Q4 2025 · 13F-HR
Pale Fire Capital SEholdings as filed
Filed 2026-02-13 · accession 0000921895-26-000378
$1.49B
Reported value
60
Positions
2025-12-31
Period end
The Brief · Pale Fire Capital SE · Q4 2025
AI · grounded in 13F
Pale Fire Capital SE established a new position in COIN worth $287.6M. The fund also opened new stakes in TSLA for $233.9M and HOOD for $187.3M. On the sell side, the fund closed its positions in IAG and NGDN, reducing its holdings by $50.8M and $44.6M respectively.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 19260Q107 | COIN | COINBASE GLOBAL INC | $287.6M | 19.3% | 1,271,800 | PUT | SHARED |
| 88160R101 | TSLA | TESLA INC | $233.9M | 15.7% | 520,000 | PUT | SHARED |
| 770700102 | HOOD | ROBINHOOD MKTS INC | $187.3M | 12.6% | 1,656,000 | PUT | SHARED |
| 399473206 | GRPN | GROUPON INC | $179.3M | 12.0% | 10,181,070 | Common | SHARED |
| 11777Q209 | BTG | B2GOLD CORP | $177.3M | 11.9% | 39,311,603 | Common | SHARED |
| G27907107 | DOLE | DOLE PLC | $140.5M | 9.43% | 9,372,776 | Common | SHARED |
| 48123V102 | ZD | ZIFF DAVIS INC | $42.5M | 2.85% | 1,209,952 | Common | SHARED |
| 071813109 | BAX | BAXTER INTL INC | $39.6M | 2.66% | 2,074,016 | Common | SHARED |
| 44955L106 | IAUX | I-80 GOLD CORP | $30.2M | 2.03% | 20,668,315 | Common | SHARED |
| 00183L201 | ANGI | ANGI INC | $27.8M | 1.87% | 2,152,919 | Common | SHARED |
| 36352H100 | GAU | GALIANO GOLD INC | $20.0M | 1.34% | 7,914,409 | Common | SHARED |
| 87918A105 | TDOC | TELADOC HEALTH INC | $13.6M | 0.91% | 1,944,203 | Common | SHARED |
| 53635D202 | LQDA | LIQUIDIA CORPORATION | $13.1M | 0.88% | 379,392 | Common | SHARED |
| 152006102 | CGAU | CENTERRA GOLD INC | $8.5M | 0.57% | 591,222 | Common | SHARED |
| 14575E105 | CARS | CARS COM INC | $8.1M | 0.54% | 661,501 | Common | SHARED |
| 75901B107 | RGNX | REGENXBIO INC | $7.2M | 0.48% | 499,526 | Common | SHARED |
| 35168W103 | GUTS | FRACTYL HEALTH INC | $7.1M | 0.47% | 3,209,942 | Common | SHARED |
| G9108L173 | TEN | TSAKOS ENERGY NAVIGATION LTD | $6.6M | 0.45% | 295,909 | Common | SHARED |
| 374163103 | GERN | GERON CORP | $6.3M | 0.42% | 4,788,594 | Common | SHARED |
| 87164F105 | SNDX | SYNDAX PHARMACEUTICALS INC | $6.0M | 0.40% | 284,460 | Common | SHARED |
| 878972108 | TECX | TECTONIC THERAPEUTIC INC | $5.4M | 0.37% | 261,026 | Common | SHARED |
| 23954D109 | DAWNGBX | DAY ONE BIOPHARMACEUTICALS I | $5.1M | 0.34% | 544,063 | Common | SHARED |
| 50127T109 | KURA | KURA ONCOLOGY INC | $4.7M | 0.32% | 452,245 | Common | SHARED |
| 44891N208 | IAC | IAC INC | $3.8M | 0.25% | 96,507 | Common | SHARED |
| 48115J109 | DERM | JOURNEY MED CORP | $3.4M | 0.23% | 444,642 | Common | SHARED |
| 464287101 | OEF | ISHARES TR | $3.3M | 0.22% | 19,600 | PUT | SHARED |
| M98068105 | WIX | WIX COM LTD | $3.2M | 0.22% | 31,000 | Common | SHARED |
| 08975P108 | CMRC | COMMERCE.COM INC | $3.1M | 0.21% | 748,925 | Common | SHARED |
