Two Seas Capital LP
CIK 0001823138
Annualised vol
7.45431%
Beta
0.155606
HHI
811.97963
Top-10 weight
67.114755%
VaR 95%
0.690031%
VaR 99%
1.229841%
Max drawdown
15.712366%
Matched value
44.800802%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| ROIV | REDUCED | 9,957,956 | 10,060,591 | -1.02% | 352,412,063 |
| NKTR | ADDED | 3,092,234 | 1,959,178 | 57.83% | 215,868,856 |
| TLN | REDUCED | 507,208 | 579,129 | -12.42% | 194,899,746 |
| INDV | REDUCED | 3,479,493 | 4,746,510 | -26.69% | 142,763,598 |
| FSLR | REDUCED | 599,484 | 761,684 | -21.29% | 141,454,245 |
| IMVT | REDUCED | 3,148,505 | 3,201,962 | -1.67% | 121,311,898 |
| TDAY | ADDED | 14,070,311 | 14,045,443 | 0.18% | 120,301,159 |
| SHAZ | ADDED | 1,293,753 | 416,666 | 210.5% | 109,529,129 |
| SHC | REDUCED | 5,836,053 | 6,023,371 | -3.11% | 103,589,941 |
| WULF | ADDED | 4,193,139 | 4,024,005 | 4.2% | 103,570,533 |
| ABUS | ADDED | 19,095,583 | 18,557,543 | 2.9% | 91,658,798 |
| CIFR | ADDED | 3,486,600 | 2,050,000 | 70.08% | 85,421,700 |
| GLNG | REDUCED | 1,471,779 | 1,524,710 | -3.47% | 73,353,465 |
| VST | ADDED | 430,621 | 185,597 | 132.02% | 68,309,409 |
| FTAI | REDUCED | 248,962 | 255,507 | -2.56% | 67,351,690 |
| BTDR | ADDED | 3,417,500 | 2,223,999 | 53.66% | 54,235,725 |
| ECHO | REDUCED | 502,975 | 757,135 | -33.57% | 51,051,963 |
| STAA | ADDED | 1,064,389 | 1,036,973 | 2.64% | 30,537,320 |
| DAR | ADDED | 516,527 | 16,527 | 3025.35% | 28,212,705 |
| SOC | ADDED | 8,377,636 | 5,496,711 | 52.41% | 25,803,119 |
| XE | NEW | 1,000,000 | - | - | 18,360,000 |
| HUT | REDUCED | 158,082 | 250,000 | -36.77% | 18,249,777 |
| CRWV | NEW | 153,139 | - | - | 15,243,456 |
| SONO | REDUCED | 710,612 | 919,327 | -22.7% | 9,614,580 |
| LUCD | ADDED | 6,000,000 | 3,000,000 | 100.0% | 6,420,000 |
| IREN | NEW | 140,000 | - | - | 6,402,200 |
| FRMI | ADDED | 352,671 | 25,211 | 1298.88% | 3,230,466 |
| PAVM | UNCHANGED | 461,539 | 461,539 | 0.0% | 2,741,542 |
| TAC | CLOSED OUT | 0 | 1,597,900 | -100.0% | 0 |
| MRNA | CLOSED OUT | 0 | 1,100,000 | -100.0% | 0 |
| AAPL | CLOSED OUT | 0 | 850,000 | -100.0% | 0 |
| IBIT | CLOSED OUT | 0 | 500,000 | -100.0% | 0 |
| NBIS | CLOSED OUT | 0 | 196,475 | -100.0% | 0 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| - | STATE STR SPDR S&P 500 ETF T | TR UNIT | 78462F103 | 1,105,219,600 | 21.89 | 1480000.0 | |
| - | STATE STR SPDR S&P 500 ETF T | TR UNIT | 78462F103 | 595,922,460 | 11.8 | 798000.0 | |
