# EDGAR Filing Document

**Accession Number:** 0001610880
**File Stem:** 0000905148-25-002935
**Filing Date:** 2025-8
**Character Count:** 15178
**Document Hash:** 7229c804fa7cecbc2947b8c8bc22026a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-002935.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000905148-25-002935

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlueCrest Capital Management Ltd
- **CENTRAL INDEX KEY:** 0001610880

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16345
- **FILM NUMBER:** 251219650

**BUSINESS ADDRESS:**
- **STREET 1:** GROUND FLOOR, HARBOUR REACH
- **STREET 2:** LA RUE DE CARTERET
- **CITY:** ST HELIER
- **STATE:** Y9
- **ZIP:** JE2 4HR
- **BUSINESS PHONE:** 44 1534 84 3800

**MAIL ADDRESS:**
- **STREET 1:** GROUND FLOOR, HARBOUR REACH
- **STREET 2:** LA RUE DE CARTERET
- **CITY:** ST HELIER
- **STATE:** Y9
- **ZIP:** JE2 4HR

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BlueCrest Capital Management Ltd<br>**Address:** GROUND FLOOR HARBOUR REACH<br>LA RUE DE CARTERET<br>ST HELIER, Y9 JE2 4HR

**Form 13F File Number:** 028-16345

**CRD Number (if applicable):** 000148823

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Margot Marshall<br>**Title:** Head of Compliance<br>**Phone:** 44-20-3180-3040

**Signature, Place, and Date of Signing:**

/s/ Margot Marshall  London, X0  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 111

