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Two Seas Capital LP

Q2 2025 · Filed 2025-08-13
Market Value
$692M
+54.5%
Holdings
28
+3
New Purchases
10
Added To
12
Closed
1
Reduced
5
Top 10 Concentration
83.8%
Turnover
39.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CORZ 16.69% 12.92% +3.77% $116M
TDAY 5.81% 2.22% +3.59% $40M
BUR 3.25% 0.00% +3.25% $22M
CEG 2.22% 0.00% +2.22% $15M
META 1.61% 0.00% +1.61% $11M
SOC 1.40% 0.00% +1.40% $10M
WULF 1.45% 0.13% +1.32% $10M
YNDX 2.00% 0.71% +1.29% $14M
IREN 2.05% 0.90% +1.14% $14M
GLNG 5.41% 4.37% +1.04% $37M
VST 6.47% 5.54% +0.93% $45M
APLD 0.73% 0.00% +0.73% $5M
NRG 0.35% 0.00% +0.35% $2M
FSLR 0.24% 0.00% +0.24% $2M
CIFR 0.17% 0.00% +0.17% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TLN 12.63% 21.05% -8.42% $87M
ROIV 17.25% 22.83% -5.57% $119M
ABUS 4.66% 7.37% -2.71% $32M
SHC 6.46% 8.64% -2.18% $45M
ARDX 0.87% 2.32% -1.45% $6M
IMVT 5.21% 6.27% -1.06% $36M
ESPR 1.42% 2.23% -0.81% $10M
SONO 0.44% 1.03% -0.59% $3M
HUT.TO 0.00% 0.34% -0.34% $0
ADAP 0.78% 0.90% -0.12% $5M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $11M 1.6%
Large Cap 11 $314M 45.4%
Mid Cap 6 $235M 34.0%
Small Cap 7 $124M 17.8%
Micro Cap 3 $8M 1.2%

Portfolio Analytics

Avg Market Cap
$68.9B
Median Market Cap
$8.0B
Avg P/E
42.4
Median P/E
37.1
Avg Dividend Yield
0.00%
Avg Beta
2.03
# Stocks
28
# ETFs / Funds
0

Top Holdings (28 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 ROIV 17.25% 10,598,040 $119M $11.27 $17M +461,733 +4.6%
2 CORZ 16.69% 6,770,027 $116M $17.07 $58M -1,225,547 -15.3%
3 TLN 12.63% 300,698 $87M $290.77 -$7M -171,577 -36.3%
4 VST 6.47% 231,257 $45M $193.81 $20M +19,822 +9.4%
5 SHC 6.46% 4,020,867 $45M $11.12 $6M +699,731 +21.1%
6 TDAY 5.81% 11,230,621 $40M $3.58 $30M +7,793,415 +226.7%
7 GLNG 5.41% 909,355 $37M $41.19 $18M +393,406 +76.2%
8 IMVT 5.21% 2,252,772 $36M $16.00 $8M +610,000 +37.1%
9 ABUS 4.66% 10,443,317 $32M $3.09 -$766K +977,361 +10.3%
10 BUR 3.25% 1,577,670 $22M $14.26 +1,577,670 NEW
11 CEG 2.22% 47,688 $15M $322.76 +47,688 NEW
12 IREN 2.05% 971,891 $14M $14.57 $10M +306,891 +46.1%
13 YNDX 2.00% 250,000 $14M $55.33 $11M +100,000 +66.7%
14 META 1.61% 15,065 $11M $738.09 +15,065 NEW
15 WULF 1.45% 2,287,100 $10M $4.38 $9M +2,072,729 +966.9%
16 ESPR 1.42% 9,954,975 $10M $0.98 -$181K +3,024,104 +43.6%
17 SOC 1.40% 441,677 $10M $21.98 +441,677 NEW
18 ARDX 0.87% 1,539,416 $6M $3.92 -$4M -580,921 -27.4%
19 ADAP 0.78% 22,580,701 $5M $0.24 $1M +2,051,016 +10.0%
20 APLD 0.73% 500,000 $5M $10.07 +500,000 NEW
21 SONO 0.44% 281,042 $3M $10.81 -$2M -150,000 -34.8%
22 NRG 0.35% 15,000 $2M $160.58 +15,000 NEW
23 OMEX 0.24% 1,430,769 $2M $1.18 $667K -1,118,280 -43.9%
24 FSLR 0.24% 10,000 $2M $165.54 +10,000 NEW
25 CIFR 0.17% 250,000 $1M $4.78 +250,000 NEW
26 0I4Q.L 0.14% 2,412,111 $962K $0.40 +2,412,111 NEW
27 CORZZ 0.06% 24,107 $414K $17.16 +24,107 NEW
28 HUT.TO —% -$2M -131,808 -100.0% SOLD

Options Breakdown

6 Calls $629M Call Value 4 Puts $4.3B Put Value 6.84 P/C Ratio

Top Calls

SymbolSharesValueStatus
FSLR 2,844,000 $471M NEW
HUM 411,500 $101M NEW
CORZ 3,400,000 $58M
VST $0 SOLD
TLN $0 SOLD
TDAY $0 SOLD

Top Puts

SymbolSharesValueStatus
SPY 5,987,500 $3.7B
HYG 7,325,500 $591M
RUN 1,942,700 $16M NEW
QQQ $0 SOLD

New Positions

SymbolValue% Port
BUR $22M 3.25%
CEG $15M 2.22%
META $11M 1.61%
SOC $10M 1.40%
APLD $5M 0.73%
NRG $2M 0.35%
FSLR $2M 0.24%
CIFR $1M 0.17%
0I4Q.L $962K 0.14%
CORZZ $414K 0.06%

Sold Out Positions

SymbolValue% Port
HUT.TO —%
View SEC EDGAR Filings for Two Seas Capital LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms