Q3 2025 · 13F-HR
MMCAP International Inc. SPCholdings as filed
Filed 2025-11-10 · accession 0000912282-25-001210
$859.8M
Reported value
172
Positions
2025-09-30
Period end
The Brief · MMCAP International Inc. SPC · Q3 2025
AI · grounded in 13F
MMCAP International Inc. SPC established a new position in ARIS MNG CORP ARIS valued at $161.1M. The fund also added new stakes in ALGOMA STL GROUP INC ASTL for $28.7M and Uranium Energy Corp UEC for $27.9M. Other new entries include Drugs Made In America Acquisit DMIIU and Denison Mines Corp DNN. The fund ended the period with 172 positions and total AUM of $859.8M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 04040Y109 | ARIS | ARIS MNG CORP | $161.1M | 18.7% | 16,436,882 | Common | SOLE |
| 015658107 | ASTL | ALGOMA STL GROUP INC | $28.7M | 3.34% | 8,078,828 | Common | SOLE |
| 916896103 | UEC | Uranium Energy Corp | $27.9M | 3.24% | 2,091,198 | Common | SOLE |
| G2851K120 | DMIIU | Drugs Made In America Acquisit | $26.9M | 3.12% | 2,700,000 | Common | SOLE |
| 248356107 | DNN | Denison Mines Corp | $26.1M | 3.04% | 9,505,871 | Common | SOLE |
| 862945102 | ASST | STRIVE INC | $25.0M | 2.91% | 18,518,519 | Common | SOLE |
| G6476A102 | NPAC | New Providence Acquisition Cor | $22.4M | 2.60% | 2,200,000 | Common | SOLE |
| G2130T108 | INFQ | Churchill Capital Corp X | $20.3M | 2.36% | 1,579,831 | Common | SOLE |
| 73044W302 | POET | POET Technologies Inc | $19.9M | 2.31% | 3,585,240 | Common | SOLE |
| G3415K101 | FERA | Fifth Era Acquisition Corp I | $19.3M | 2.25% | 1,900,000 | Common | SOLE |
| 59982U200 | SUIG | SUI GROUP HOLDINGS LIMITED | $18.4M | 2.14% | 4,771,507 | Common | SOLE |
| G7515A103 | RDAG | Republic Digital Acquisition C | $16.0M | 1.86% | 1,565,000 | Common | SOLE |
| G63212107 | MBAV | M3-Brigade Acquisition V Corp | $15.8M | 1.84% | 1,500,000 | Common | SOLE |
| G5S86M100 | LPAA | Launch One Acquisition Corp | $15.5M | 1.81% | 1,480,000 | Common | SOLE |
| G1828E100 | CEPF | Cantor Equity Partners IV Inc | $15.3M | 1.78% | 1,500,000 | Common | SOLE |
| G21301109 | CCIX | Churchill Capital Corp IX | $14.1M | 1.65% | 1,350,000 | Common | SOLE |
| G47875102 | IPCX | INFLECTION PT ACQUISITION CO | $14.1M | 1.64% | 1,400,000 | Common | SOLE |
| 29259W700 | EU | Encore Energy Corp | $13.9M | 1.61% | 4,316,838 | Common | SOLE |
| G19307100 | CGCT | CARTESIAN GROWTH CORP III | $13.6M | 1.58% | 1,350,000 | Common | SOLE |
| G4035N103 | GPAT | GP-Act III Acquisition Corp | $13.5M | 1.57% | 1,275,000 | Common | SOLE |
| G20315100 | ALF | Centurion Acquisition Corp | $12.4M | 1.44% | 1,175,000 | Common | SOLE |
| G9R39C103 | WENN | Wen Acquisition Corp | $12.1M | 1.41% | 1,200,000 | Common | SOLE |
