	4.1%	$186.13	0.0%	COM	67066G104
UPST	UPSTART HLDGS INC	316,586	$13,844	3.5%	$46.04	0.0%	COM	91680M107
GRAB	GRAB HOLDINGS LIMITED	2,296,054	$11,457	2.9%	$5.53	0.0%	CLASS A ORD	G4124C109
FIGR	FIGURE TECHNOLOGY SOLUTIO	188,038	$7,679	1.9%	$40.00	0.0%	COM CL A	349381103
WULF	TERAWULF INC	594,476	$6,831	1.7%	$13.40	0.0%	COM	88080T104
LITE	LUMENTUM HLDGS INC	15,868	$5,849	1.5%	$256.82	0.0%	COM	55024U109
SATS	ECHOSTAR CORP	51,891	$5,641	1.4%	$81.43	0.0%	CL A	278768106
PATH	UIPATH INC	250,000	$4,098	1.0%	$15.56	0.0%	CALL	90364P105
DKNG	DRAFTKINGS INC NEW	118,205	$4,073	1.0%	$32.89	0.0%	COM CL A	26142V105
EBAY	EBAY INC.	45,211	$3,938	1.0%	$86.37	0.0%	COM	278642103
ASTS	AST SPACEMOBILE INC	45,031	$3,271	0.8%	$71.36	0.0%	COM CL A	00217D100
DKNG	DRAFTKINGS INC NEW	93,500	$3,222	0.8%	$32.89	0.0%	CALL	26142V105
ROKU	ROKU INC	29,675	$3,219	0.8%	$101.49	0.0%	COM CL A	77543R102
SNPS	SYNOPSYS INC	5,191	$2,438	0.6%	$444.23	0.0%	COM	871607107
PATH	UIPATH INC	115,159	$1,887	0.5%	$15.56	0.0%	CL A	90364P105
ZETA	ZETA GLOBAL HOLDINGS CORP	92,337	$1,879	0.5%	$18.68	0.0%	CL A	98956A105
W	WAYFAIR INC	13,419	$1,347	0.3%	$96.17	0.0%	CL A	94419L101

Increased Positions (7)

AMZN AMAZON COM INC 6.5%

Value ($000) $25,849 (+250.4%) Shares 111,986 (+233.3%) Est. Cost $228.06 Unrealized +0.3%

SE SEA LTD 4.4%

Value ($000) $17,594 (+55.5%) Shares 137,916 (+117.9%) Est. Cost $97.12 Unrealized —

LMND LEMONADE INC 1.1%

Value ($000) $4,487 (+153.1%) Shares 63,032 (+90.4%) Est. Cost $49.40 Unrealized +36.0%

BABA ALIBABA GROUP HLDG LTD 1.9%

Value ($000) $7,571 (+22.4%) Shares 51,654 (+49.2%) Est. Cost $168.13 Unrealized —

RKT ROCKET COS INC 0.9%

Value ($000) $3,560 (+45.6%) Shares 183,869 (+45.7%) Est. Cost $17.58 Unrealized +1.7%

ETSY ETSY INC 1.8%

Value ($000) $7,254 (+17.8%) Shares 130,850 (+41.1%) Est. Cost $60.09 Unrealized +1.6%

U UNITY SOFTWARE INC 1.2%

Value ($000) $4,724 (+25.7%) Shares 106,946 (+13.9%) Est. Cost $37.53 Unrealized +8.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	111,986 (+233.3%)	$25,849 (+250.4%)	6.5%	$228.06	+0.3%	COM	023135106
SE	SEA LTD	137,916 (+117.9%)	$17,594 (+55.5%)	4.4%	$97.12	—	SPONSORD ADS	81141R100
LMND	LEMONADE INC	63,032 (+90.4%)	$4,487 (+153.1%)	1.1%	$49.40	+36.0%	COM	52567D107
BABA	ALIBABA GROUP HLDG LTD	51,654 (+49.2%)	$7,571 (+22.4%)	1.9%	$168.13	—	SPONSORED ADS	01609W102
RKT	ROCKET COS INC	183,869 (+45.7%)	$3,560 (+45.6%)	0.9%	$17.58	+1.7%	COM CL A	77311W101
ETSY	ETSY INC	130,850 (+41.1%)	$7,254 (+17.8%)	1.8%	$60.09	+1.6%	COM	29786A106
U	UNITY SOFTWARE INC	106,946 (+13.9%)	$4,724 (+25.7%)	1.2%	$37.53	+8.6%	COM	91332U101

Exited Positions (27)

