Q4 2025 · 13F-HR
HGC Investment Management Inc.holdings as filed
Filed 2026-02-17 · accession 0001711200-26-000001
$471.7M
Reported value
162
Positions
2025-12-31
Period end
The Brief · HGC Investment Management Inc. · Q4 2025
AI · grounded in 13F
HGC Investment Management Inc. established a new position in DRUGS MADE IN AMERICA ACQUIS worth $12.19M. The fund also opened new stakes in PYROPHYTE ACQUISITION CORP-A for $8.55M and EXK for $8.12M. On the sell side, the fund closed its positions in PYROPHYTE ACQUISITION CORP I and CARTESIAN GROWTH CORP III, reducing exposure by $8.61M and $8.14M respectively.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| G0509J115 | AACB | ARTIUS II ACQUISITION INC-A | $15.4M | 3.28% | 1,500,000 | Common | SOLE |
| G20315100 | ALF | CENTURION ACQUISITION CORP | $15.4M | 3.27% | 1,450,000 | Common | SOLE |
| G4992A110 | JACS | JACKSON ACQUISITION CO-CL A | $15.4M | 3.26% | 1,475,200 | Common | SOLE |
| G4035N103 | GPAT | GP-ACT III ACQUISITION-A | $14.7M | 3.12% | 1,375,000 | Common | SOLE |
| G8118C124 | SDHI | SIDDHI ACQUISITION CORP-A | $12.8M | 2.72% | 1,250,000 | Common | SOLE |
| G2851K104 | DMII | DRUGS MADE IN AMERICA ACQUIS | $12.2M | 2.58% | 1,230,980 | Common | SOLE |
| G3415K127 | FERAU | FIFTH ERA ACQUISITION CORP I | $12.0M | 2.55% | 1,150,760 | Common | SOLE |
| G6858G123 | OBAWU | OXLEY BRIDGE ACQUISITION LTD | $9.7M | 2.06% | 950,000 | Common | SOLE |
| G82745103 | SOUL | SOULPOWER ACQUISITION CO-A | $9.7M | 2.05% | 953,146 | Common | SOLE |
| M2682V108 | CYBR | CYBER-ARK SOFTWARE LTD/ISRAE | $8.7M | 1.84% | 19,507 | Common | SOLE |
| G7309T102 | PAII | PYROPHYTE ACQUISITION CORP-A | $8.6M | 1.81% | 850,000 | Common | SOLE |
| 30063P105 | EXK | EXACT SCIENCES CORP | $8.1M | 1.72% | 80,000 | Common | SOLE |
| G4977S128 | ITHAU | ITHAX ACQUISITION CORP III | $8.0M | 1.69% | 800,000 | Common | SOLE |
| G52258103 | KFIIU | K&F GROWTH ACQUISITION CORP | $7.8M | 1.66% | 750,000 | Common | SOLE |
| 285512109 | EA | ELECTRONIC ARTS INC | $7.7M | 1.64% | 37,816 | Common | SOLE |
| G7117W123 | PACHU | PIONEER ACQUISITION I CORP | $7.6M | 1.61% | 743,077 | Common | SOLE |
| G6001S123 | LPCVU | LAUNCHPAD CADENZA ACQUISITIO | $7.5M | 1.59% | 750,000 | Common | SOLE |
| G0R91M121 | ADACU | AMERICAN DRIVE ACQUISITION C | $7.5M | 1.59% | 750,000 | Common | SOLE |
| G5093B105 | JENA | JENA ACQUISITION CORP II - A | $7.1M | 1.51% | 700,000 | Common | SOLE |
| G3106Q110 | EVAC/U | EQV VENTURES ACQUISITION COR | $7.1M | 1.50% | 697,174 | Common | SOLE |
| G1828E100 | CEPF | CANTOR EQUITY PARTNERS-CL A | $6.7M | 1.42% | 650,000 | Common | SOLE |
