Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	1,250,000	$31.99M	3.4%	—	—	PUT	21874A106
WBD	WARNER BROS DISCOVERY INC	625,000	$16.66M	1.8%	—	—	COM SER A	934423104
BRUN	BOOST RUN INC	342,500	$13.29M	1.4%	—	—	ORD SHS CL A	09940T100
MSFT	MICROSOFT CORP	25,000	$9.325M	1.0%	—	—	CALL	594918104
BRUN	BOOST RUN INC	225,000	$8.732M	0.9%	—	—	PUT	09940T100
ABR	ARBOR REALTY TRUST INC	1,375,000	$7.452M	0.8%	—	—	COM	038923108
HUT	HUT 8 CORP	62,500	$7.215M	0.8%	—	—	COM	44812J104
PS	PERSHING SQUARE INC	155,000	$5.093M	0.5%	—	—	COMMON STOCK	71531U102
BRUN	BOOST RUN INC	125,000	$4.851M	0.5%	—	—	CALL	09940T100
GLXY	GALAXY DIGITAL INC.	175,000	$4.785M	0.5%	—	—	CALL	36317J209
NN	NEXTNAV INC	250,000	$4.457M	0.5%	—	—	COMMON STOCK	65345N106
BTDR	BITDEER TECHNOLOGIES GROUP	250,000	$3.967M	0.4%	—	—	CL A ORD SHS	G11448100
PSUS	PERSHING SQUARE USA LTD	100,000	$3.738M	0.4%	—	—	COM SHS	71531T105
FRMI	FERMI INC	375,000	$3.435M	0.4%	—	—	CALL	314911108
GPCR	STRUCTURE THERAPEUTICS INC	50,000	$2.683M	0.3%	—	—	CALL	86366E106
SHAZ	SHARONAI HOLDINGS INC	25,000	$2.116M	0.2%	—	—	CALL	778920306
AZUL	AZUL S A	210,198	$1.89M	0.2%	—	—	SPONSORED ADS	05501U601
TMCR	METALS RTY CO INC	255,000	$1.821M	0.2%	—	—	COM SHS	591322102
HIVE	HIVE DIGITAL TECHNOLOGIES LT	500,000	$1.82M	0.2%	—	—	COM NEW	433921103
GLASF	GLASS HOUSE BRANDS INC	101,182	$1.252M	0.1%	—	—	SUB REG LTD VTG	377130406
TBCH	TURTLE BEACH CORP	100,000	$1.245M	0.1%	—	—	CALL	900450206
DLR	DIGITAL RLTY TR INC	5,000	$898K	0.1%	—	—	COM	253868103
IONQ	IONQ INC	12,500	$666K	0.1%	—	—	COM	46222L108
QBTS	D-WAVE QUANTUM INC	27,500	$660K	0.1%	—	—	COM	26740W109
RGTI	RIGETTI COMPUTING INC	30,000	$580K	0.1%	—	—	COMMON STOCK	76655K103
QUBT	QUANTUM COMPUTING INC	57,500	$558K	0.1%	—	—	COM	74766W108
GUACU	BERTO ACQUISITION CORP II	50,000	$506K	0.1%	—	—	UNIT 03/06/2031	G1051M126
AIB	AIB DATA CENTERS INC	225,000	$477K	0.1%	—	—	COM	093919108
FINW	FINWISE BANCORP	25,000	$363K	0.0%	—	—	COM	31813A109
IACQU	IRENIC ACQUISITION CORP	35,000	$356K	0.0%	—	—	UNIT 04/10/2031	G4939F115
SLNH	SOLUNA HOLDINGS INC	250,000	$338K	0.0%	—	—	COM NEW	583543301
FPS	FORGENT POWER SOLUTIONS INC	5,000	$279K	0.0%	—	—	COM SHS CL A	34631F102
CAES	CANTOR EQUITY PARTNERS VII I	25,000	$252K	0.0%	—	—	CL A ORD SHS	G1828W100
DFIN	DONNELLEY FINL SOLUTIONS INC	5,000	$210K	0.0%	—	—	COM	25787G100
AUID	AUTHID INC	75,000	$80,250	0.0%	—	—	COM	46264C305

Increased Positions (13)

WULF TERAWULF INC 23.4%

Value $219M (+74.6%) Shares 8,862,500 (+2.0%) Est. Cost — Unrealized —

WULF TERAWULF INC 20.7%

Value $193M (+78.6%) Shares 7,825,000 (+4.3%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 5.9%

