Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (16 quarters reported)
$67M in Q4 2013 → $55.2M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| B Bitfarms Ltd | 34.4% | New | 6,737,261 | $19M |
| CS Core Scientific Inc New | 15.3% | Added 7.4% | 470,965 | $8.45M |
| CM Cipher Mining Inc | 11.4% | New | 500,000 | $6.3M |
| Terawulf Inc | 9.3% | New | 450,000 | $5.14M |
| Riot Platforms Inc | 8.2% | New | 238,220 | $4.53M |
| Willow Lane Acquisition Corp | 6.4% | New | 304,000 | $3.52M |
| Cleanspark Inc | 5.4% | New | 207,390 | $3.01M |
| Bitdeer Technologies Group | 5.3% | Trimmed 26% | 169,825 | $2.9M |
| GC Gannett Co Inc | 4.3% | Trimmed 51% | 569,997 | $2.35M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B Bitfarms Ltd | New | +6,737,261 | +$19M | 34.4% |
| CM Cipher Mining Inc | New | +500,000 | +$6.3M | 11.4% |
| Terawulf Inc | New | +450,000 | +$5.14M | 9.3% |
| Riot Platforms Inc | New | +238,220 | +$4.53M | 8.2% |
| Willow Lane Acquisition Corp | New | +304,000 | +$3.52M | 6.4% |
| Cleanspark Inc | New | +207,390 | +$3.01M | 5.4% |
| GC Gannett Co Inc | Trimmed | −595,595 | −$2.46M | 4.3% |
| Bitdeer Technologies Group | Trimmed | −58,608 | −$1M | 5.3% |
| CS Core Scientific Inc New | Added | +32,571 | +$584K | 15.3% |
| AF Ambac Finl Group Inc | Exited | −60,546 | −$430K | — |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GC Gannett Co Inc | New | +1,165,592 | +$4.17M | 28.4% |
| CS Core Scientific Inc New | Trimmed | −236,058 | −$4.03M | 50.9% |
| Terawulf Inc | Exited | −923,031 | −$2.52M | — |
| Bitdeer Technologies Group | Added | +106,780 | +$1.23M | 17.8% |
| Riot Platforms Inc | Exited | −93,941 | −$669K | — |
| AF Ambac Finl Group Inc | New | +60,546 | +$430K | 2.9% |
| Iren Limited | Exited | −51,124 | −$311K | — |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SE Sunnova Energy Intl Inc. | Exited | −32,463,000 | −$19.6M | — |
| SE Sunnova Energy Intl Inc. | Exited | −18,740,000 | −$7.17M | — |
| CS Core Scientific Inc New | Trimmed | −602,525 | −$4.36M | 51.6% |
| Terawulf Inc | New | +923,031 | +$2.52M | 26.6% |
| Bitdeer Technologies Group | New | +121,653 | +$1.07M | 11.4% |
| Riot Platforms Inc | New | +93,941 | +$669K | 7.1% |
| Iren Limited | New | +51,124 | +$311K | 3.3% |
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Assured Guaranty Ltd | Exited | −627,809 | −$27.9M | — |
| SE Sunnova Energy Intl Inc. | New | +32,463,000 | +$19.6M | 43.8% |
| CS Core Scientific Inc New | New | +1,276,977 | +$17.9M | 40.2% |
| SE Sunnova Energy Intl Inc. | New | +18,740,000 | +$7.17M | 16.0% |
| UG Uniti Group Inc | Exited | −566,199 | −$4.4M | — |
quarter ended September 30, 2019 · filed November 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PG&E Corp | Exited | −624,933 | −$14.3M | — |
| UG Uniti Group Inc | Added | +286,199 | +$2.22M | 13.6% |
| Assured Guaranty Ltd | Trimmed | −35,030 | −$1.56M | 86.4% |
| FC Frontier Communications Corp | Exited | −500,000 | −$875K | — |
quarter ended June 30, 2019 · filed August 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PG&E Corp | New | +624,933 | +$14.3M | 31.3% |
| UG Uniti Group Inc | Trimmed | −720,000 | −$6.84M | 5.8% |
| OS Oi S A | Exited | −3,583,669 | −$6.74M | — |
| Assured Guaranty Ltd | Added | +136,926 | +$5.76M | 61.0% |
| FC Frontier Communications Corp | New | +500,000 | +$875K | 1.9% |
quarter ended March 31, 2019 · filed May 15, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −600,000 | −$150M | — |
| Assured Guaranty Ltd | Trimmed | −500,000 | −$22.2M | 56.6% |
| UG Uniti Group Inc | New | +1,000,000 | +$11.2M | 27.1% |
| OS Oi S A | Trimmed | −3,200,624 | −$6.02M | 16.3% |
| UG Uniti Group Inc | Exited | −88,200 | −$1.37M | — |
quarter ended December 31, 2018 · filed February 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −3,740,000 | −$326M | — |
| SG SPDR Gold Trust | Exited | −2,113,400 | −$266M | — |
| SS SPDR S&P 500 ETF Tr | New | +600,000 | +$150M | 74.4% |
| I Ishares | Exited | −3,027,000 | −$102M | — |
| Assured Guaranty Ltd | New | +1,025,913 | +$39.3M | 19.5% |
| NH Nii Hldgs Inc | Exited | −7,955,623 | −$26.5M | — |
| OS Oi S A | New | +6,784,293 | +$10.9M | 5.4% |
| UG Uniti Group Inc | New | +88,200 | +$1.37M | 0.7% |
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