| G8193F109 | SZZL | SIZZLE ACQUISITION CORP-CL A | $6.6M | 1.40% | 650,539 | Common | SOLE |
| G9709D125 | VHCPU | VINE HILL CAPITAL INVESTMENT | $6.5M | 1.38% | 650,000 | Common | SOLE |
| G1000R101 | AAM | AA MISSION ACQUISITION COR-A | $6.5M | 1.37% | 605,000 | Common | SOLE |
| G63221124 | MBVIU | M3-BRIGADE ACQUISITION VI CO | $6.3M | 1.34% | 625,000 | Common | SOLE |
| G7515A103 | RDAG | REPUBLIC DIGITAL ACQUIS-CL A | $6.1M | 1.29% | 602,741 | Common | SOLE |
| G8148S123 | SBXE/U | STARRY SEA ACQUISITION C-RTS | $6.1M | 1.29% | 899,986 | Common | SOLE |
| G4365E103 | HCMA | HCM III ACQUISITION COR-CL A | $6.0M | 1.28% | 600,000 | Common | SOLE |
| G1828S109 | CEPV | CANTOR EQUITY PARTNERS-CL A | $6.0M | 1.27% | 583,153 | Common | SOLE |
| G8901A129 | TACHU | TITAN ACQUISITION CORP | $5.8M | 1.24% | 559,131 | Common | SOLE |
| G9009S129 | BLZRU | TRAILBLAZER ACQUISITION CORP | $5.6M | 1.20% | 550,000 | Common | SOLE |
| G3730U123 | FCRS/U | FUTURECREST ACQUISITION CORP | $5.6M | 1.19% | 550,000 | Common | SOLE |
| G9R39C103 | WENN | WEN ACQUISITION CORP-A | $5.6M | 1.18% | 550,000 | Common | SOLE |
| G87890128 | TVAIU | THAYER VENTURES ACQUISITION | $5.4M | 1.15% | 525,000 | Common | SOLE |
| 20717M103 | 8QR | CONFLUENT INC-CLASS A | $5.3M | 1.12% | 174,258 | Common | SOLE |
| 46283H202 | IRHOU | IRON HORSE ACQUISITION II CO | $5.2M | 1.10% | 523,489 | Common | SOLE |
| G3473K126 | FIGXU | FIGX CAPITAL ACQUISITION COR | $5.1M | 1.08% | 500,000 | Common | SOLE |
| G9582G120 | VACI/U | VIKING ACQUISITIONS CORP I | $5.0M | 1.07% | 500,000 | Common | SOLE |
| G5225W126 | KBONU | KARBON CAPITAL PARTNERS CORP | $5.0M | 1.07% | 500,000 | Common | SOLE |
| G19307100 | CGCT | CARTESIAN GROWTH CORP I-CL A | $4.6M | 0.98% | 450,000 | Common | SOLE |
| G7515A111 | RDAGU | REPUBLIC DIGITAL ACQUISITION | $4.6M | 0.98% | 443,934 | Common | SOLE |
| G6476A102 | NPAC | NEW PROVIDENCE ACQUISITION-A | $4.6M | 0.98% | 450,000 | Common | SOLE |
| G4002F117 | GTENU | GORES HOLDINGS X INC | $4.2M | 0.89% | 400,000 | Common | SOLE |
| G8192J128 | SPEGU | SILVER PEGASUS ACQUISITION C | $4.1M | 0.87% | 400,000 | Common | SOLE |
| G0R78B122 | BCSS/U | BAIN CAPITAL GSS INVESTMENT | $4.1M | 0.87% | 400,000 | Common | SOLE |
| G01336125 | AIIA/U | AI INFRASTRUCTURE ACQUISITIO | $4.1M | 0.86% | 400,000 | Common | SOLE |
| G25014120 | CRANU | CRANE HARBOR ACQUISITION COR | $4.0M | 0.85% | 400,000 | Common | SOLE |
| G04104116 | APXTU | APEX TREASURY CORP | $4.0M | 0.85% | 400,000 | Common | SOLE |
| G2616F127 | BCARU | D BORAL ARC ACQUISITION I CO | $3.8M | 0.81% | 375,000 | Common | SOLE |
