Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APO	APOLLO GLOBAL MGMT INC	125,000	$13.93M	1.3%	$133.41	0.0%	COM	03769M106
PTON	PELOTON INTERACTIVE INC	2,875,000	$12.33M	1.2%	$6.27	-13.4%	CALL	70614W100
CLSK	CLEANSPARK INC	750,000	$6.383M	0.6%	$11.33	0.0%	CALL	18452B209
APO	APOLLO GLOBAL MGMT INC	50,000	$5.571M	0.5%	$133.41	0.0%	PUT	03769M106
UAL	UNITED AIRLS HLDGS INC	50,000	$4.604M	0.4%	—	—	CALL	910047109
AAOI	APPLIED OPTOELECTRONICS INC	50,000	$4.229M	0.4%	—	—	CALL	03823U102
SOC	SABLE OFFSHORE CORP	250,000	$4.13M	0.4%	$24.03	-60.0%	CALL	78574H104
IGV	ISHARES TR	50,000	$4.003M	0.4%	—	—	CALL	464287515
VIA	VIA TRANSN INC	250,000	$3.75M	0.4%	$22.22	0.0%	COM CL A	92556W104
CLSK	CLEANSPARK INC	300,000	$2.553M	0.2%	$11.33	0.0%	COM NEW	18452B209
NOMD	NOMAD FOODS LTD	250,000	$2.402M	0.2%	$12.36	0.0%	USD ORD SHS	G6564A105
BTDR	BITDEER TECHNOLOGIES GROUP	250,000	$2.163M	0.2%	—	—	CALL	G11448100
CTEV	CLARITEV CORPORATION	88,523	$1.446M	0.1%	$26.21	0.0%	CL A NEW	62548M209
SHAZ	SHARONAI HOLDINGS INC	15,000	$341K	0.0%	$22.73	—	COM CL A	778920306
SAAQU	SPACE ASSET ACQUISITION CORP	20,000	$204K	0.0%	$10.19	—	UNIT 01/13/2031	G8375S127
SVIVU	SPRING VY ACQUISITION CORP I	15,000	$152K	0.0%	$10.16	—	UNIT 01/22/2031	G8377G121
BUR	BURFORD CAPITAL LIMITED	25,000	$113K	0.0%	$9.47	0.0%	ORD SHS	G17977110

Increased Positions (17)

SPY STATE STR SPDR S&P 500 ETF T 21.1%

Value $219M (+329.2%) Shares 337,500 (+350.0%) Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 18.8%

Value $195M (+322.8%) Shares 337,500 (+350.0%) Est. Cost — Unrealized —

WULF TERAWULF INC 12.1%

Value $125M (+59.3%) Shares 8,687,500 (+26.8%) Est. Cost $6.70 Unrealized +117.8%

WULF TERAWULF INC 10.4%

Value $108M (+48.9%) Shares 7,500,000 (+18.6%) Est. Cost $6.70 Unrealized +117.8%

CORZ CORE SCIENTIFIC INC NEW 4.5%

Value $47.12M (+66.0%) Shares 3,150,000 (+61.5%) Est. Cost $14.46 Unrealized +22.4%

CORZ CORE SCIENTIFIC INC NEW 2.9%

Value $29.92M (+74.9%) Shares 2,000,000 (+70.2%) Est. Cost $14.46 Unrealized +22.4%

HUT HUT 8 CORP 1.1%

Value $11.73M (+410.6%) Shares 250,000 (+400.0%) Est. Cost $44.08 Unrealized +28.4%

NRGV ENERGY VAULT HOLDINGS INC 1.7%

Value $18.15M (-22.4%) Shares 5,500,000 (+8.4%) Est. Cost $1.79 Unrealized +156.2%

SATS ECHOSTAR CORP 1.4%

Value $14.63M (+53.9%) Shares 125,000 (+42.9%) Est. Cost $41.39 Unrealized +181.2%

NBIS NEBIUS GROUP N.V. 0.7%

Value $7.782M (+85.9%) Shares 75,000 (+50.0%) Est. Cost $26.47 Unrealized +264.1%