| ROIV | REDUCED | ROIVANT SCIENCES LTD | SHS | G76279101 | 299,942,849 | 5.94 | 8475356.0 |
| - | STATE STR SPDR S&P 500 ETF T | TR UNIT | 78462F103 | 243,073,635 | 4.81 | 325500.0 | |
| - | CALUMET INC | COM | 131428104 | 238,441,882 | 4.72 | 6619708.0 | |
| - | CORE SCIENTIFIC INC NEW | COM | 21874A106 | 231,039,545 | 4.58 | 9028509.0 | |
| NKTR | ADDED | NEKTAR THERAPEUTICS | COM NEW | 640268306 | 215,868,856 | 4.28 | 3092234.0 |
| TLN | REDUCED | TALEN ENERGY CORP | COM | 87422Q109 | 194,899,746 | 3.86 | 507208.0 |
| INDV | REDUCED | INDIVIOR PHARMACEUTICALS INC | COM | 45579U109 | 142,763,598 | 2.83 | 3479493.0 |
| IMVT | REDUCED | IMMUNOVANT INC | COM | 45258J102 | 121,311,898 | 2.4 | 3148505.0 |
| TDAY | ADDED | USA TODAY CO INC | COM | 36472T109 | 120,301,159 | 2.38 | 1.4070311E7 |
| - | CORE SCIENTIFIC INC NEW | COM | 21874A106 | 115,155,000 | 2.28 | 4500000.0 | |
| FSLR | REDUCED | FIRST SOLAR INC | COM | 336433107 | 111,255,140 | 2.2 | 471500.0 |
| SHAZ | ADDED | SHARONAI HOLDINGS INC | COM CL A | 778920306 | 109,529,129 | 2.17 | 1293753.0 |
| SHC | REDUCED | SOTERA HEALTH CO | COM | 83601L102 | 103,589,941 | 2.05 | 5836053.0 |
| ABUS | ADDED | ARBUTUS BIOPHARMA CORP | COM | 03879J100 | 91,658,798 | 1.82 | 1.9095583E7 |
| VST | ADDED | VISTRA CORP | COM | 92840M102 | 68,309,409 | 1.35 | 430621.0 |
| FTAI | REDUCED | FTAI AVIATION LTD | SHS | G3730V105 | 67,351,690 | 1.33 | 248962.0 |
| - | UNIQURE NV | SHS | N90064101 | 66,391,345 | 1.31 | 1441410.0 | |
| WULF | ADDED | TERAWULF INC | COM | 88080T104 | 61,580,533 | 1.22 | 2493139.0 |
| GLNG | REDUCED | GOLAR LNG LTD | SHS | G9456A100 | 60,893,465 | 1.21 | 1221779.0 |
| ROIV | REDUCED | ROIVANT SCIENCES LTD | SHS | G76279101 | 52,469,214 | 1.04 | 1482600.0 |
| ECHO | REDUCED | ECHOSTAR CORP | CL A | 278768106 | 51,051,963 | 1.01 | 502975.0 |
| CIFR | ADDED | CIPHER DIGITAL INC | COM | 17253J106 | 49,980,000 | 0.99 | 2040000.0 |
| WULF | ADDED | TERAWULF INC | COM | 88080T104 | 41,990,000 | 0.83 | 1700000.0 |
| - | SPACE EXPLORATION TECHN CORP | CLASS A COM STK | 84615Q103 | 35,690,945 | 0.71 | 208890.0 | |
| - | ABIVAX SA | SPONSORED ADS | 00370M103 | 35,500,464 | 0.7 | 266400.0 | |
| CIFR | ADDED | CIPHER DIGITAL INC | COM | 17253J106 | 35,441,700 | 0.7 | 1446600.0 |
| - | ABIVAX SA | SPONSORED ADS | 00370M103 | 32,594,063 | 0.65 | 244590.0 | |
| STAA | ADDED | STAAR SURGICAL CO | COM PAR $0.01 | 852312305 | 30,537,320 | 0.6 | 1064389.0 |