| G4330A129 | HAVAU | HARVARD AVE ACQUISITION CORP | $3.8M | 0.80% | 375,000 | Common | SOLE |
| G2574F119 | CRAC | CROWN RESERVE ACQUISITI-CL A | $3.7M | 0.79% | 375,000 | Common | SOLE |
| G0750N120 | AXINU | AXIOM INTELLIGENCE ACQUISITI | $3.6M | 0.76% | 350,000 | Common | SOLE |
| G5354C131 | LKSPU | LAKE SUPERIOR ACQUISITION CO | $3.3M | 0.69% | 320,000 | Common | SOLE |
| G5353S129 | LCCCU | LAKESHORE ACQUISITION III CO | $3.1M | 0.66% | 300,000 | Common | SOLE |
| G82617120 | SOCAU | SOLARIUS CAPITAL ACQUISITION | $3.1M | 0.65% | 300,000 | Common | SOLE |
| 644535106 | NGDN | New Gold Inc. USD | $3.0M | 0.64% | 346,542 | Common | SOLE |
| G3226F127 | EVOXU | EVOLUTION GLOBAL ACQUISITION | $3.0M | 0.64% | 300,000 | Common | SOLE |
| G7387B106 | QUMS | QUANTUMSPHERE ACQUISITION CO | $3.0M | 0.64% | 300,000 | Common | SOLE |
| 655844108 | NSC | NORFOLK SOUTHERN CORP | $2.9M | 0.61% | 10,000 | Common | SOLE |
| G24243118 | COPL/U | COPLEY ACQUISITION CORP | $2.6M | 0.55% | 250,000 | Common | SOLE |
| G2946P126 | EGHAU | EGH ACQUISITION CORP | $2.6M | 0.55% | 250,000 | Common | SOLE |
| G3864J126 | GIWWU | GIGCAPITAL8 CORP | $2.5M | 0.54% | 250,000 | Common | SOLE |
| G0233J126 | ALUB/U | ALUSSA ENERGY ACQUISITION CO | $2.5M | 0.54% | 250,000 | Common | SOLE |
| G77676123 | SAC/U | SAFEGUARD ACQUISITION CORP | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G8662J103 | TDWDU | TAILWIND 2.0 ACQUISITION COR | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G1196A128 | BPACU | BLUEPORT ACQUISITION LTD | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G2949T125 | DNMXU | DYNAMIX CORP III | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G04819101 | ENHA | A PARADISE ACQUISITION - A | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G4924G128 | IGACU | INVEST GREEN ACQUISITION COR | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G5490M118 | LWACU | LIGHTWAVE ACQUISITION COR | $2.5M | 0.53% | 245,500 | Common | SOLE |
| G0081J129 | AEAQU | ACTIVATE ENERGY ACQUISITION | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G4R12K107 | GSRF | GSR IV ACQUISITION CORP-CL A | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G9145D127 | TWLVU | TWELVE SEAS INVESTMENT CO II | $2.5M | 0.53% | 250,000 | Common | SOLE |
| G7010A129 | PMTR | PERIMETER ACQUIS CORP I CL A | $2.5M | 0.52% | 238,400 | Common | SOLE |
| G1828A108 | CAEP | CANTOR EQUITY PARTNERS III-A | $2.3M | 0.49% | 225,000 | Common | SOLE |
| G6486E128 | NHICU | NEWHOLD INVESTMENT CORP III | $2.1M | 0.44% | 200,000 | Common | SOLE |
| G6757R121 | ONCHU | 1RT ACQUISITION CORP | $2.1M | 0.44% | 200,000 | Common | SOLE |