NVRI ENVIRI CORP 0.9%

Value $9.81M (+46.0%) Shares 500,000 (+33.3%) Est. Cost $15.86 Unrealized +18.1%

WLAC WILLOW LANE ACQUISITION CORP 1.0%

Value $10.65M (+20.4%) Shares 1,000,000 (+42.9%) Est. Cost $11.10 Unrealized +5.5%

AEVA AEVA TECHNOLOGIES INC 0.3%

Value $3.29M (+65.2%) Shares 250,000 (+66.7%) Est. Cost $14.55 Unrealized +3.2%

NRGV ENERGY VAULT HOLDINGS INC 0.4%

Value $4.125M (+43.2%) Shares 1,250,000 (+100.0%) Est. Cost $1.79 Unrealized +156.2%

PTON PELOTON INTERACTIVE INC 1.1%

Value $11.3M (-8.3%) Shares 2,632,900 (+31.6%) Est. Cost $6.27 Unrealized -13.4%

IBIT ISHARES BITCOIN TRUST ETF 1.5%

Value $15.37M (+3.2%) Shares 400,000 (+33.3%) Est. Cost — Unrealized —

CLNN CLENE INC 0.1%

Value $1.479M (-8.4%) Shares 300,000 (+9.1%) Est. Cost $5.00 Unrealized -2.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	337,500 (+350.0%)	$219M (+329.2%)	21.1%	—	—	PUT	78462F103
QQQ	INVESCO QQQ TR	337,500 (+350.0%)	$195M (+322.8%)	18.8%	—	—	PUT	46090E103
WULF	TERAWULF INC	8,687,500 (+26.8%)	$125M (+59.3%)	12.1%	$6.70	+117.8%	CALL	88080T104
WULF	TERAWULF INC	7,500,000 (+18.6%)	$108M (+48.9%)	10.4%	$6.70	+117.8%	COM	88080T104
CORZ	CORE SCIENTIFIC INC NEW	3,150,000 (+61.5%)	$47.12M (+66.0%)	4.5%	$14.46	+22.4%	CALL	21874A106
CORZ	CORE SCIENTIFIC INC NEW	2,000,000 (+70.2%)	$29.92M (+74.9%)	2.9%	$14.46	+22.4%	COM	21874A106
HUT	HUT 8 CORP	250,000 (+400.0%)	$11.73M (+410.6%)	1.1%	$44.08	+28.4%	CALL	44812J104
NRGV	ENERGY VAULT HOLDINGS INC	5,500,000 (+8.4%)	$18.15M (-22.4%)	1.7%	$1.79	+156.2%	COM	29280W109
SATS	ECHOSTAR CORP	125,000 (+42.9%)	$14.63M (+53.9%)	1.4%	$41.39	+181.2%	CALL	278768106
NBIS	NEBIUS GROUP N.V.	75,000 (+50.0%)	$7.782M (+85.9%)	0.7%	$26.47	+264.1%	PUT	N97284108
NVRI	ENVIRI CORP	500,000 (+33.3%)	$9.81M (+46.0%)	0.9%	$15.86	+18.1%	COM	415864107
WLAC	WILLOW LANE ACQUISITION CORP	1,000,000 (+42.9%)	$10.65M (+20.4%)	1.0%	$11.10	+5.5%	ORD SHS CL A	G9675P102
AEVA	AEVA TECHNOLOGIES INC	250,000 (+66.7%)	$3.29M (+65.2%)	0.3%	$14.55	+3.2%	COM NEW	00835Q202
NRGV	ENERGY VAULT HOLDINGS INC	1,250,000 (+100.0%)	$4.125M (+43.2%)	0.4%	$1.79	+156.2%	CALL	29280W109
PTON	PELOTON INTERACTIVE INC	2,632,900 (+31.6%)	$11.3M (-8.3%)	1.1%	$6.27	-13.4%	CL A COM	70614W100
IBIT	ISHARES BITCOIN TRUST ETF	400,000 (+33.3%)	$15.37M (+3.2%)	1.5%	—	—	PUT	46438F101
CLNN	CLENE INC	300,000 (+9.1%)	$1.479M (-8.4%)	0.1%	$5.00	-2.3%	COM NEW	185634201