| FSLR | REDUCED | FIRST SOLAR INC | COM | 336433107 | 30,199,105 | 0.6 | 127984.0 |
| DAR | ADDED | DARLING INGREDIENTS INC | COM | 237266101 | 28,212,705 | 0.56 | 516527.0 |
| - | QUANTUM CORP | COM | 747906600 | 27,373,885 | 0.54 | 2488535.0 | |
| SOC | ADDED | SABLE OFFSHORE CORP | COM SHS | 78574H104 | 25,803,119 | 0.51 | 8377636.0 |
| - | CORE SCIENTIFIC INC NEW | COM | 21874A106 | 25,590,000 | 0.51 | 1000000.0 | |
| BTDR | ADDED | BITDEER TECHNOLOGIES GROUP | CL A ORD SHS | G11448100 | 23,805,000 | 0.47 | 1500000.0 |
| XE | NEW | X-ENERGY INC | COM CL A | 98386P102 | 18,360,000 | 0.36 | 1000000.0 |
| HUT | REDUCED | HUT 8 CORP | COM | 44812J104 | 18,249,777 | 0.36 | 158082.0 |
| BTDR | ADDED | BITDEER TECHNOLOGIES GROUP | CL A ORD SHS | G11448100 | 15,870,000 | 0.31 | 1000000.0 |
| CRWV | NEW | COREWEAVE INC | COM CL A | 21873S108 | 15,243,456 | 0.3 | 153139.0 |
| BTDR | ADDED | BITDEER TECHNOLOGIES GROUP | CL A ORD SHS | G11448100 | 14,560,725 | 0.29 | 917500.0 |
| - | CORE SCIENTIFIC INC NEW | COM | 21874A106 | 12,795,000 | 0.25 | 500000.0 | |
| GLNG | REDUCED | GOLAR LNG LTD | SHS | G9456A100 | 12,460,000 | 0.25 | 250000.0 |
| - | ADVISORSHARES TR | PURE US CANN ETF | 00768Y453 | 11,304,524 | 0.22 | 2225300.0 | |
| SONO | REDUCED | SONOS INC | COM | 83570H108 | 9,614,580 | 0.19 | 710612.0 |
| LUCD | ADDED | LUCID DIAGNOSTICS INC | COM | 54948X109 | 6,420,000 | 0.13 | 6000000.0 |
| IREN | NEW | IREN LIMITED | ORDINARY SHARES | Q4982L109 | 6,402,200 | 0.13 | 140000.0 |
| - | CORE SCIENTIFIC INC NEW | *W EXP 01/23/202 | 21874A114 | 5,443,333 | 0.11 | 289539.0 | |
| - | ODYSSEY MARINE EXPL INC | COM NEW | 676118201 | 4,756,274 | 0.09 | 5592985.0 | |
| FRMI | ADDED | FERMI INC | COM | 314911108 | 3,230,466 | 0.06 | 352671.0 |
| PAVM | UNCHANGED | PAVMED INC | COM | 70387R502 | 2,741,542 | 0.05 | 461539.0 |
| - | CORE SCIENTIFIC INC NEW | *W EXP 01/23/202 | 21874A130 | 600,505 | 0.01 | 24107.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-08-12 | 5,048,791,543 | 52 | 7.45431 | 0.155606 | 15.712366 |
| 2026-03-31 | 2026-05-15 | 7,154,501,418 | 50 | 4.635224 | 0.130432 | 9.533689 |
| 2025-12-31 | 2026-02-11 | 4,853,386,111 | 42 | 4.342041 | 0.092331 | 8.778298 |
| 2025-09-30 | 2025-11-14 | 6,229,649,975 | 49 | 2.914736 | 0.066238 | 5.791727 |
| 2025-03-31 | 2025-05-15 | 3,174,039,753 | 31 | 2.794972 | 0.052375 | 5.21544 |
| 2024-12-31 | 2025-02-18 | 1,157,330,770 | 34 | 9.153689 | 0.172406 | 15.479073 |