| G2131A124 | CCXIU | CHURCHILL CAPITAL CORP XI | $2.0M | 0.43% | 200,000 | Common | SOLE |
| G0701G125 | BDCIU | BTC DEVELOPMENT CORP | $2.0M | 0.43% | 200,000 | Common | SOLE |
| G4569C127 | HVMCU | HIGHVIEW MERGER CORP | $2.0M | 0.43% | 200,000 | Common | SOLE |
| G4814G121 | DYORU | INSIGHT DIGITAL PARTNERS II | $2.0M | 0.43% | 200,000 | Common | SOLE |
| G42386121 | HCACU | HALL CHADWICK ACQUISITION CO | $2.0M | 0.42% | 200,000 | Common | SOLE |
| G6004G100 | MACI | MELAR ACQUISITION CORP I-A | $1.9M | 0.39% | 175,000 | Common | SOLE |
| G6180J126 | MMTXU | MILUNA ACQUISITION CORP | $1.7M | 0.37% | 175,000 | Common | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST | $1.7M | 0.36% | 34,606 | Common | SOLE |
| G17564124 | CRAQU | CAL REDWOOD ACQUISITION CORP | $1.6M | 0.33% | 150,000 | Common | SOLE |
| G3852D123 | GSHRU | GESHER ACQUISITION CORP II | $1.6M | 0.33% | 150,000 | Common | SOLE |
| G3933N108 | GTERU | GLOBA TERRA ACQUISITION CORP | $1.5M | 0.33% | 150,000 | Common | SOLE |
| G93Y0A104 | UYSC | UY SCUTI ACQUISITION CORP | $1.5M | 0.33% | 150,000 | Common | SOLE |
| G4791J122 | INACU | INDIGO ACQUISITION CORP | $1.5M | 0.32% | 150,000 | Common | SOLE |
| G5414D129 | LFACU | LEAPFROG ACQUISITION CORP | $1.5M | 0.32% | 150,000 | Common | SOLE |
| 03062D803 | USAS | AMERICAS GOLD & SILVER CORP | $1.5M | 0.31% | 300,000 | Common | SOLE |
| G6791A126 | OTGAU | OTG ACQUISITION CORP I | $1.3M | 0.27% | 125,000 | Common | SOLE |
| G63212107 | MBAV | M3-BRIGADE ACQUISITION V-A | $1.1M | 0.23% | 100,600 | Common | SOLE |
| G7134A112 | PLMKU | PLUM ACQUISITION CORP IV | $1.1M | 0.22% | 100,000 | Common | SOLE |
| G8089R100 | PGAC | AIFEEX NEXUS ACQUISITION COR | $1.0M | 0.22% | 100,000 | Common | SOLE |
| G2584S135 | KOYNU | CSLM DIGITAL ASSET ACQUISITI | $1.0M | 0.21% | 100,000 | Common | SOLE |
| G6005T127 | MKLYU | MCKINLEY ACQUISITION CORP | $1.0M | 0.21% | 100,000 | Common | SOLE |
| G7866D128 | SCIIU | SC II ACQUISITION CORP | $1.0M | 0.21% | 100,000 | Common | SOLE |
| G8901A103 | TACH | TITAN ACQUISITION CORP-CL A | $512,550 | 0.11% | 50,000 | Common | SOLE |
| G0509J123 | AACBR | ARTIUS II ACQUISITION INC | $495,000 | 0.10% | 1,500,000 | Common | SOLE |
| G4992A136 | JACS-R | JACKSON ACQUISITION CO II | $356,425 | 0.08% | 1,425,700 | Common | SOLE |
| G8118C116 | SDHIR | SIDDHI ACQUISITION CORP | $312,500 | 0.07% | 1,250,000 | Common | SOLE |
| G5509P102 | LOKV | LIVE OAK ACQUISITION CORP-A | $287,988 | 0.06% | 27,960 | Common | SOLE |
| G8431T101 | SIMA | SIM ACQUISITION CORP I-A | $264,750 | 0.06% | 25,000 | Common | SOLE |
| G2616C124 | DSACU | DAEDALUS SPECIAL ACQUISITION | $251,000 | 0.05% | 25,000 | Common | SOLE |