Exited Positions (26)

WBD WARNER BROS DISCOVERY INC 2.4%

Value $24.5M Shares 850,000 Est. Cost $23.37 Unrealized +20.8%

TDS TELEPHONE & DATA SYS INC 0.9%

Value $9.225M Shares 225,000 Est. Cost — Unrealized —

— ECHOSTAR CORP 0.6%

Value $6.68M Shares 2,000,000 Est. Cost $1.18 Unrealized —

DIS DISNEY WALT CO 0.5%

Value $5.689M Shares 50,000 Est. Cost — Unrealized —

SATS ECHOSTAR CORP 0.5%

Value $5.435M Shares 50,000 Est. Cost $41.39 Unrealized +181.2%

VISN COMMSCOPE HLDG CO INC 0.4%

Value $4.532M Shares 250,000 Est. Cost $12.98 Unrealized +42.4%

ABR ARBOR REALTY TRUST INC 0.4%

Value $3.88M Shares 500,000 Est. Cost $7.76 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.3%

Value $3.603M Shares 125,000 Est. Cost $23.37 Unrealized +20.8%

AAPL APPLE INC 0.3%

Value $3.398M Shares 12,500 Est. Cost — Unrealized —

GOOG ALPHABET INC 0.3%

Value $3.138M Shares 10,000 Est. Cost $157.04 Unrealized +106.1%

DEI DOUGLAS EMMETT INC 0.3%

Value $2.748M Shares 250,000 Est. Cost $10.99 Unrealized —

NAVN NAVAN INC 0.2%

Value $2.306M Shares 135,000 Est. Cost $15.89 Unrealized -18.3%

SOC SABLE OFFSHORE CORP 0.2%

Value $2.255M Shares 250,000 Est. Cost $24.03 Unrealized -60.0%

TSLA TESLA INC 0.2%

Value $2.249M Shares 5,000 Est. Cost $235.28 Unrealized +81.1%

GRPN GROUPON INC 0.2%

Value $1.761M Shares 100,000 Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.2%

Value $1.731M Shares 7,500 Est. Cost $183.35 Unrealized +23.7%

AEVA AEVA TECHNOLOGIES INC 0.2%

Value $1.66M Shares 125,000 Est. Cost $14.55 Unrealized +3.2%

NEXT NEXTDECADE CORP 0.1%

Value $1.317M Shares 250,000 Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.1%