QQQ INVESCO QQQ TR 121.5%

Value ($000) $480,296 Shares 800,000 Est. Cost — Unrealized —

AMZN AMAZON COM INC 7.8%

Value ($000) $30,740 Shares 140,000 Est. Cost $228.06 Unrealized +0.3%

PDD PDD HOLDINGS INC 4.0%

Value ($000) $15,972 Shares 120,847 Est. Cost $132.17 Unrealized —

CRWV COREWEAVE INC 3.7%

Value ($000) $14,814 Shares 108,247 Est. Cost $118.31 Unrealized -14.3%

WIX WIX COM LTD 3.5%

Value ($000) $13,737 Shares 77,336 Est. Cost $150.49 Unrealized -19.7%

AAPL APPLE INC 3.3%

Value ($000) $12,873 Shares 50,555 Est. Cost $225.58 Unrealized +19.0%

SPOT SPOTIFY TECHNOLOGY S A 2.9%

Value ($000) $11,407 Shares 16,343 Est. Cost $699.24 Unrealized -10.6%

ARKK ARK ETF TR 2.7%

Value ($000) $10,788 Shares 125,000 Est. Cost — Unrealized —

CHWY CHEWY INC 2.5%

Value ($000) $9,764 Shares 241,381 Est. Cost $38.56 Unrealized -10.0%

DUOL DUOLINGO INC 2.4%

Value ($000) $9,480 Shares 29,456 Est. Cost $334.45 Unrealized -29.5%

DASH DOORDASH INC 1.9%

Value ($000) $7,695 Shares 28,293 Est. Cost $250.83 Unrealized -6.5%

GOOG ALPHABET INC 1.7%

Value ($000) $6,713 Shares 27,563 Est. Cost $209.93 Unrealized +36.4%

NU NU HLDGS LTD 1.7%

Value ($000) $6,587 Shares 411,415 Est. Cost $13.95 Unrealized +15.2%

NOW SERVICENOW INC 1.6%

Value ($000) $6,442 Shares 7,000 Est. Cost — Unrealized —

AFRM AFFIRM HLDGS INC 1.5%

Value ($000) $6,082 Shares 83,222 Est. Cost $48.90 Unrealized +47.2%

MDB MONGODB INC 1.4%

Value ($000) $5,490 Shares 17,689 Est. Cost $257.06 Unrealized +41.5%

PTON PELOTON INTERACTIVE INC 1.4%

Value ($000) $5,347 Shares 594,102 Est. Cost $7.44 Unrealized -5.4%

Z ZILLOW GROUP INC 1.0%

Value ($000) $4,127 Shares 53,560 Est. Cost $81.72 Unrealized -11.4%

ESTC ELASTIC N V 1.0%

Value ($000) $3,765 Shares 44,564 Est. Cost $84.19 Unrealized -3.1%

GTLB GITLAB INC 1.0%

Value ($000) $3,763 Shares 83,468 Est. Cost $45.75 Unrealized -5.4%

APP APPLOVIN CORP 0.9%

Value ($000) $3,593 Shares 5,000 Est. Cost $461.14 Unrealized +36.6%

OPRA OPERA LTD 0.8%

Value ($000) $3,270 Shares 158,450 Est. Cost $20.64 Unrealized —

UWMC UWM HOLDINGS CORPORATION 0.7%

Value ($000) $2,684 Shares 440,785 Est. Cost $5.24 Unrealized +2.6%

BULL WEBULL CORP 0.6%

Value ($000) $2,283 Shares 154,370 Est. Cost $14.26 Unrealized -29.5%

TEM TEMPUS AI INC 0.5%

Value ($000) $1,864 Shares 23,095 Est. Cost $57.34 Unrealized +36.4%

IREN IREN LIMITED 0.4%

Value ($000) $1,750 Shares 37,284 Est. Cost $8.12 Unrealized +535.1%

OPEN OPENDOOR TECHNOLOGIES INC 0.4%

Value ($000) $1,524 Shares 191,248 Est. Cost $4.19 Unrealized +74.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	800,000	$480,296	121.5%	—	—	PUT	46090E103
AMZN	AMAZON COM INC	140,000	$30,740	7.8%	$228.06	+0.3%	CALL	023135106
PDD	PDD HOLDINGS INC	120,847	$15,972	4.0%	$132.17	—	—	722304102
CRWV	COREWEAVE INC	108,247	$14,814	3.7%	$118.31	-14.3%	—	21873S108
WIX	WIX COM LTD	77,336	$13,737	3.5%	$150.49	-19.7%	—	M98068105
AAPL	APPLE INC	50,555	$12,873	3.3%	$225.58	+19.0%	—	037833100