| G19307126 | CGCTW | WT - CGCTW US $11.5 06Mar2030 | $237,000 | 0.05% | 300,000 | Common | SOLE |
| G7309T110 | PAII/WS | PAII/WS US 15 Jul 30 C11.5 | $178,500 | 0.04% | 425,000 | Common | SOLE |
| G4R12K115 | GSRFR | GSR IV ACQUISITION CORP-RTS | $178,500 | 0.04% | 75,000 | Common | SOLE |
| G47875110 | IPCXR | INFLECTION POINT ACQUISITION | $175,770 | 0.04% | 465,000 | Common | SOLE |
| G2851K112 | DMIIR | DRUGS MADE IN AMERICA ACQ-RT | $172,337 | 0.04% | 1,230,980 | Common | SOLE |
| G0131Y118 | ANSCW | ANSCW US 31 Dec 28 C11.5 | $161,120 | 0.03% | 503,500 | Common | SOLE |
| G7010A111 | PMTRW | PMTRW US 17 Jun 30 C11.5 | $137,435 | 0.03% | 194,200 | Common | SOLE |
| G4365E111 | HCMAW | HCMAW US 31 Jul 30 C11.5 | $133,333 | 0.03% | 266,666 | Common | SOLE |
| G5093B113 | JENA-R | JENA ACQUISITION CORP II-RTS | $126,000 | 0.03% | 700,000 | Common | SOLE |
| G04819119 | — | A PARADISE ACQUISITION CORP | $118,750 | 0.03% | 475,000 | Common | SOLE |
| G0273J101 | AEXA | AMERICAN EXCEPTIONALISM-CL A | $113,900 | 0.02% | 10,000 | Common | SOLE |
| G8193F133 | SZZLR | SIZZLE ACQUISITION CORP -RTS | $104,086 | 0.02% | 650,539 | Common | SOLE |
| G2295P115 | COLAR | COLUMBUS ACQUISITION CORP | $100,920 | 0.02% | 300,000 | Common | SOLE |
| G8772L113 | TVACW | TVACW US 15 May 31 C11.5 | $90,000 | 0.02% | 100,000 | Common | SOLE |
| G6476A110 | NPACW | NPACW US 24 Apr 30 C11.5 | $75,795 | 0.02% | 150,000 | Common | SOLE |
| G2574F127 | CRACR | CROWN RESERVE ACQUISITIO-RTS | $71,250 | 0.02% | 375,000 | Common | SOLE |
| G82745137 | SOUL-R | SOULPOWER ACQUISITION CORP | $70,553 | 0.01% | 403,161 | Common | SOLE |
| G9R39C111 | WENNW | WENNW US 15 May 31 C11.5 | $69,818 | 0.01% | 225,000 | Common | SOLE |
| 00150021S | — | SHMDW US 25 Aug 28 C11.5 | $67,452 | 0.01% | 46,200 | Common | SOLE |
| G1051H119 | TACOW | TACOW US 28 Apr 30 C11.5 | $64,750 | 0.01% | 175,000 | Common | SOLE |
| G7387B114 | QUMSR | QUANTUMSPHERE ACQUISITION CO | $63,030 | 0.01% | 300,000 | Common | SOLE |
| G7552W117 | RIBBR | RIBBON ACQUISITION CORP | $60,000 | 0.01% | 250,000 | Common | SOLE |
| G1368E114 | BLUWW | BLUWW US 31 Dec 26 C11.5 | $53,000 | 0.01% | 100,000 | Common | SOLE |
| G1514D127 | YHNAR | YHN ACQUISITION I LTD | $52,661 | 0.01% | 344,188 | Common | SOLE |
| G8089R118 | PGACR | SHEPHERD AVE CAPITAL ACQUISI | $50,050 | 0.01% | 250,000 | Common | SOLE |
| G1331A116 | BACCR | BLUE ACQUISITION CORP-RTS | $48,615 | 0.01% | 150,000 | Common | SOLE |
| G4002F125 | GTENW | GTENW US 20 Jun 31 C11.5 | $46,495 | 0.01% | 50,000 | Common | SOLE |