| 67066G104 | NVDA | NVIDIA CORPORATION | $2.1M | 0.14% | 11,000 | PUT | SHARED |
| 427746102 | HRTX | HERON THERAPEUTICS INC | $1.9M | 0.13% | 1,469,655 | Common | SHARED |
| 786700104 | SGMT | SAGIMET BIOSCIENCES INC | $1.3M | 0.09% | 221,875 | Common | SHARED |
| 23256X407 | HELP | CYBIN INC | $1.3M | 0.08% | 153,505 | Common | SHARED |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $920,695 | 0.06% | 174,705 | Common | SHARED |
| L00849106 | AGRO | ADECOAGRO S A | $671,171 | 0.05% | 84,637 | Common | SHARED |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $670,360 | 0.04% | 167,590 | Common | SHARED |
| 514766104 | LFCR | LIFECORE BIOMEDICAL INC | $581,107 | 0.04% | 71,040 | Common | SHARED |
| 415858109 | HROW | HARROW INC | $577,465 | 0.04% | 11,785 | Common | SHARED |
| 714157203 | PESI | PERMA-FIX ENVIRONMENTAL SVCS | $544,140 | 0.04% | 43,220 | Common | SHARED |
| 24661P807 | DCTH | DELCATH SYS INC | $404,859 | 0.03% | 40,085 | Common | SHARED |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $375,747 | 0.03% | 10,354 | Common | SHARED |
| 226718104 | CRTO | CRITEO S A | $372,979 | 0.03% | 18,097 | Common | SHARED |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $322,557 | 0.02% | 11,850 | Common | SHARED |
| 675746606 | ONIT | ONITY GROUP INC | $312,883 | 0.02% | 6,833 | Common | SHARED |
| 171126204 | PTHS | PELTHOS THERAPEUTICS INC | $251,100 | 0.02% | 8,100 | Common | SHARED |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $234,853 | 0.02% | 10,211 | Common | SHARED |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $221,459 | 0.01% | 22,302 | Common | SHARED |
| 29286M105 | — | ENGENE HOLDINGS INC | $216,756 | 0.01% | 24,004 | Common | SHARED |
| 75955J402 | RLMD | RELMADA THERAPEUTICS INC | $215,177 | 0.01% | 44,550 | Common | SHARED |
| 92859G608 | VZLA | VIZSLA SILVER CORP | $208,959 | 0.01% | 38,201 | Common | SHARED |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $200,770 | 0.01% | 2,452 | Common | SHARED |
| 230031106 | CGEM | CULLINAN THERAPEUTICS INC | $199,941 | 0.01% | 19,318 | Common | SHARED |
| 03589W102 | ANNX | ANNEXON INC | $193,772 | 0.01% | 38,600 | Common | SHARED |
| N0731H103 | ATAI | ATAI BECKLEY NV | $187,367 | 0.01% | 45,811 | Common | SHARED |
| 517125100 | LRMR | LARIMAR THERAPEUTICS INC | $172,281 | 0.01% | 45,218 | Common | SHARED |
| N44445109 | IMTX | IMMATICS N.V | $170,856 | 0.01% | 16,272 | Common | SHARED |
| 696389402 | PALI | PALISADE BIO INC | $166,169 | 0.01% | 70,710 | Common | SHARED |
| 21833P301 | CRBP | CORBUS PHARMACEUTICALS HLDGS | $151,811 | 0.01% | 18,650 | Common | SHARED |
| G6674U108 | NVCR | NOVOCURE LTD | $138,648 | 0.01% | 10,723 | Common | SHARED |
| 64782A107 | NEWP | NEW PAC METALS CORP | $99,954 | 0.01% | 28,477 | Common | SHARED |
| 76200L309 | RZLT | REZOLUTE INC | $79,105 | 0.01% | 33,519 | Common | SHARED |
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.