Value $55.02M (+83.9%) Shares 2,150,000 (+7.5%) Est. Cost — Unrealized —

SHAZ SHARONAI HOLDINGS INC 1.8%

Value $16.51M (+4742.0%) Shares 195,000 (+1200.0%) Est. Cost — Unrealized —

NRGV ENERGY VAULT HOLDINGS INC 3.1%

Value $29.08M (+60.2%) Shares 6,175,000 (+12.3%) Est. Cost — Unrealized —

NRGV ENERGY VAULT HOLDINGS INC 1.2%

Value $11.19M (+171.2%) Shares 2,375,000 (+90.0%) Est. Cost — Unrealized —

PTON PELOTON INTERACTIVE INC 1.9%

Value $17.73M (+43.8%) Shares 3,000,000 (+4.3%) Est. Cost — Unrealized —

PTON PELOTON INTERACTIVE INC 1.7%

Value $16.25M (+43.9%) Shares 2,750,000 (+4.4%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 1.9%

Value $17.76M (+21.4%) Shares 175,000 (+40.0%) Est. Cost — Unrealized —

NOMD NOMAD FOODS LTD 0.6%

Value $5.475M (+127.9%) Shares 500,000 (+100.0%) Est. Cost — Unrealized —

CTEV CLARITEV CORPORATION 0.5%

Value $4.264M (+194.8%) Shares 125,000 (+41.2%) Est. Cost — Unrealized —

CLNN CLENE INC 0.4%

Value $3.693M (+149.7%) Shares 600,000 (+100.0%) Est. Cost — Unrealized —

LENZ LENZ THERAPEUTICS INC 0.1%

Value $994K (-13.1%) Shares 175,000 (+40.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WULF	TERAWULF INC	8,862,500 (+2.0%)	$219M (+74.6%)	23.4%	—	—	CALL	88080T104
WULF	TERAWULF INC	7,825,000 (+4.3%)	$193M (+78.6%)	20.7%	—	—	COM	88080T104
CORZ	CORE SCIENTIFIC INC NEW	2,150,000 (+7.5%)	$55.02M (+83.9%)	5.9%	—	—	COM	21874A106
SHAZ	SHARONAI HOLDINGS INC	195,000 (+1200.0%)	$16.51M (+4742.0%)	1.8%	—	—	COM CL A	778920306
NRGV	ENERGY VAULT HOLDINGS INC	6,175,000 (+12.3%)	$29.08M (+60.2%)	3.1%	—	—	COM	29280W109
NRGV	ENERGY VAULT HOLDINGS INC	2,375,000 (+90.0%)	$11.19M (+171.2%)	1.2%	—	—	CALL	29280W109
PTON	PELOTON INTERACTIVE INC	3,000,000 (+4.3%)	$17.73M (+43.8%)	1.9%	—	—	CALL	70614W100
PTON	PELOTON INTERACTIVE INC	2,750,000 (+4.4%)	$16.25M (+43.9%)	1.7%	—	—	CL A COM	70614W100
SATS	ECHOSTAR CORP	175,000 (+40.0%)	$17.76M (+21.4%)	1.9%	—	—	CALL	278768106
NOMD	NOMAD FOODS LTD	500,000 (+100.0%)	$5.475M (+127.9%)	0.6%	—	—	USD ORD SHS	G6564A105
CTEV	CLARITEV CORPORATION	125,000 (+41.2%)	$4.264M (+194.8%)	0.5%	—	—	CL A NEW	62548M209
CLNN	CLENE INC	600,000 (+100.0%)	$3.693M (+149.7%)	0.4%	—	—	COM NEW	185634201
LENZ	LENZ THERAPEUTICS INC	175,000 (+40.0%)	$994K (-13.1%)	0.1%	—	—	COM	52635N103

Exited Positions (17)

SPY STATE STR SPDR S&P 500 ETF T 23.5%

Value $219M Shares 337,500 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 20.8%

Value $195M Shares 337,500 Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 1.4%

Value $12.97M Shares 125,000 Est. Cost — Unrealized —

WLAC WILLOW LANE ACQUISITION CORP 1.1%

Value $10.65M Shares 1,000,000 Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 1.1%

Value $10.38M Shares 100,000 Est. Cost — Unrealized —

NVRI ENVIRI CORP 1.0%

Value $9.81M Shares 500,000 Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 0.8%

Value $7.782M Shares 75,000 Est. Cost — Unrealized —

APO APOLLO GLOBAL MGMT INC 0.6%

Value $5.571M Shares 50,000 Est. Cost — Unrealized —

UAL UNITED AIRLS HLDGS INC 0.5%

Value $4.604M Shares 50,000 Est. Cost — Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 0.5%

Value $4.229M Shares 50,000 Est. Cost — Unrealized —

SOC SABLE OFFSHORE CORP 0.4%

Value $4.13M Shares 250,000 Est. Cost — Unrealized —

IGV ISHARES TR 0.4%

Value $4.003M Shares 50,000 Est. Cost — Unrealized —

AEVA AEVA TECHNOLOGIES INC 0.4%

Value $3.29M Shares 250,000 Est. Cost — Unrealized —

ONCHU 1RT ACQUISITION CORP. 0.0%

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

CCXIU CHURCHILL CAP CORP XI 0.0%

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

FCRS/U FUTURECREST ACQUISITION CORP 0.0%

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

BUR BURFORD CAPITAL LIMITED 0.0%

Value $113K Shares 25,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	337,500	$219M	23.5%	—	—	PUT	78462F103
QQQ	INVESCO QQQ TR	337,500	$195M	20.8%	—	—	PUT	46090E103
NBIS	NEBIUS GROUP N.V.	125,000	$12.97M	1.4%	—	—	—	N97284108
WLAC	WILLOW LANE ACQUISITION CORP	1,000,000	$10.65M	1.1%	—	—	—	G9675P102
NBIS	NEBIUS GROUP N.V.	100,000	$10.38M	1.1%	—	—	CALL	N97284108
NVRI	ENVIRI CORP	500,000	$9.81M	1.0%	—	—	—	415864107
NBIS	NEBIUS GROUP N.V.	75,000	$7.782M	0.8%	—	—	PUT	N97284108
APO	APOLLO GLOBAL MGMT INC	50,000	$5.571M	0.6%	—	—	PUT	03769M106
UAL	UNITED AIRLS HLDGS INC	50,000	$4.604M	0.5%	—	—	CALL	910047109
AAOI	APPLIED OPTOELECTRONICS INC	50,000	$4.229M	0.5%	—	—	CALL	03823U102
SOC	SABLE OFFSHORE CORP	250,000	$4.13M	0.4%	—	—	CALL	78574H104
IGV	ISHARES TR	50,000	$4.003M	0.4%	—	—	CALL	464287515
AEVA	AEVA TECHNOLOGIES INC	250,000	$3.29M	0.4%	—	—	—	00835Q202
ONCHU	1RT ACQUISITION CORP.	20,000	$206K	0.0%	—	—	—	G6757R121
CCXIU	CHURCHILL CAP CORP XI	20,000	$205K	0.0%	—	—	—	G2131A124
FCRS/U	FUTURECREST ACQUISITION CORP	20,000	$204K	0.0%	—	—	—	G3730U123
BUR	BURFORD CAPITAL LIMITED	25,000	$113K	0.0%	—	—	—	G17977110

Decreased Positions (10)

CORZ CORE SCIENTIFIC INC NEW 1.4%

Value $12.79M (-72.8%) Shares 500,000 (-84.1%) Est. Cost — Unrealized —

WULF TERAWULF INC 9.2%

Value $86.45M (+59.8%) Shares 3,500,000 (-6.7%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 0.8%

Value $7.612M (-56.6%) Shares 75,000 (-50.0%) Est. Cost — Unrealized —

HUT HUT 8 CORP 2.2%

Value $20.2M (+72.3%) Shares 175,000 (-30.0%) Est. Cost — Unrealized —

APO APOLLO GLOBAL MGMT INC 0.6%

Value $5.915M (-57.5%) Shares 50,000 (-60.0%) Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 1.1%