| G8772L105 | TVA | TEXAS VENTURES ACQUISITION-A | $41,801 | 0.01% | 3,925 | Common | SOLE |
| G93Y0A112 | UYSCR | UY SCUTI ACQUISITION CORP | $40,350 | 0.01% | 150,000 | Common | SOLE |
| G98659116 | MCGA | YORKVILLE ACQUISITION CORP-A | $39,021 | 0.01% | 3,852 | Common | SOLE |
| G8901A111 | TACHW | TACHW US 02 Jun 30 C11.5 | $31,500 | 0.01% | 100,000 | Common | SOLE |
| 67190B120 | OAKUR | OAK WOODS ACQUISITION COR-RT | $29,976 | 0.01% | 120,000 | Common | SOLE |
| 07323B118 | BAYAR | BAYVIEW ACQUISITION CORP | $29,640 | 0.01% | 150,000 | Common | SOLE |
| G75389117 | RFAIR | RF ACQUISITION CORP II - RTS | $24,000 | 0.01% | 200,000 | Common | SOLE |
| G17564116 | CRAQR | CAL REDWOOD ACQUISITION CORP | $21,652 | 0.00% | 66,869 | Common | SOLE |
| G6004G118 | MACIW | MACIW US 01 Jun 31 C11.5 | $21,089 | 0.00% | 150,528 | Common | SOLE |
| G0223V121 | ATMCW | ATMCW US 17 Jan 28 C11.5 | $18,090 | 0.00% | 300,000 | Common | SOLE |
| G2574S103 | CRACW | CRACW US 06 Nov 30 C11.5 | $15,938 | 0.00% | 187,500 | Common | SOLE |
| G49667119 | ISLWF | ISRLW US 28 Feb 28 C11.5 | $13,427 | 0.00% | 100,800 | Common | SOLE |
| G1148A119 | BKHAR | BLACK HAWK ACQUISITION C-RTS | $13,000 | 0.00% | 10,000 | Common | SOLE |
| G1152A120 | FUFUW | FUFUW US 07 Jun 28 C11.5 | $10,000 | 0.00% | 50,000 | Common | SOLE |
| G6301B127 | MLACR | MOUNTAIN LAKE ACQUISITION CO | $9,600 | 0.00% | 40,000 | Common | SOLE |
| G3530C117 | FSHPR | FLAG SHIP ACQUISITION CORP | $5,400 | 0.00% | 27,000 | Common | SOLE |
| 67190B112 | — | OAKUW US 17 May 28 C11.5 | $4,704 | 0.00% | 120,000 | Common | SOLE |
| 35088F115 | FORLW | FORLW US 12 May 28 C11.5 | $4,400 | 0.00% | 110,000 | Common | SOLE |
| G98659124 | MCGAW | MCGAW US 06 Jun 30 C11.5 | $4,167 | 0.00% | 8,333 | Common | SOLE |
| G6209W116 | MKDWW | MKDWW US 31 Jul 29 C0 | $2,643 | 0.00% | 175,000 | Common | SOLE |
| 171756117 | DAICW | DAICW US 17 Nov 26 C11.5 | $2,003 | 0.00% | 25,000 | Common | SOLE |
| G02532110 | AMBWQ | AMBI/WS US 06 Mar 28 C11.5 | $641 | 0.00% | 130,905 | Common | SOLE |
| G3777K111 | GCLWW | GCLWW US 13 Feb 30 C11.5 | $135 | 0.00% | 4,500 | Common | SOLE |
| 44955L106 | IAUX | I-80 GOLD CORP | $123 | 0.00% | 84 | Common | SOLE |
| 53271X116 | LIMNW | LIMNW US 30 Apr 30 C11.5 | $44 | 0.00% | 1,250 | Common | SOLE |
| G9845F117 | LSBWF | YSBPW US 15 Mar 28 C11.5 | $35 | 0.00% | 5,000 | Common | SOLE |
| 00BPG9B35 | — | WALDW US 27 Jul 27 C11.5 | $22 | 0.00% | 666 | Common | SOLE |
| G28524133 | DYCQR | DT CLOUD ACQUISITION COR-RTS | $0 | — | 150,000 | Common | SOLE |
| G9878M112 | — | YOULW US 10 Jul 30 C11.5 | $0 | — | 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.