Graham Capital Management, L.P. Options Holdings

Graham Capital Management, L.P.

  • $4.85 Billion
  • Q3 2025

Options Holdings Table

Stock Option Type Value Options Held Last Trade Trade History
MSTR
Microstrategy Inc

Technology
PUT
$1.37 Billion
4.24M
Q2 2025
Reduced 8.25%
IWM
Ishares Russell 2000 ETF

ETFs
PUT
$943 Million
3.9M
Q3 2025
Added 65.63%
IWM
Ishares Russell 2000 ETF

ETFs
CALL
$142 Million
588K
Q3 2025
Added 65.63%
SPY
Spdr S&P 500 ETF Trust

ETFs
PUT
$133 Million
200K
Q3 2025
Reduced 42.86%
QQQ
Invesco Qqq Trust, Series 1

ETFs
PUT
$120 Million
200K
Q3 2025
Reduced 27.27%
EOSE
Eos Energy Enterprises, Inc.

Industrials
PUT
$85.4 Million
7.74M
Q3 2025
Added 1.88%
MARA
Marathon Digital Holdings, Inc.

Financial Services
PUT
$61.6 Million
2.73M
Q3 2025
New holding
BITO
Proshares Tr Bitcoin Strategy

ETFs
PUT
$49.2 Million
2.5M
Q1 2025
Reduced -0.0%
HYG
Ishares Tr

ETFs
PUT
$48.7 Million
600K
Q3 2025
New holding
GME
Game Stop Corp.

Consumer Cyclical
PUT
$45.7 Million
1.68M
Q3 2025
Added 167410.0%
EEM
Ishares Msci Emerging Markets

ETFs
CALL
$37.4 Million
700K
Q3 2025
New holding
PCT
Pure Cycle Technologies, Inc.

Industrials
PUT
$33.1 Million
2.51M
Q3 2025
Reduced 27.67%
RUN
Sunrun Inc.

Technology
PUT
$30.5 Million
1.76M
Q3 2025
Reduced 25.78%
NVAX
Novavax Inc

Healthcare
PUT
$22.1 Million
2.55M
Q3 2025
Added 4.08%
BYND
Beyond Meat, Inc.

Consumer Defensive
PUT
$21.3 Million
11.3M
Q3 2025
New holding
OPEN
Opendoor Technologies Inc.

Real Estate
PUT
$19.2 Million
2.41M
Q3 2025
New holding
PLUG
Plug Power Inc

Industrials
PUT
$16.1 Million
6.9M
Q3 2025
Added 0.15%
FDX
Fedex Corp

Industrials
PUT
$11.8 Million
50K
Q3 2025
New holding
AAPL
Apple Inc.

Technology
PUT
$11.5 Million
45K
Q3 2025
Reduced 50.0%
TLT
Ishares Barclays 20+ Year Trea

ETFs
PUT
$8.94 Million
100K
Q3 2025
Reduced 84.62%
GDX
Vaneck ETF Tr Gold Miners ETF

ETFs
CALL
$7.64 Million
100K
Q3 2025
Reduced 77.27%
KRE
Spdr S&P Regional Banking ETF

ETFs
PUT
$6.33 Million
100K
Q3 2025
New holding
GRPN
Groupon, Inc.

Communication Services
PUT
$4.41 Million
189K
Q3 2025
Reduced 55.53%
AMZN
Amazon Com Inc

Consumer Cyclical
PUT
$4.39 Million
20K
Q3 2025
New holding
BITF
Bitfarms LTD

Financial Services
CALL
$3.35 Million
1.18M
Q3 2025
New holding
SMLR
Semler Scientific, Inc.

Healthcare
PUT
$2.48 Million
85.3K
Q3 2025
New holding
PPTA
Perpetua Resources Corp.

Basic Materials
CALL
$2.04 Million
100K
Q3 2025
New holding
XLU
Utilities Sector Spdr

ETFs
CALL
$2.18 Million
25K
Q3 2025
New holding
BBAI
Big Bear.Ai Holdings, Inc.

Technology
PUT
$1.35 Million
208K
Q2 2025
Reduced 65.42%
NFE
New Fortress Energy Inc.

Utilities
PUT
$1.49 Million
676K
Q3 2025
Reduced 64.33%
MARA
Marathon Digital Holdings, Inc.

Financial Services
CALL
$1.13 Million
50K
Q3 2025
New holding
EBAY
Ebay Inc

Consumer Cyclical
CALL
$363,000
4K
Q3 2025
New holding
Virgin Galactic Holdings Inc
PUT
$0
1.4M
Q3 2025
Added 17.06%
UPST
Upstart Holdings, Inc.

Financial Services
PUT
$50,000
1K
Q3 2025
New holding
SNOW
Snowflake Inc.

Technology
PUT
$202,000
900
Q3 2025
New holding
SOI
Solaris Oilfield Infrastructure, Inc.

Energy
CALL
$16,000
1.2K
Q3 2025
New holding
Strive Inc
PUT
$0
357K
Q3 2025
New holding
ORCL
Oracle Corp

Technology
PUT
$56,000
200
Q3 2025
New holding
KWEB
Kraneshares Tr Csi China Inter

ETFs
CALL
$168,000
4K
Q3 2025
New holding
Lucid Group Inc
PUT
$0
552K
Q3 2025
New holding
Bitdeer Technologies Group
PUT
$0
431K
Q2 2025
New holding
KSS
Kohls Corp

Consumer Cyclical
PUT
$30,000
2K
Q3 2025
New holding
Ishares Bitcoin Trust ETF
PUT
$0
2.38M
Q3 2025
Reduced 5.18%
FSLR
First Solar, Inc.

Technology
CALL
$88,000
400
Q3 2025
New holding
Fidelity Wise Origin Bitcoin
PUT
$0
1.17M
Q3 2025
Added 8.5%
Calumet Inc
PUT
$0
2.61M
Q2 2025
Added 30.54%

Summary

  • Portfolio
  • No. of Stocks 1,208
  • Current Value $4.85 Billion
  • Prior Value $5.17 Billion
  • Filing
  • Period Q3 2025
  • Filing Date November 14, 2025
  • Form Type 13F-HR
  • Activity in Q3 2025
  • New Purchases 441 stocks
  • Additional Purchases 244 stocks
  • Sold out of 0 stocks
  • Reduced holdings in 469 stocks
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