Value $1.18M Shares 250,000 Est. Cost $7.33 Unrealized —

HUT HUT 8 CORP 0.1%

Value $1.149M Shares 25,000 Est. Cost $44.08 Unrealized +28.4%

SOC SABLE OFFSHORE CORP 0.1%

Value $902K Shares 100,000 Est. Cost $24.03 Unrealized -60.0%

AUID AUTHID INC 0.0%

Value $437K Shares 500,000 Est. Cost $5.80 Unrealized -74.5%

PCAPU PROCAP ACQUISITION CORP 0.0%

Value $205K Shares 20,000 Est. Cost $10.72 Unrealized —

BDCIU BTC DEV CORP 0.0%

Value $203K Shares 20,000 Est. Cost $10.10 Unrealized —

CRANU CRANE HBR ACQUISITION CORP I 0.0%

Value $201K Shares 20,000 Est. Cost $10.07 Unrealized —

DYORU INSIGHT DIGITAL PARTNERS II 0.0%

Value $201K Shares 20,000 Est. Cost $10.07 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	850,000	$24.5M	2.4%	$23.37	+20.8%	—	934423104
TDS	TELEPHONE & DATA SYS INC	225,000	$9.225M	0.9%	—	—	CALL	879433829
—	ECHOSTAR CORP	2,000,000	$6.68M	0.6%	$1.18	—	—	278768AB2
DIS	DISNEY WALT CO	50,000	$5.689M	0.5%	—	—	CALL	254687106
SATS	ECHOSTAR CORP	50,000	$5.435M	0.5%	$41.39	+181.2%	PUT	278768106
VISN	COMMSCOPE HLDG CO INC	250,000	$4.532M	0.4%	$12.98	+42.4%	—	20337X109
ABR	ARBOR REALTY TRUST INC	500,000	$3.88M	0.4%	$7.76	—	—	038923108
WBD	WARNER BROS DISCOVERY INC	125,000	$3.603M	0.3%	$23.37	+20.8%	CALL	934423104
AAPL	APPLE INC	12,500	$3.398M	0.3%	—	—	PUT	037833100
GOOG	ALPHABET INC	10,000	$3.138M	0.3%	$157.04	+106.1%	—	02079K107
DEI	DOUGLAS EMMETT INC	250,000	$2.748M	0.3%	$10.99	—	—	25960P109
NAVN	NAVAN INC	135,000	$2.306M	0.2%	$15.89	-18.3%	—	639193101
SOC	SABLE OFFSHORE CORP	250,000	$2.255M	0.2%	$24.03	-60.0%	—	78574H104
TSLA	TESLA INC	5,000	$2.249M	0.2%	$235.28	+81.1%	—	88160R101
GRPN	GROUPON INC	100,000	$1.761M	0.2%	—	—	CALL	399473206
AMZN	AMAZON COM INC	7,500	$1.731M	0.2%	$183.35	+23.7%	—	023135106
AEVA	AEVA TECHNOLOGIES INC	125,000	$1.66M	0.2%	$14.55	+3.2%	CALL	00835Q202
NEXT	NEXTDECADE CORP	250,000	$1.317M	0.1%	—	—	CALL	65342K105
MSOS	ADVISORSHARES TR	250,000	$1.18M	0.1%	$7.33	—	CALL	00768Y453
HUT	HUT 8 CORP	25,000	$1.149M	0.1%	$44.08	+28.4%	—	44812J104
SOC	SABLE OFFSHORE CORP	100,000	$902K	0.1%	$24.03	-60.0%	PUT	78574H104
AUID	AUTHID INC	500,000	$437K	0.0%	$5.80	-74.5%	—	46264C305
PCAPU	PROCAP ACQUISITION CORP	20,000	$205K	0.0%	$10.72	—	—	G7257A113
BDCIU	BTC DEV CORP	20,000	$203K	0.0%	$10.10	—	—	G0701G125
CRANU	CRANE HBR ACQUISITION CORP I	20,000	$201K	0.0%	$10.07	—	—	G25014120
DYORU	INSIGHT DIGITAL PARTNERS II	20,000	$201K	0.0%	$10.07	—	—	G4814G121

Decreased Positions (5)

SATS ECHOSTAR CORP 1.7%

Value $17.56M (-59.6%) Shares 150,000 (-62.5%) Est. Cost $41.39 Unrealized +181.2%

WULF TERAWULF INC 5.2%

Value $54.11M (-14.4%) Shares 3,750,000 (-31.8%) Est. Cost $6.70 Unrealized +117.8%

NBIS NEBIUS GROUP N.V. 1.2%

Value $12.97M (-22.5%) Shares 125,000 (-37.5%) Est. Cost $26.47 Unrealized +264.1%

NBIS NEBIUS GROUP N.V. 1.0%

Value $10.38M (-17.4%) Shares 100,000 (-33.3%) Est. Cost $26.47 Unrealized +264.1%