| G63221124 | MBVIU | M3-Brigade Acquisition VI Corp | $11.1M | 1.29% | 1,100,000 | Common | SOLE |
| G3730U123 | FCRS/U | FutureCrest Acquisition Corp | $10.6M | 1.23% | 1,000,000 | Common | SOLE |
| G8431T101 | SIMA | SIM Acquisition Corp I | $10.3M | 1.20% | 980,000 | Common | SOLE |
| G4365E129 | HCMAU | HCM III Acquisition Corp | $10.3M | 1.20% | 1,000,000 | Common | SOLE |
| G5501C109 | CUB | Lionheart Holdings | $10.3M | 1.20% | 980,000 | Common | SOLE |
| G81354105 | SBXD | Silverbox Corp IV | $10.3M | 1.19% | 980,000 | Common | SOLE |
| G9009S129 | BLZRU | Trailblazer Acquisition Corp | $10.2M | 1.19% | 1,000,000 | Common | SOLE |
| G4375F108 | HYAC | Haymaker Acquisition Corp 4 | $10.2M | 1.19% | 900,000 | Common | SOLE |
| G4036C106 | GRAF | Graf Global Corp | $8.7M | 1.02% | 830,000 | Common | SOLE |
| G6375R107 | NESR | National Energy Services Reuni | $8.7M | 1.01% | 845,142 | Common | SOLE |
| 820014405 | SBET | Sharplink Gaming Inc | $8.5M | 0.99% | 498,700 | Common | SOLE |
| 09173B107 | 1B2 | Bitfarms Ltd/Canada | $7.9M | 0.92% | 2,795,298 | Common | SOLE |
| G1827P106 | CEPT | Cantor Equity Partners II Inc | $7.9M | 0.92% | 750,000 | Common | SOLE |
| G1828A108 | CAEP | Cantor Equity Partners III Inc | $7.7M | 0.90% | 750,000 | Common | SOLE |
| G7117W123 | PACHU | Pioneer Acquisition I Corp | $7.5M | 0.88% | 750,000 | Common | SOLE |
| G6858G123 | OBAWU | Oxley Bridge Acquisition Ltd | $7.5M | 0.88% | 750,000 | Common | SOLE |
| G4002F109 | GTEN | Gores Holdings X Inc | $7.1M | 0.83% | 700,000 | Common | SOLE |
| G0273J101 | AEXA | American Exceptionalism Acquis | $6.9M | 0.80% | 631,066 | Common | SOLE |
| 91688R108 | URG | Ur-Energy Inc | $6.9M | 0.80% | 3,849,280 | Common | SOLE |
| G1827K107 | CEPO | Cantor Equity Partners I Inc | $6.7M | 0.78% | 638,027 | Common | SOLE |
| G6757R121 | ONCHU | 1RT Acquisition Corp | $6.3M | 0.74% | 600,000 | Common | SOLE |
| G26745102 | POLE | Andretti Acquisition Corp II | $6.1M | 0.71% | 580,000 | Common | SOLE |
| 12664M103 | NOEM | CO2 Energy Transition Corp | $6.0M | 0.70% | 590,000 | Common | SOLE |
| 292671708 | UUUU | Energy Fuels Inc/Canada | $5.6M | 0.65% | 364,925 | Common | SOLE |
| G3473K126 | FIGXU | FIGX Capital Acquisition Corp | $5.0M | 0.59% | 500,000 | Common | SOLE |
| G5S87A105 | LPBB | Launch Two Acquisition Corp | $5.0M | 0.58% | 480,000 | Common | SOLE |
| 22717L101 | CRON | Cronos Group Inc | $4.9M | 0.57% | 1,769,082 | Common | SOLE |
| G6439S109 | NTWO | Newbury Street II Acquisition | $4.7M | 0.54% | 450,000 | Common | SOLE |
| 39959A205 | UPXI | Upexi Inc | $4.4M | 0.51% | 766,933 | Common | SOLE |
| 343412102 | FLR | Fluor Corp | $4.2M | 0.49% | 100,000 | Common | SOLE |