**Form 13F Information Table Value Total:** $2624703390

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1419000 | 10000 | SH | Call | OTR |  | 0 | 10000 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 |  | 9701560 | 9978000 | PRN |  | OTR |  | 0 | 0 | 9978000 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 675545 | 21045 | SH |  | OTR |  | 0 | 21045 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 01609WBG6 |  | 12744850 | 10000000 | PRN |  | OTR |  | 0 | 0 | 10000000 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 23994607 | 211574 | SH |  | OTR |  | 0 | 211574 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 55570900 | 490000 | SH | Call | OTR |  | 0 | 490000 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4540566 | 25765 | SH |  | OTR |  | 0 | 25765 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 141912000 | 800000 | SH | Call | OTR |  | 0 | 800000 | 0 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 |  | 10721439 | 143239 | SH |  | OTR |  | 0 | 143239 | 0 |
| APPLE INC | COM | 037833100 |  | 1530363 | 7459 | SH |  | OTR |  | 0 | 7459 | 0 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 |  | 9272032 | 174944 | SH |  | OTR |  | 0 | 174944 | 0 |
| AUTOHOME INC | SP ADS RP CL A | 05278C107 |  | 206320 | 8000 | SH |  | OTR |  | 0 | 8000 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 2101120 | 24500 | SH |  | OTR |  | 0 | 24500 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 6115512 | 89934 | SH |  | OTR |  | 0 | 89934 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | UNIT 02/01/2027 | 10950A205 |  | 19554939 | 236886 | SH |  | OTR |  | 0 | 236886 | 0 |
| CALUMET INC | COM | 131428104 |  | 756240 | 48000 | SH |  | OTR |  | 0 | 48000 | 0 |
| CHART INDS INC | 6.75DP CNV PFD B | 16115Q407 |  | 4585870 | 75925 | SH |  | OTR |  | 0 | 75925 | 0 |
| CHIME FINL INC | COM SHS CL A | 16935C109 |  | 7764750 | 225000 | SH |  | OTR |  | 0 | 225000 | 0 |
| CIPHER MINING INC | NOTE 1.750% 5/1 | 17253JAA4 |  | 1274700 | 1000000 | PRN |  | OTR |  | 0 | 0 | 1000000 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 3625800 | 20000 | SH |  | OTR |  | 0 | 20000 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | NOTE 2.875% 2/1 | 19459JAC8 |  | 2705525 | 2500000 | PRN |  | OTR |  | 0 | 0 | 2500000 |
| CRITEO S A | SPONS ADS | 226718104 |  | 54149600 | 2260000 | SH |  | OTR |  | 0 | 2260000 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 20547306 | 417798 | SH |  | OTR |  | 0 | 417798 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 372030 | 3000 | SH |  | OTR |  | 0 | 3000 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 7278472 | 9337 | SH |  | OTR |  | 0 | 9337 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 |  | 16780680 | 252000 | SH |  | OTR |  | 0 | 252000 | 0 |
| FISERV INC | COM | 337738108 |  | 30846563 | 178914 | SH |  | OTR |  | 0 | 178914 | 0 |
| FMC CORP | COM NEW | 302491303 |  | 313125 | 7500 | SH | Call | OTR |  | 0 | 7500 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 749659 | 34231 | SH |  | OTR |  | 0 | 34231 | 0 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 20989668 | 860585 | SH |  | OTR |  | 0 | 860585 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 984200 | 20000 | SH | Put | OTR |  | 0 | 20000 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1502621 | 13553 | SH |  | OTR |  | 0 | 13553 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 12293555 | 208790 | SH |  | OTR |  | 0 | 208790 | 0 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 |  | 1441500 | 50000 | SH | Put | OTR |  | 0 | 50000 | 0 |
| INNOVATE CORP | NOTE 7.500% 8/0 | 404139AG2 |  | 724277 | 1383000 | PRN |  | OTR |  | 0 | 0 | 1383000 |
| INTEL CORP | COM | 458140100 |  | 448000 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 3800729 | 20913 | SH |  | OTR |  | 0 | 20913 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2206560 | 4000 | SH |  | OTR |  | 0 | 4000 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 306160200 | 555000 | SH | Call | OTR |  | 0 | 555000 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 55164000 | 100000 | SH | Put | OTR |  | 0 | 100000 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 291400 | 20000 | SH | Put | OTR |  | 0 | 20000 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 106007395 | 1731864 | SH |  | OTR |  | 0 | 1731864 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 148005780 | 2418000 | SH | Call | OTR |  | 0 | 2418000 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 1285410 | 21000 | SH | Put | OTR |  | 0 | 21000 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 28605000 | 1500000 | SH |  | OTR |  | 0 | 1500000 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 2019500 | 70000 | SH |  | OTR |  | 0 | 70000 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 7212500 | 250000 | SH | Call | OTR |  | 0 | 250000 | 0 |
| ISHARES INC | MSCI ISRAEL ETF | 464286632 |  | 1138560 | 12000 | SH |  | OTR |  | 0 | 12000 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 536627 | 7476 | SH |  | OTR |  | 0 | 7476 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 6562000 | 200000 | SH | Call | OTR |  | 0 | 200000 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 4412500 | 50000 | SH | Call | OTR |  | 0 | 50000 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 102812620 | 1274800 | SH |  | OTR |  | 0 | 1274800 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 3903460 | 48400 | SH | Put | OTR |  | 0 | 48400 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 5480500 | 50000 | SH | Put | OTR |  | 0 | 50000 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 2060160 | 37000 | SH |  | OTR |  | 0 | 37000 | 0 |