SPOT	SPOTIFY TECHNOLOGY S A	16,343	$11,407	2.9%	$699.24	-10.6%	—	L8681T102
ARKK	ARK ETF TR	125,000	$10,788	2.7%	—	—	PUT	00214Q104
CHWY	CHEWY INC	241,381	$9,764	2.5%	$38.56	-10.0%	—	16679L109
DUOL	DUOLINGO INC	29,456	$9,480	2.4%	$334.45	-29.5%	—	26603R106
DASH	DOORDASH INC	28,293	$7,695	1.9%	$250.83	-6.5%	—	25809K105
GOOG	ALPHABET INC	27,563	$6,713	1.7%	$209.93	+36.4%	—	02079K107
NU	NU HLDGS LTD	411,415	$6,587	1.7%	$13.95	+15.2%	—	G6683N103
NOW	SERVICENOW INC	7,000	$6,442	1.6%	—	—	PUT	81762P102
AFRM	AFFIRM HLDGS INC	83,222	$6,082	1.5%	$48.90	+47.2%	—	00827B106
MDB	MONGODB INC	17,689	$5,490	1.4%	$257.06	+41.5%	—	60937P106
PTON	PELOTON INTERACTIVE INC	594,102	$5,347	1.4%	$7.44	-5.4%	—	70614W100
Z	ZILLOW GROUP INC	53,560	$4,127	1.0%	$81.72	-11.4%	—	98954M200
ESTC	ELASTIC N V	44,564	$3,765	1.0%	$84.19	-3.1%	—	N14506104
GTLB	GITLAB INC	83,468	$3,763	1.0%	$45.75	-5.4%	—	37637K108
APP	APPLOVIN CORP	5,000	$3,593	0.9%	$461.14	+36.6%	CALL	03831W108
OPRA	OPERA LTD	158,450	$3,270	0.8%	$20.64	—	—	68373M107
UWMC	UWM HOLDINGS CORPORATION	440,785	$2,684	0.7%	$5.24	+2.6%	—	91823B109
BULL	WEBULL CORP	154,370	$2,283	0.6%	$14.26	-29.5%	—	G9572D103
TEM	TEMPUS AI INC	23,095	$1,864	0.5%	$57.34	+36.4%	—	88023B103
IREN	IREN LIMITED	37,284	$1,750	0.4%	$8.12	+535.1%	—	Q4982L109
OPEN	OPENDOOR TECHNOLOGIES INC	191,248	$1,524	0.4%	$4.19	+74.2%	—	683712103

Decreased Positions (8)

RBLX ROBLOX CORP 0.4%

Value ($000) $1,630 (-88.3%) Shares 20,119 (-80.1%) Est. Cost $63.85 Unrealized +66.3%

BE BLOOM ENERGY CORP 0.8%

Value ($000) $3,310 (-67.6%) Shares 38,091 (-68.5%) Est. Cost $46.44 Unrealized +126.3%

GDS GDS HLDGS LTD 0.8%

Value ($000) $3,067 (-61.4%) Shares 87,877 (-57.2%) Est. Cost $24.88 Unrealized —

APP APPLOVIN CORP 0.4%

Value ($000) $1,533 (-72.4%) Shares 2,275 (-70.5%) Est. Cost $461.14 Unrealized +36.6%

BIDU BAIDU INC 0.7%

Value ($000) $2,781 (-55.6%) Shares 21,282 (-55.2%) Est. Cost $131.77 Unrealized —

AVBP ARRIVENT BIOPHARMA INC 0.8%

Value ($000) $3,067 (-47.1%) Shares 152,448 (-51.5%) Est. Cost $23.61 Unrealized -11.8%

VNET VNET GROUP INC 1.2%

Value ($000) $4,646 (-24.4%) Shares 549,205 (-7.7%) Est. Cost $10.33 Unrealized —

HUT HUT 8 CORP 0.8%

Value ($000) $2,973 (-33.0%) Shares 64,710 (-49.2%) Est. Cost $25.41 Unrealized +73.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RBLX	ROBLOX CORP	20,119 (-80.1%)	$1,630 (-88.3%)	0.4%	$63.85	+66.3%	CL A	771049103
BE	BLOOM ENERGY CORP	38,091 (-68.5%)	$3,310 (-67.6%)	0.8%	$46.44	+126.3%	COM CL A	093712107
GDS	GDS HLDGS LTD	87,877 (-57.2%)	$3,067 (-61.4%)	0.8%	$24.88	—	SPONSORED ADS	36165L108
APP	APPLOVIN CORP	2,275 (-70.5%)	$1,533 (-72.4%)	0.4%	$461.14	+36.6%	COM CL A	03831W108
BIDU	BAIDU INC	21,282 (-55.2%)	$2,781 (-55.6%)	0.7%	$131.77	—	SPON ADR REP A	056752108
AVBP	ARRIVENT BIOPHARMA INC	152,448 (-51.5%)	$3,067 (-47.1%)	0.8%	$23.61	-11.8%	COM	04272N102
VNET	VNET GROUP INC	549,205 (-7.7%)	$4,646 (-24.4%)	1.2%	$10.33	—	SPONSORED ADS A	90138A103
HUT	HUT 8 CORP	64,710 (-49.2%)	$2,973 (-33.0%)	0.8%	$25.41	+73.4%	COM	44812J104