| 668771116 | GENVR | Gen Digital Inc | $4.0M | 0.47% | 542,308 | Common | SOLE |
| G9008W105 | TDAC | Translational Development Acqu | $3.6M | 0.42% | 350,000 | Common | SOLE |
| 91733P115 | USAR | USA Rare Earth Inc | $3.6M | 0.42% | 500,000 | Common | SOLE |
| 37045V100 | GM | GENERAL MTRS CO | $3.5M | 0.41% | 57,750 | Common | SOLE |
| 099724106 | BWA | BORGWARNER INC | $3.5M | 0.40% | 78,776 | Common | SOLE |
| 46500E867 | ISOU | IsoEnergy Ltd | $3.5M | 0.40% | 345,645 | Common | SOLE |
| G3265R107 | APTV | APTIV PLC | $2.9M | 0.34% | 33,607 | Common | SOLE |
| G8475V103 | SVCC | Stellar V Capital Corp | $2.9M | 0.34% | 280,000 | Common | SOLE |
| G93A7H104 | VACH | Voyager Acquisition Corp | $2.6M | 0.31% | 250,000 | Common | SOLE |
| 86887P309 | BNC | CEA Industries Inc | $2.6M | 0.30% | 334,039 | Common | SOLE |
| 143130102 | KMX | CARMAX INC | $2.5M | 0.30% | 56,770 | Common | SOLE |
| G5490M118 | LWACU | Lightwave Acquisition Corp | $2.5M | 0.29% | 250,000 | Common | SOLE |
| G1331A108 | BACC | Blue Acquisition Corp | $2.5M | 0.29% | 250,000 | Common | SOLE |
| 74319B502 | PROF | PROFOUND MED CORP | $2.4M | 0.28% | 500,859 | Common | SOLE |
| 858119100 | STLD | Steel Dynamics Inc | $2.1M | 0.25% | 15,311 | Common | SOLE |
| G6486E102 | NHIC | NewHold Invt Corp III | $2.0M | 0.24% | 200,000 | Common | SOLE |
| G6861F104 | OYSE | Oyster Enterprises II Acquisit | $2.0M | 0.23% | 200,000 | Common | SOLE |
| G1368E106 | BLUW | BLUE WTR ACQUISITION CORP. I | $2.0M | 0.23% | 200,000 | Common | SOLE |
| G3852D107 | GSHR | Gesher Acquisition Corp II | $1.8M | 0.21% | 175,000 | Common | SOLE |
| G2130T116 | INFQ/WS | Churchill Capital Corp X | $1.8M | 0.21% | 500,000 | Common | SOLE |
| G2086N113 | CHECU | Chenghe Acquisition III Co | $1.5M | 0.17% | 150,000 | Common | SOLE |
| G04537109 | ATII | Archimedes Tech SPAC Partners | $1.3M | 0.15% | 125,000 | Common | SOLE |
| G1069P103 | BSAA | BEST SPAC I Acquisition Corp | $1.3M | 0.15% | 125,000 | Common | SOLE |
| 39525U107 | GFR | GREENFIRE RES LTD NEW | $1.1M | 0.13% | 249,200 | Common | SOLE |
| 83411A205 | STKE | Sol Strategies Inc | $1.1M | 0.13% | 250,000 | Common | SOLE |
| G5451A103 | LEGT | Legato Merger Corp III | $1.1M | 0.12% | 100,000 | Common | SOLE |
| G7257A105 | PCAP | ProCap Acquisition Corp | $1.0M | 0.12% | 100,000 | Common | SOLE |
| G3R25N124 | LATAU | Galata Acquisition Corp II | $998,000 | 0.12% | 100,000 | Common | SOLE |
| G63212115 | MBAVW | M3-Brigade Acquisition V Corp | $960,750 | 0.11% | 787,500 | Common | SOLE |
| 13646K108 | CP | Canadian Pacific Kansas City L | $953,472 | 0.11% | 12,800 | Common | SOLE |
| G5331N119 | KYIVW | Kyivstar Group Ltd | $867,484 | 0.10% | 213,666 | Common | SOLE |