| ISHARES TR | MSCI INDONIA ETF | 46429B309 |  | 634680 | 36000 | SH |  | OTR |  | 0 | 36000 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 4315800 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 5135802 | 23800 | SH | Put | OTR |  | 0 | 23800 | 0 |
| ITRON INC | NOTE 1.375% 7/1 | 465741AQ9 |  | 7152150 | 6000000 | PRN |  | OTR |  | 0 | 0 | 6000000 |
| ITRON INC | NOTE 3/1 | 465741AN6 |  | 15957146 | 14080000 | PRN |  | OTR |  | 0 | 0 | 14080000 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 949661 | 29095 | SH |  | OTR |  | 0 | 29095 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 1736955 | 43500 | SH |  | OTR |  | 0 | 43500 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 291489 | 7300 | SH | Call | OTR |  | 0 | 7300 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 2180178 | 54600 | SH | Put | OTR |  | 0 | 54600 | 0 |
| KARMAN HLDGS INC | COMMON STOCK | 485924104 |  | 9066600 | 180000 | SH |  | OTR |  | 0 | 180000 | 0 |
| KELLANOVA | COM | 487836108 |  | 397650 | 5000 | SH |  | OTR |  | 0 | 5000 | 0 |
| KELLANOVA | COM | 487836108 |  | 1590600 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 8002909 | 149308 | SH |  | OTR |  | 0 | 149308 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1032800 | 40000 | SH | Call | OTR |  | 0 | 40000 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 7140640 | 208000 | SH |  | OTR |  | 0 | 208000 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 6866000 | 200000 | SH | Call | OTR |  | 0 | 200000 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 33214050 | 45000 | SH | Call | OTR |  | 0 | 45000 | 0 |
| MFA FINL INC | COM | 55272X607 |  | 1114747 | 117838 | SH |  | OTR |  | 0 | 117838 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 418702 | 5950 | SH |  | OTR |  | 0 | 5950 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1232500 | 10000 | SH | Put | OTR |  | 0 | 10000 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 218284200 | 540000 | SH | Call | OTR |  | 0 | 540000 | 0 |
| NEW ORIENTAL ED  TECHNOLOGY | SPON ADR | 647581206 |  | 852410 | 15800 | SH |  | OTR |  | 0 | 15800 | 0 |
| NEXTERA ENERGY CAP HLDGS INC | NOTE 3.000% 3/0 | 65339KCY4 |  | 4880608 | 4300000 | PRN |  | OTR |  | 0 | 0 | 4300000 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 13125443 | 278731 | SH |  | OTR |  | 0 | 278731 | 0 |
| NEXTERA ENERGY INC | UNIT 09/01/2025 | 65339F713 |  | 6103388 | 153583 | SH |  | OTR |  | 0 | 153583 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 4527600 | 330000 | SH | Call | OTR |  | 0 | 330000 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 102686548 | 649956 | SH |  | OTR |  | 0 | 649956 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 420100 | 10000 | SH | Call | OTR |  | 0 | 10000 | 0 |
| PG CORP | NOTE 4.250%12/0 | 69331CAL2 |  | 7999998 | 8054000 | PRN |  | OTR |  | 0 | 0 | 8054000 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 9222039 | 245267 | SH |  | OTR |  | 0 | 245267 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 1481879 | 41324 | SH |  | OTR |  | 0 | 41324 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 6448324 | 104022 | SH |  | OTR |  | 0 | 104022 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 4517100 | 30000 | SH |  | OTR |  | 0 | 30000 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 21295288 | 1886208 | SH |  | OTR |  | 0 | 1886208 | 0 |
| RUBRIK INC. | CL A | 781154109 |  | 2239750 | 25000 | SH |  | OTR |  | 0 | 25000 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 2465342 | 29069 | SH |  | OTR |  | 0 | 29069 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 4608560 | 88000 | SH |  | OTR |  | 0 | 88000 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 |  | 1246659 | 30098 | SH |  | OTR |  | 0 | 30098 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 4475042 | 20591 | SH |  | OTR |  | 0 | 20591 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 1266695 | 15644 | SH |  | OTR |  | 0 | 15644 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 1164046 | 8636 | SH |  | OTR |  | 0 | 8636 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 6338531 | 77621 | SH |  | OTR |  | 0 | 77621 | 0 |
| SHIFT4 PMTS INC | 6 SER A CNV PREF | 82452J307 |  | 17300621 | 150179 | SH |  | OTR |  | 0 | 150179 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 14472719 | 47478 | SH |  | OTR |  | 0 | 47478 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 381037500 | 1250000 | SH | Call | OTR |  | 0 | 1250000 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 304830000 | 1000000 | SH | Put | OTR |  | 0 | 1000000 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5566211 | 9009 | SH |  | OTR |  | 0 | 9009 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 15816960 | 25600 | SH | Put | OTR |  | 0 | 25600 | 0 |
| SPDR SERIES TRUST | BBG CONV SEC ETF | 78464A359 |  | 1359261 | 16444 | SH |  | OTR |  | 0 | 16444 | 0 |
| SPDR SERIES TRUST | BLOOMBERG SHT TE | 78468R408 |  | 3304425 | 129687 | SH |  | OTR |  | 0 | 129687 | 0 |
| SPDR SERIES TRUST | S BK ETF | 78464A797 |  | 2258280 | 40500 | SH | Call | OTR |  | 0 | 40500 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 21038246 | 264200 | SH |  | OTR |  | 0 | 264200 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 42924264 | 137591 | SH |  | OTR |  | 0 | 137591 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 2326301 | 12003 | SH |  | OTR |  | 0 | 12003 | 0 |
| WERIDE INC | SPONSORED ADS | 950915108 |  | 147183 | 18678 | SH |  | OTR |  | 0 | 18678 | 0 |
| WOLFSPEED INC | NOTE 1.875%12/0 | 977852AD4 |  | 381015 | 1500000 | PRN |  | OTR |  | 0 | 0 | 1500000 |

---