STSS SHARPS TECHNOLOGY INC 0.2%

Value $1.68M (-28.0%) Shares 1,000,000 (-13.0%) Est. Cost $3.86 Unrealized -48.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	150,000 (-62.5%)	$17.56M (-59.6%)	1.7%	$41.39	+181.2%	CL A	278768106
WULF	TERAWULF INC	3,750,000 (-31.8%)	$54.11M (-14.4%)	5.2%	$6.70	+117.8%	PUT	88080T104
NBIS	NEBIUS GROUP N.V.	125,000 (-37.5%)	$12.97M (-22.5%)	1.2%	$26.47	+264.1%	SHS CLASS A	N97284108
NBIS	NEBIUS GROUP N.V.	100,000 (-33.3%)	$10.38M (-17.4%)	1.0%	$26.47	+264.1%	CALL	N97284108
STSS	SHARPS TECHNOLOGY INC	1,000,000 (-13.0%)	$1.68M (-28.0%)	0.2%	$3.86	-48.0%	COM	82003F309

Unchanged Positions (12)

LENZ LENZ THERAPEUTICS INC 0.1%

Value $1.144M Shares 125,000 Est. Cost $27.12 Unrealized -42.0%

PRMB PRIMO BRANDS CORPORATION 0.5%

Value $4.707M Shares 250,000 Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.1%

Value $1.331M Shares 375,000 Est. Cost $7.33 Unrealized —

IWM ISHARES TR 3.0%

Value $31M Shares 125,000 Est. Cost — Unrealized —

RTACU RENATUS TACTICAL ACQUIS 0.0%

Value $210K Shares 20,000 Est. Cost $12.73 Unrealized —

EVOXU EVOLUTION GLOBAL ACQUISITION 0.0%

Value $204K Shares 20,000 Est. Cost $10.05 Unrealized —

CEPV CANTOR EQUITY PARTNERS V INC 0.0%

Value $202K Shares 20,000 Est. Cost $10.25 Unrealized -0.4%

ONCHU 1RT ACQUISITION CORP. 0.0%

Value $206K Shares 20,000 Est. Cost $10.55 Unrealized —

CEPF CANTOR EQUITY PARTNERS IV IN 0.0%

Value $204K Shares 20,000 Est. Cost $10.15 Unrealized +2.5%

FCRS/U FUTURECREST ACQUISITION CORP 0.0%

Value $204K Shares 20,000 Est. Cost $10.60 Unrealized —

RDAGU REPUBLIC DIGITAL ACQUISITION 0.0%

Value $207K Shares 20,000 Est. Cost $10.70 Unrealized —

CCXIU CHURCHILL CAP CORP XI 0.0%

Value $205K Shares 20,000 Est. Cost $10.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LENZ	LENZ THERAPEUTICS INC	125,000	$1.144M	0.1%	$27.12	-42.0%	COM	52635N103
PRMB	PRIMO BRANDS CORPORATION	250,000	$4.707M	0.5%	—	—	CALL	741623102
MSOS	ADVISORSHARES TR	375,000	$1.331M	0.1%	$7.33	—	PURE US CANNABIS	00768Y453
IWM	ISHARES TR	125,000	$31M	3.0%	—	—	PUT	464287655
RTACU	RENATUS TACTICAL ACQUIS	20,000	$210K	0.0%	$12.73	—	UNIT 05/15/2030	G7490F119
EVOXU	EVOLUTION GLOBAL ACQUISITION	20,000	$204K	0.0%	$10.05	—	UNIT 10/22/2030	G3226F127
CEPV	CANTOR EQUITY PARTNERS V INC	20,000	$202K	0.0%	$10.25	-0.4%	SHS CL A S	G1828S109
ONCHU	1RT ACQUISITION CORP.	20,000	$206K	0.0%	$10.55	—	UNIT 06/26/2030	G6757R121
CEPF	CANTOR EQUITY PARTNERS IV IN	20,000	$204K	0.0%	$10.15	+2.5%	SHS CL A	G1828E100
FCRS/U	FUTURECREST ACQUISITION CORP	20,000	$204K	0.0%	$10.60	—	UNIT 99/99/9999	G3730U123
RDAGU	REPUBLIC DIGITAL ACQUISITION	20,000	$207K	0.0%	$10.70	—	UNIT 99/99/9999	G7515A111
CCXIU	CHURCHILL CAP CORP XI	20,000	$205K	0.0%	$10.21	—	UNIT 12/10/2030	G2131A124