| 46438R105 | ETHA | iShares Ethereum Trust ETF | $787,750 | 0.09% | 25,000 | Common | SOLE |
| G2662B111 | CRMLW | Critical Metals Corp | $630,600 | 0.07% | 300,000 | Common | SOLE |
| G47875110 | IPCXR | INFLECTION PT ACQUISITION CO | $616,000 | 0.07% | 1,400,000 | Common | SOLE |
| 36352H100 | GAU | Galiano Gold Inc | $544,337 | 0.06% | 250,000 | Common | SOLE |
| G7515A129 | RDAGW | Republic Digital Acquisition C | $508,625 | 0.06% | 782,500 | Common | SOLE |
| G3415K135 | FERAR | Fifth Era Acquisition Corp I | $503,500 | 0.06% | 1,900,000 | Common | SOLE |
| H5870P110 | OCSAW | Oculis Holding AG | $497,029 | 0.06% | 73,525 | Common | SOLE |
| 092915115 | BZAIW | Blaize Holdings Inc | $465,900 | 0.05% | 750,000 | Common | SOLE |
| 65340P106 | NXE | NexGen Energy Ltd | $447,563 | 0.05% | 50,007 | Common | SOLE |
| G20315118 | ALFUW | Centurion Acquisition Corp | $420,750 | 0.05% | 1,237,500 | Common | SOLE |
| X3R81D110 | AFRIW | Forafric Global PLC | $408,219 | 0.05% | 518,900 | Common | SOLE |
| G75398118 | RZLVW | Rezolve AI PLC | $401,100 | 0.05% | 250,000 | Common | SOLE |
| 926711300 | QXL | ViewBix Inc | $394,383 | 0.05% | 115,995 | Common | SOLE |
| 03464C205 | AEC | Anfield Energy Inc | $392,112 | 0.05% | 38,346 | Common | SOLE |
| G8431T119 | SIMAW | SIM Acquisition Corp I | $366,300 | 0.04% | 990,000 | Common | SOLE |
| G9R39C111 | WENNW | Wen Acquisition Corp | $336,000 | 0.04% | 600,000 | Common | SOLE |
| G6476A110 | NPACW | New Providence Acquisition Cor | $322,667 | 0.04% | 733,333 | Common | SOLE |
| 14161Y200 | CRDL | Cardiol Therapeutics Inc | $313,570 | 0.04% | 293,056 | Common | SOLE |
| G4035N129 | GPATW | GP-Act III Acquisition Corp | $269,750 | 0.03% | 1,037,500 | Common | SOLE |
| 64440N103 | NFGC | New Found Gold Corp | $268,123 | 0.03% | 112,725 | Common | SOLE |
| G21301117 | CCIXW | Churchill Capital Corp IX | $263,250 | 0.03% | 337,500 | Common | SOLE |
| G5501C117 | CUBWW | Lionheart Holdings | $252,450 | 0.03% | 990,000 | Common | SOLE |
| 86887P119 | BNCWW | CEA INDUSTRIES INC | $248,677 | 0.03% | 742,575 | Common | SOLE |
| G5S86M126 | LPAAW | Launch One Acquisition Corp | $217,800 | 0.03% | 990,000 | Common | SOLE |
| G5S87A113 | LPBBW | Launch Two Acquisition Corp | $181,300 | 0.02% | 490,000 | Common | SOLE |
| G4375F116 | — | Haymaker Acquisition Corp 4 | $177,750 | 0.02% | 450,000 | Common | SOLE |
| 01861F110 | AENTW | Alliance Entertainment Holding | $173,460 | 0.02% | 294,000 | Common | SOLE |
| G19307126 | CGCTW | CARTESIAN GROWTH CORP III | $168,750 | 0.02% | 675,000 | Common | SOLE |
| M0740A116 | DRTSW | Alpha Tau Medical Ltd | $154,430 | 0.02% | 447,622 | Common | SOLE |
| G81354121 | SBXD/WS | Silverbox Corp IV | $143,733 | 0.02% | 326,666 | Common | SOLE |
| 12664M129 | NOEMR | CO2 Energy Transition Corp | $141,600 | 0.02% | 590,000 | Common | SOLE |
| G4036C122 | GRAF/WS | Graf Global Corp | $136,950 | 0.02% | 415,000 | Common | SOLE |
| G4992A136 | JACS-R | Jackson Acquisition Co II | $135,000 | 0.02% | 500,000 | Common | SOLE |
| G4002F125 | GTENW | Gores Holdings X Inc | $133,000 | 0.02% | 175,000 | Common | SOLE |
| G1152A120 | FUFUW | BitFuFu Inc | $132,033 | 0.02% | 330,000 | Common | SOLE |
| G8316B118 | SPKLW | Spark I Acquisition Corp | $105,000 | 0.01% | 175,000 | Common | SOLE |
| 12664M111 | NOEMW | CO2 Energy Transition Corp | $99,769 | 0.01% | 590,000 | Common | SOLE |
| G46127109 | HBNB | Hotel101 Global Holdings Corp | $87,975 | 0.01% | 28,750 | Common | SOLE |
| 29103K118 | FLDDW | Fold Holdings Inc | $87,815 | 0.01% | 175,000 | Common | SOLE |
| G63369113 | MRNOW | Murano Global Investments PLC | $72,950 | 0.01% | 500,000 | Common | SOLE |
| 73245B115 | SBCWW | SBC MED GROUP HLDGS INC | $68,838 | 0.01% | 330,000 | Common | SOLE |
| 80401C118 | SATLW | Satellogic Inc | $58,333 | 0.01% | 166,666 | Common | SOLE |
| G26745128 | POLEW | Andretti Acquisition Corp II | $58,000 | 0.01% | 290,000 | Common | SOLE |
| G6439S117 | NTWOW | Newbury Street II Acquisition | $57,285 | 0.01% | 225,000 | Common | SOLE |
| G9008W113 | TDACW | Translational Development Acqu | $50,750 | 0.01% | 175,000 | Common | SOLE |
| G8475V111 | SVCCW | Stellar V Capital Corp | $48,986 | 0.01% | 140,000 | Common | SOLE |
| 020952115 | AMODW | Alpha Modus Holdings Inc | $46,158 | 0.01% | 588,000 | Common | SOLE |
| G5568L117 | LZM/WS | LIFEZONE METALS INC | $43,980 | 0.01% | 69,810 | Common | SOLE |
| G1331A116 | BACCR | Blue Acquisition Corp | $40,350 | 0.00% | 250,000 | Common | SOLE |
| 88165K119 | TVGNW | Tevogen Bio Holdings Inc | $36,075 | 0.00% | 650,000 | Common | SOLE |
| G6486E110 | NHICW | NewHold Invt Corp III | $36,000 | 0.00% | 100,000 | Common | SOLE |
| G6861F138 | OYSER | Oyster Enterprises II Acquisit | $34,000 | 0.00% | 200,000 | Common | SOLE |
| 26145B114 | DFLIW | Dragonfly Energy Holdings Corp | $33,818 | 0.00% | 675,000 | Common | SOLE |
| G3852D115 | GSHRW | Gesher Acquisition Corp II | $29,304 | 0.00% | 87,500 | Common | SOLE |
| 68218J111 | OABIW | OmniAb Inc | $26,917 | 0.00% | 158,333 | Common | SOLE |
| G0232F133 | ALCWF | ALCHEMY INVTS ACQUISITN CORP | $25,500 | 0.00% | 150,000 | Common | SOLE |
| G04537125 | ATIIW | Archimedes Tech SPAC Partners | $24,375 | 0.00% | 62,500 | Common | SOLE |
| 351665112 | FOXXW | FOXX DEV HLDGS INC | $22,448 | 0.00% | 160,000 | Common | SOLE |
| 95758L115 | CYCUW | Cycurion Inc | $22,000 | 0.00% | 500,000 | Common | SOLE |
