Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (45 quarters reported)
$157M in Q2 2011 → $160M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| IG Ishares Gold Tr | 55.9% | Added 0.0% | 1,184,586 | $89.4M |
| GB Grayscale Bitcoin Mini Tr Et | 22.0% | Unchanged | 1,354,148 | $35.1M |
| WI Waterbridge Infrastructure L | 21.4% | Added 0.2% | 1,001,685 | $34.3M |
| SS SPDR S&P 500 ETF Tr | 0.4% | Added 3.6% | 861 | $643K |
| IT Ishares Tr | 0.2% | Unchanged | 1,817 | $285K |
| Nvidia Corporation | 0.2% | Unchanged | 1,209 | $242K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T | Exited | −492,740 | −$94.6M | — |
| WI Waterbridge Infrastructure L | Added | +1,685 | +$57.7K | 21.4% |
| SS SPDR S&P 500 ETF Tr | Added | +30 | +$22.4K | 0.4% |
| IG Ishares Gold Tr | Added | +123 | +$9.29K | 55.9% |
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exchange Traded Fd T | New | +492,740 | +$94.6M | 35.4% |
| GB Grayscale Bitcoin Mini Tr Et | Added | +330,731 | +$9.92M | 15.2% |
| IB Ishares Bitcoin Trust ETF | Exited | −4,450 | −$221K | — |
| SS SPDR S&P 500 ETF Tr | Added | +15 | +$9.76K | 0.2% |
| IG Ishares Gold Tr | Trimmed | −6 | −$529 | 39.1% |
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IG Ishares Gold Tr | Added | +103,520 | +$8.4M | 61.2% |
| SS SPDR S&P 500 ETF Tr | Trimmed | −35 | −$23.9K | 0.4% |
| Nvidia Corporation | Trimmed | −55 | −$10.3K | 0.1% |
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IG Ishares Gold Tr | New | +1,080,949 | +$78.7M | 50.1% |
| WI Waterbridge Infrastructure L | New | +1,000,000 | +$25.2M | 16.1% |
| GB Grayscale Bitcoin Mini Tr Et | Added | +487,636 | +$24.7M | 33.0% |
| PE Pimco ETF Tr | Exited | −6,527 | −$656K | — |
| Nvidia Corporation | Trimmed | −1,866 | −$348K | 0.2% |
| SS SPDR S&P 500 ETF Tr | Added | +131 | +$87.3K | 0.4% |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Coinbase Global Inc | Exited | −4,410 | −$760K | — |
| IB Ishares Bitcoin Trust ETF | New | +4,450 | +$272K | 1.0% |
| SS SPDR S&P 500 ETF Tr | Added | +12 | +$7.41K | 1.6% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SA Ssga Active ETF Tr | Exited | −657,729 | −$27.4M | — |
| BE Blackrock ETF Trust Ii | Exited | −312,057 | −$16.2M | — |
| Tesla Inc | Exited | −585 | −$236K | — |
| Apple Inc | Exited | −826 | −$207K | — |
| SS SPDR S&P 500 ETF Tr | Trimmed | −73 | −$40.8K | 1.8% |
| Nvidia Corporation | Trimmed | −142 | −$15.4K | 1.5% |
| Coinbase Global Inc | Added | +34 | +$5.86K | 3.5% |
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GB Grayscale Bitcoin Mini Tr Bt | New | +535,781 | +$22.4M | 32.3% |
| GB Grayscale Bitcoin Mini Tr Bt | Exited | −2,678,906 | −$15.1M | — |
| Coursera Inc | Exited | −692,766 | −$5.5M | — |
| SA Ssga Active ETF Tr | Added | +17,464 | +$729K | 39.5% |
| BE Blackrock ETF Trust Ii | Added | +8,334 | +$434K | 23.4% |
| Tesla Inc | New | +585 | +$236K | 0.3% |
| Apple Inc | New | +826 | +$207K | 0.3% |
| Nvidia Corporation | Added | +142 | +$19.1K | 0.6% |
| Coinbase Global Inc | Added | +64 | +$15.9K | 1.6% |
quarter ended September 30, 2024 · filed October 25, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −1,360,237 | −$105M | — |
| GB Grayscale Bitcoin Mini Tr Bt | New | +2,678,906 | +$15.1M | 22.8% |
| Coursera Inc | Trimmed | −231,000 | −$1.83M | 8.3% |
| PE Pimco ETF Tr | New | +6,527 | +$657K | 1.0% |
| SA Ssga Active ETF Tr | Added | +13,954 | +$583K | 40.5% |
| BE Blackrock ETF Trust Ii | Added | +4,360 | +$233K | 24.6% |
| Nvidia Corporation | Added | +66 | +$8.02K | 0.6% |
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