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Two Seas Capital LP

Q3 2025 · Filed 2025-11-14
Market Value
$1.2B
+69.7%
Holdings
34
+6
New Purchases
7
Added To
14
Closed
7
Reduced
5
Top 10 Concentration
79.7%
Turnover
41.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CORZ 23.45% 16.69% +6.76% $276M
FSLR 6.39% 0.24% +6.15% $75M
CRWV 3.25% 0.00% +3.25% $38M
WULF 3.74% 1.45% +2.30% $44M
SATS 1.90% 0.00% +1.90% $22M
ESPR 2.20% 1.42% +0.78% $26M
BTDR 0.65% 0.00% +0.65% $8M
MSOS 0.61% 0.00% +0.61% $7M
OMEX 0.76% 0.24% +0.51% $9M
CIFR 0.49% 0.17% +0.32% $6M
SONO 0.71% 0.44% +0.28% $8M
LUCD 0.26% 0.00% +0.26% $3M
YNDX 2.24% 2.00% +0.24% $26M
ANIP 0.20% 0.00% +0.20% $2M
GLXY 0.10% 0.00% +0.10% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VST 2.83% 6.47% -3.64% $33M
TLN 9.66% 12.63% -2.97% $114M
CEG 0.00% 2.22% -2.22% $0
ROIV 15.13% 17.25% -2.12% $178M
IREN 0.00% 2.05% -2.05% $0
SHC 4.52% 6.46% -1.94% $53M
GLNG 3.77% 5.41% -1.64% $44M
BUR 1.63% 3.25% -1.62% $19M
IMVT 3.79% 5.21% -1.42% $45M
ARDX 0.00% 0.87% -0.87% $0
TDAY 4.98% 5.81% -0.82% $59M
ADAP 0.00% 0.78% -0.78% $0
APLD 0.00% 0.73% -0.73% $0
SOC 0.91% 1.40% -0.49% $11M
ABUS 4.25% 4.66% -0.41% $50M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $18M 1.5%
Large Cap 12 $531M 45.2%
Mid Cap 8 $433M 36.8%
Small Cap 9 $182M 15.5%
Micro Cap 4 $12M 1.0%

Portfolio Analytics

Avg Market Cap
$59.5B
Median Market Cap
$7.5B
Avg P/E
40.7
Median P/E
32.2
Avg Dividend Yield
0.00%
Avg Beta
2.01
# Stocks
33
# ETFs / Funds
1

Top Holdings (34 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CORZ 23.45% 15,363,978 $276M $17.94 $160M +8,593,951 +126.9%
2 ROIV 15.13% 11,754,164 $178M $15.13 $58M +1,156,124 +10.9%
3 TLN 9.66% 266,888 $114M $425.38 $26M -33,810 -11.2%
4 FSLR 6.39% 340,692 $75M $220.53 $73M +330,692 +3306.9%
5 TDAY 4.98% 14,180,621 $59M $4.13 $18M +2,950,000 +26.3%
6 SHC 4.52% 3,373,228 $53M $15.73 $8M -647,639 -16.1%
7 ABUS 4.25% 10,991,261 $50M $4.54 $18M +547,944 +5.2%
8 IMVT 3.79% 2,762,040 $45M $16.12 $8M +509,268 +22.6%
9 GLNG 3.77% 1,095,998 $44M $40.41 $7M +186,643 +20.5%
10 WULF 3.74% 3,851,188 $44M $11.42 $34M +1,564,088 +68.4%
11 CRWV 3.25% 279,051 $38M $136.85 +279,051 NEW
12 VST 2.83% 170,000 $33M $195.92 -$12M -61,257 -26.5%
13 YNDX 2.24% 234,482 $26M $112.27 $12M -15,518 -6.2%
14 ESPR 2.20% 9,749,724 $26M $2.65 $16M -205,251 -2.1%
15 SATS 1.90% 292,470 $22M $76.36 +292,470 NEW
16 BUR 1.63% 1,602,067 $19M $11.96 -$3M +24,397 +1.6%
17 META 1.52% 24,272 $18M $734.38 $7M +9,207 +61.1%
18 SOC 0.91% 614,044 $11M $17.46 $1M +172,367 +39.0%
19 OMEX 0.76% 4,570,011 $9M $1.95 $7M +3,139,242 +219.4%
20 SONO 0.71% 531,042 $8M $15.80 $5M +250,000 +89.0%
21 BTDR 0.65% 450,000 $8M $17.09 +450,000 NEW
22 MSOS 0.61% 1,500,000 $7M $4.79 +1,500,000 NEW
23 CIFR 0.49% 462,000 $6M $12.59 $5M +212,000 +84.8%
24 LUCD 0.26% 3,000,000 $3M $1.01 +3,000,000 NEW
25 ANIP 0.20% 25,721 $2M $91.60 +25,721 NEW
26 GLXY 0.10% 35,000 $1M $33.81 +35,000 NEW
27 CORZZ 0.04% 24,107 $432K $17.94 $19K
28 IREN —% -$14M -971,891 -100.0% SOLD
29 CEG —% -$15M -47,688 -100.0% SOLD
30 NRG —% -$2M -15,000 -100.0% SOLD
31 ARDX —% -$6M -1,539,416 -100.0% SOLD
32 ADAP —% -$5M -22,580,701 -100.0% SOLD
33 APLD —% -$5M -500,000 -100.0% SOLD
34 0I4Q.L —% -$962K -2,412,111 -100.0% SOLD

Options Breakdown

8 Calls $331M Call Value 4 Puts $4.2B Put Value 12.72 P/C Ratio

Top Calls

SymbolSharesValueStatus
CRWV 1,180,000 $161M NEW
CORZ 3,400,000 $61M
ROIV 2,435,500 $37M NEW
PCG 1,910,800 $29M NEW
SOC 1,500,000 $26M NEW
MSOS 3,575,300 $17M NEW
FSLR $0 SOLD
HUM $0 SOLD

Top Puts

SymbolSharesValueStatus
SPY 5,802,300 $3.9B
IWM 1,450,000 $351M NEW
HYG $0 SOLD
RUN $0 SOLD

New Positions

SymbolValue% Port
CRWV $38M 3.25%
SATS $22M 1.90%
BTDR $8M 0.65%
MSOS $7M 0.61%
LUCD $3M 0.26%
ANIP $2M 0.20%
GLXY $1M 0.10%

Sold Out Positions

SymbolValue% Port
NRG —%
ARDX —%
APLD —%
CEG —%
IREN —%
0I4Q.L —%
ADAP —%
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