| 63911H116 | KITTW | Nauticus Robotics Inc | $21,950 | 0.00% | 500,000 | Common | SOLE |
| G7257A121 | PCAPW | ProCap Acquisition Corp | $21,666 | 0.00% | 33,333 | Common | SOLE |
| G93A7H112 | VACHW | Voyager Acquisition Corp | $21,250 | 0.00% | 125,000 | Common | SOLE |
| G5451A111 | LEGT/WS | Legato Merger Corp III | $18,560 | 0.00% | 50,000 | Common | SOLE |
| G1069P129 | BSAAR | BEST SPAC I Acquisition Corp | $17,513 | 0.00% | 125,000 | Common | SOLE |
| M6000J127 | HUBCW | Hub Cyber Security Ltd | $17,440 | 0.00% | 898,991 | Common | SOLE |
| G3R95P116 | OIOWW | ESGL HLDGS LTD | $17,038 | 0.00% | 154,750 | Common | SOLE |
| 53271X116 | LIMNW | Liminatus Pharma Inc | $16,527 | 0.00% | 111,745 | Common | SOLE |
| 000847111 | ABPWW | ABPRO HLDGS INC | $15,930 | 0.00% | 675,000 | Common | SOLE |
| 171756117 | DAICW | CID Holdco Inc | $15,250 | 0.00% | 100,000 | Common | SOLE |
| 74449F118 | PBMWW | Psyence Biomedical Ltd | $15,120 | 0.00% | 600,000 | Common | SOLE |
| 182744110 | KIDZW | CLASSOVER HLDGS INC | $15,038 | 0.00% | 187,500 | Common | SOLE |
| G1368E114 | BLUWW | BLUE WTR ACQUISITION CORP. I | $14,190 | 0.00% | 100,000 | Common | SOLE |
| 40472A128 | EONR/WS | EON Resources Inc | $12,875 | 0.00% | 257,500 | Common | SOLE |
| M9607U107 | VLN/WS | Valens Semiconductor Ltd | $12,865 | 0.00% | 214,067 | Common | SOLE |
| 08178Q119 | BENFW | Beneficient | $10,800 | 0.00% | 750,000 | Common | SOLE |
| 98944F117 | ZEOWW | Zeo Energy Corp | $10,757 | 0.00% | 195,575 | Common | SOLE |
| G7606H116 | RDZNW | Roadzen Inc | $10,500 | 0.00% | 150,000 | Common | SOLE |
| 06682J118 | BNZIW | Banzai International Inc | $9,409 | 0.00% | 352,409 | Common | SOLE |
| G52443127 | KVACW | Keen Vision Acquisition Corp | $9,030 | 0.00% | 150,000 | Common | SOLE |
| 92919Y110 | VSEEW | VSee Health Inc | $8,450 | 0.00% | 500,000 | Common | SOLE |
| 20678X114 | CDTTW | CDT Equity Inc | $7,420 | 0.00% | 700,000 | Common | SOLE |
| G3016G103 | ELPW | eLong Power Holding Ltd | $7,186 | 0.00% | 23,670 | Common | SOLE |
| 456948116 | MSAIW | MultiSensor AI Holdings Inc | $6,660 | 0.00% | 175,250 | Common | SOLE |
| G0544E113 | NIVFW | NewGenIvf Group Ltd | $6,188 | 0.00% | 375,000 | Common | SOLE |
| G1331C112 | BGLWW | Blue Gold Ltd | $5,720 | 0.00% | 12,500 | Common | SOLE |
| 71902K113 | CEROW | CERo Therapeutics Holdings Inc | $4,988 | 0.00% | 375,000 | Common | SOLE |
| G0411D115 | APLMW | Apollomics Inc | $4,775 | 0.00% | 250,000 | Common | SOLE |
| G38617117 | GIBOW | GIBO Holdings Ltd | $4,375 | 0.00% | 125,000 | Common | SOLE |
| G8267K117 | SMXWW | SMX SEC MATTERS PLC | $3,375 | 0.00% | 125,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.