Value $9.987M (-35.0%) Shares 300,000 (-25.0%) Est. Cost — Unrealized —

CLSK CLEANSPARK INC 0.4%

Value $3.638M (-43.0%) Shares 250,000 (-66.7%) Est. Cost — Unrealized —

BTDR BITDEER TECHNOLOGIES GROUP 0.1%

Value $794K (-63.3%) Shares 50,000 (-80.0%) Est. Cost — Unrealized —

CLSK CLEANSPARK INC 0.2%

Value $1.455M (-43.0%) Shares 100,000 (-66.7%) Est. Cost — Unrealized —

MSOS ADVISORSHARES TR 0.1%

Value $1.016M (-23.7%) Shares 200,000 (-46.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	500,000 (-84.1%)	$12.79M (-72.8%)	1.4%	—	—	CALL	21874A106
WULF	TERAWULF INC	3,500,000 (-6.7%)	$86.45M (+59.8%)	9.2%	—	—	PUT	88080T104
SATS	ECHOSTAR CORP	75,000 (-50.0%)	$7.612M (-56.6%)	0.8%	—	—	CL A	278768106
HUT	HUT 8 CORP	175,000 (-30.0%)	$20.2M (+72.3%)	2.2%	—	—	CALL	44812J104
APO	APOLLO GLOBAL MGMT INC	50,000 (-60.0%)	$5.915M (-57.5%)	0.6%	—	—	COM	03769M106
IBIT	ISHARES BITCOIN TRUST ETF	300,000 (-25.0%)	$9.987M (-35.0%)	1.1%	—	—	PUT	46438F101
CLSK	CLEANSPARK INC	250,000 (-66.7%)	$3.638M (-43.0%)	0.4%	—	—	CALL	18452B209
BTDR	BITDEER TECHNOLOGIES GROUP	50,000 (-80.0%)	$794K (-63.3%)	0.1%	—	—	CALL	G11448100
CLSK	CLEANSPARK INC	100,000 (-66.7%)	$1.455M (-43.0%)	0.2%	—	—	COM NEW	18452B209
MSOS	ADVISORSHARES TR	200,000 (-46.7%)	$1.016M (-23.7%)	0.1%	—	—	PURE US CANN ETF	00768Y453

Unchanged Positions (11)

IWM ISHARES TR 4.0%

Value $37.56M Shares 125,000 Est. Cost — Unrealized —

PRMB PRIMO BRANDS CORPORATION 0.7%

Value $6.11M Shares 250,000 Est. Cost — Unrealized —

VIA VIA TRANSN INC 0.5%

Value $4.535M Shares 250,000 Est. Cost — Unrealized —

STSS SKYAI INC 0.1%

Value $1.11M Shares 1,000,000 Est. Cost — Unrealized —

SAAQU SPACE ASSET ACQUISITION CORP 0.0%

Value $212K Shares 20,000 Est. Cost — Unrealized —

RTACU RENATUS TACTICAL ACQUIS 0.0%

Value $217K Shares 20,000 Est. Cost — Unrealized —

RDAGU REPUBLIC DIGITAL ACQUISITION 0.0%

Value $212K Shares 20,000 Est. Cost — Unrealized —

CEPV CANTOR EQUITY PARTNERS V INC 0.0%

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

CEPF CANTOR EQUITY PARTNERS IV IN 0.0%

Value $208K Shares 20,000 Est. Cost — Unrealized —

SVIVU SPRING VY ACQUISITION CORP I 0.0%

Value $156K Shares 15,000 Est. Cost — Unrealized —

EVOXU EVOLUTION GLOBAL ACQUISITION 0.0%

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

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	125,000	$37.56M	4.0%	—	—	PUT	464287655
PRMB	PRIMO BRANDS CORPORATION	250,000	$6.11M	0.7%	—	—	CALL	741623102
VIA	VIA TRANSN INC	250,000	$4.535M	0.5%	—	—	COM CL A	92556W104
STSS	SKYAI INC	1,000,000	$1.11M	0.1%	—	—	COM	82003F309
SAAQU	SPACE ASSET ACQUISITION CORP	20,000	$212K	0.0%	—	—	UNIT 01/13/2031	G8375S127
RTACU	RENATUS TACTICAL ACQUIS	20,000	$217K	0.0%	—	—	UNIT 05/15/2030	G7490F119
RDAGU	REPUBLIC DIGITAL ACQUISITION	20,000	$212K	0.0%	—	—	UNIT 99/99/9999	G7515A111
CEPV	CANTOR EQUITY PARTNERS V INC	20,000	$206K	0.0%	—	—	SHS CL A S	G1828S109
CEPF	CANTOR EQUITY PARTNERS IV IN	20,000	$208K	0.0%	—	—	SHS CL A	G1828E100
SVIVU	SPRING VY ACQUISITION CORP I	15,000	$156K	0.0%	—	—	UNIT 01/22/2031	G8377G121
EVOXU	EVOLUTION GLOBAL ACQUISITION	20,000	$204K	0.0%	—	—	UNIT 10/22/2030	G3226F127