Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SPACE EXPLORATION TECHN CORP	671,300	$115M	0.3%	—	—	CALL	84615Q903
—	SPACE EXPLORATION TECHN CORP	537,400	$91.82M	0.3%	—	—	PUT	84615Q953
IWM	ISHARES TR	92,671	$27.84M	0.1%	$300.45	—	RUSSELL 2000 ETF	464287655
—	CEREBRAS SYSTEMS INC	80,300	$17.75M	0.0%	—	—	CALL	15675D903
—	CEREBRAS SYSTEMS INC	52,600	$11.62M	0.0%	—	—	PUT	15675D953
SPCX	SPACE EXPLORATION TECHN CORP	56,395	$9.636M	0.0%	$170.86	—	CLASS A COM STK	84615Q103
NFLX	NETFLIX INC.	73,970	$5.281M	0.0%	$71.40	—	COM	64110L106
CBRS	CEREBRAS SYSTEMS INC	5,390	$1.191M	0.0%	$221.00	—	COM CL A	15675D103
AMD	ADVANCED MICRO DEVICES INC	520	$302K	0.0%	$580.91	—	COM	007903107
HOOD	ROBINHOOD MKTS INC	59	$5,917	0.0%	$100.29	—	COM CL A	770700102

Increased Positions (16)

— ISHARES TR 4.8%

Value $1.732B (+34.5%) Shares 5,763,800 (+11.1%) Est. Cost — Unrealized —

— SPDR GOLD TR 0.5%

Value $195M (+3907.9%) Shares 529,000 (+4581.4%) Est. Cost — Unrealized —

— SPDR GOLD TR 0.3%

Value $117M (+15869.2%) Shares 317,100 (+18552.9%) Est. Cost — Unrealized —

— ADVANCED MICRO DEVICES INC 0.4%

Value $137M (+348.1%) Shares 236,500 (+56.9%) Est. Cost — Unrealized —

— NVIDIA CORPORATION 1.0%

Value $353M (+34.8%) Shares 1,766,100 (+17.5%) Est. Cost — Unrealized —

— TESLA INC 0.7%

Value $254M (+41.8%) Shares 603,700 (+25.3%) Est. Cost — Unrealized —

— NVIDIA CORPORATION 0.7%

Value $266M (+35.1%) Shares 1,327,300 (+17.8%) Est. Cost — Unrealized —

— ISHARES BITCOIN TRUST ETF 0.2%

Value $64.98M (+23.5%) Shares 1,952,000 (+42.5%) Est. Cost — Unrealized —

— NETFLIX INC. 0.0%

Value $12.19M (+117.4%) Shares 170,700 (+192.8%) Est. Cost — Unrealized —

— NETFLIX INC. 0.0%

Value $10.06M (+189.0%) Shares 140,900 (+289.2%) Est. Cost — Unrealized —

— ISHARES BITCOIN TRUST ETF 0.1%

Value $38.64M (+19.4%) Shares 1,160,700 (+37.8%) Est. Cost — Unrealized —

— COREWEAVE INC 0.0%

Value $3.514M (+467.0%) Shares 35,300 (+341.3%) Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.0%

Value $4.217M (+167.7%) Shares 126,689 (+209.0%) Est. Cost $42.99 Unrealized —

— COREWEAVE INC 0.0%

Value $2.07M (+35.7%) Shares 20,800 (+5.6%) Est. Cost — Unrealized —

CRWV COREWEAVE INC 0.0%

Value $124K (+45.3%) Shares 1,244 (+13.1%) Est. Cost $92.41 Unrealized —

MSFT MICROSOFT CORP 0.0%

Value $20,889 (+61.2%) Shares 56 (+60.0%) Est. Cost $452.75 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	5,763,800 (+11.1%)	$1.732B (+34.5%)	4.8%	—	—	PUT	464287955
—	SPDR GOLD TR	529,000 (+4581.4%)	$195M (+3907.9%)	0.5%	—	—	PUT	78463V957
—	SPDR GOLD TR	317,100 (+18552.9%)	$117M (+15869.2%)	0.3%	—	—	CALL	78463V907
—	ADVANCED MICRO DEVICES INC	236,500 (+56.9%)	$137M (+348.1%)	0.4%	—	—	CALL	007903907
—	NVIDIA CORPORATION	1,766,100 (+17.5%)	$353M (+34.8%)	1.0%	—	—	PUT	67066G954
—	TESLA INC	603,700 (+25.3%)	$254M (+41.8%)	0.7%	—	—	CALL	88160R901
—	NVIDIA CORPORATION	1,327,300 (+17.8%)	$266M (+35.1%)	0.7%	—	—	CALL	67066G904
—	ISHARES BITCOIN TRUST ETF	1,952,000 (+42.5%)	$64.98M (+23.5%)	0.2%	—	—	CALL	46438F901
—	NETFLIX INC.	170,700 (+192.8%)	$12.19M (+117.4%)	0.0%	—	—	CALL	64110L906
—	NETFLIX INC.	140,900 (+289.2%)	$10.06M (+189.0%)	0.0%	—	—	PUT	64110L956
—	ISHARES BITCOIN TRUST ETF	1,160,700 (+37.8%)	$38.64M (+19.4%)	0.1%	—	—	PUT	46438F951
—	COREWEAVE INC	35,300 (+341.3%)	$3.514M (+467.0%)	0.0%	—	—	CALL	21873S908
IBIT	ISHARES BITCOIN TRUST ETF	126,689 (+209.0%)	$4.217M (+167.7%)	0.0%	$42.99	—	SHS BEN INT	46438F101
—	COREWEAVE INC	20,800 (+5.6%)	$2.07M (+35.7%)	0.0%	—	—	PUT	21873S958
CRWV	COREWEAVE INC	1,244 (+13.1%)	$124K (+45.3%)	0.0%	$92.41	—	COM CL A	21873S108
MSFT	MICROSOFT CORP	56 (+60.0%)	$20,889 (+61.2%)	0.0%	$452.75	—	COM	594918104

Exited Positions (6)

SPY STATE STR SPDR S&P 500 ETF T 0.3%

Value $109M Shares 167,153 Est. Cost $609.30 Unrealized —

QQQ INVESCO QQQ TR 0.1%

Value $39.44M Shares 68,329 Est. Cost $577.18 Unrealized —

TSLA TESLA INC 0.0%

Value $8.392M Shares 22,574 Est. Cost $425.98 Unrealized —

TQQQ PROSHARES TR 0.0%

Value $234K Shares 5,614 Est. Cost $52.72 Unrealized —

AAPL APPLE INC 0.0%

Value $86,035 Shares 339 Est. Cost $262.87 Unrealized —

UPRO PROSHARES TR 0.0%

Value $4,946 Shares 51 Est. Cost $115.76 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	167,153	$109M	0.3%	$609.30	—	—	78462F103
QQQ	INVESCO QQQ TR	68,329	$39.44M	0.1%	$577.18	—	—	46090E103
TSLA	TESLA INC	22,574	$8.392M	0.0%	$425.98	—	—	88160R101
TQQQ	PROSHARES TR	5,614	$234K	0.0%	$52.72	—	—	74347X831
AAPL	APPLE INC	339	$86,035	0.0%	$262.87	—	—	037833100
UPRO	PROSHARES TR	51	$4,946	0.0%	$115.76	—	—	74347X864

Decreased Positions (9)

— STATE STR SPDR S&P 500 ETF T 25.8%

Value $9.226B (-32.2%) Shares 12,354,200 (-41.0%) Est. Cost — Unrealized —

— INVESCO QQQ TR 14.2%

Value $5.1B (-37.6%) Shares 6,925,600 (-51.1%) Est. Cost — Unrealized —

— STATE STR SPDR S&P 500 ETF T 25.7%

Value $9.211B (-20.5%) Shares 12,334,500 (-30.7%) Est. Cost — Unrealized —

— INVESCO QQQ TR 21.9%

Value $7.856B (+3.7%) Shares 10,667,900 (-18.8%) Est. Cost — Unrealized —

— ISHARES TR 1.8%

Value $646M (-12.3%) Shares 2,148,700 (-27.6%) Est. Cost — Unrealized —

— ADVANCED MICRO DEVICES INC 0.3%

Value $106M (+173.0%) Shares 182,900 (-4.4%) Est. Cost — Unrealized —

— TESLA INC 0.5%

Value $170M (+3.5%) Shares 403,400 (-8.5%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 0.0%

Value $3.408M (-46.9%) Shares 9,250 (-37.9%) Est. Cost $430.29 Unrealized —

AMZN AMAZON COM INC 0.0%

Value $1,668 (-93.2%) Shares 7 (-94.1%) Est. Cost $226.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	STATE STR SPDR S&P 500 ETF T	12,354,200 (-41.0%)	$9.226B (-32.2%)	25.8%	—	—	PUT	78462F953
—	INVESCO QQQ TR	6,925,600 (-51.1%)	$5.1B (-37.6%)	14.2%	—	—	CALL	46090E903
—	STATE STR SPDR S&P 500 ETF T	12,334,500 (-30.7%)	$9.211B (-20.5%)	25.7%	—	—	CALL	78462F903
—	INVESCO QQQ TR	10,667,900 (-18.8%)	$7.856B (+3.7%)	21.9%	—	—	PUT	46090E953
—	ISHARES TR	2,148,700 (-27.6%)	$646M (-12.3%)	1.8%	—	—	CALL	464287905
—	ADVANCED MICRO DEVICES INC	182,900 (-4.4%)	$106M (+173.0%)	0.3%	—	—	PUT	007903957
—	TESLA INC	403,400 (-8.5%)	$170M (+3.5%)	0.5%	—	—	PUT	88160R951
GLD	SPDR GOLD TR	9,250 (-37.9%)	$3.408M (-46.9%)	0.0%	$430.29	—	GOLD SHS	78463V107
AMZN	AMAZON COM INC	7 (-94.1%)	$1,668 (-93.2%)	0.0%	$226.83	—	COM	023135106

Unchanged Positions (1)

NVDA NVIDIA CORPORATION 0.1%

Value $39.61M Shares 197,957 Est. Cost $186.53 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	197,957	$39.61M	0.1%	$186.53	—	COM	67066G104