# EDGAR Filing Document

**Accession Number:** 0001838556
**File Stem:** 0001838556-25-000011
**Filing Date:** 2025-11
**Character Count:** 13490
**Document Hash:** ec737eeedd36fdec1e71e3b5350abfe8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001838556-25-000011.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001838556-25-000011

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Murchinson Ltd.
- **CENTRAL INDEX KEY:** 0001838556

**ORGANIZATION NAME:**
- **EIN:** 811321967
- **STATE OF INCORPORATION:** A6

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21332
- **FILM NUMBER:** 251484938

**BUSINESS ADDRESS:**
- **STREET 1:** 145 ADELAIDE STREET WEST
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 4E5
- **BUSINESS PHONE:** (416) 845-0666

**MAIL ADDRESS:**
- **STREET 1:** 145 ADELAIDE STREET WEST
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 4E5

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Murchinson Ltd.<br>**Address:** 145 ADELAIDE STREET WEST<br>TORONTO, A6 M5H 4E5

**Form 13F File Number:** 028-21332

**CRD Number (if applicable):** 000310138

**SEC File Number (if applicable):** 802-119462

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:** Marc J. Bistricer<br>**Title:** Chief Executive Officer<br>**Phone:** 416-845-0666

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

/s/ Marc J. Bistricer  Toronto A6, A6  11-14-2025<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:** 96

**Form 13F Information Table Value Total:** $788199418

      (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 |
| ADURO CLEAN TECHNOLOGIES INC | COM NEW | 007408206 |  | 594906 | 44396 | SH |  | SOLE |  | 44396 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6371568 | 37800 | SH | Put | SOLE |  | 37800 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6371568 | 37800 | SH | Call | SOLE |  | 37800 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 908000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 1011966 | 222900 | SH | Call | SOLE |  | 222900 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 3771583 | 106874 | SH |  | SOLE |  | 106874 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 100495 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 3907500 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 3907500 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| BARK INC | COM | 68622E104 |  | 407128 | 490043 | SH |  | SOLE |  | 490043 | 0 | 0 |
| BAYVIEW ACQUISITION CORP | RIGHT 99/99/9999 | 07323B118 |  | 25507 | 159418 | SH |  | SOLE |  | 159418 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 584750 | 25000 | SH | Put | SOLE |  | 25000 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 584750 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| BEYOND MEAT INC | COM | 08862E109 |  | 1586088 | 839200 | SH | Put | SOLE |  | 839200 | 0 | 0 |
| BEYOND MEAT INC | NOTE         3/1 | 08862EAB5 |  | 2187295 | 11000000 | PRN |  | SOLE |  | 11000000 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 284700 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 284700 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 5327950 | 56500 | SH | Call | SOLE |  | 56500 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 5327950 | 56500 | SH | Put | SOLE |  | 56500 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 2420925 | 32500 | SH | Call | SOLE |  | 32500 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 2420925 | 32500 | SH | Put | SOLE |  | 32500 | 0 | 0 |
| CANOPY GROWTH CORP | COM NEW | 138035704 |  | 219000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| CHILDRENS PL INC NEW | COM | 168905107 |  | 248400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| DEFI DEVELOPMENT CORP | COM | 47100L301 |  | 3062000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| DRAGANFLY INC. | COM | 26142Q304 |  | 881000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ENOVIX CORPORATION | COM | 293594107 |  | 129610 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| FIGURE TECHNOLOGY SOLUTIO | COM CL A | 349381103 |  | 3637000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 5513250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| FUEL TECH INC | COM | 359523107 |  | 450000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| GANNETT CO INC | COM | 36472T109 |  | 2065000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| GEN DIGITAL INC | RIGHT 99/99/9999 | 668771116 |  | 824495 | 111569 | SH |  | SOLE |  | 111569 | 0 | 0 |
| GLOBAL PMTS INC | NOTE  1.500% 3/0 | 37940XAU6 |  | 3659720 | 4000000 | PRN |  | SOLE |  | 4000000 | 0 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 105440 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 390633 | 57446 | SH |  | SOLE |  | 57446 | 0 | 0 |
| HUT 8 CORP | COM | 44812J104 |  | 522150 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1291667 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 1569802 | 17300 | SH | Put | SOLE |  | 17300 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 1569802 | 17300 | SH | Call | SOLE |  | 17300 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 5032500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 4693000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| KLARNA GROUP PLC | SHS | G5279N105 |  | 733000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| KYIVSTAR GROUP LTD | ORD SHS | G5331N101 |  | 937500 | 75000 | SH | Put | SOLE |  | 75000 | 0 | 0 |
| LEXARIA BIOSCIENCE CORP | COM NEW | 52886N406 |  | 399743 | 419590 | SH |  | SOLE |  | 419590 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  3.750% 3/1 | 531229AP7 |  | 262662 | 250000 | PRN |  | SOLE |  | 250000 | 0 | 0 |
| LITHIUM AMERS CORP NEW | COM SHS | 53681J103 |  | 856500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| LIVERAMP HLDGS INC | COM | 53815P108 |  | 814200 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 723384 | 118200 | SH | Put | SOLE |  | 118200 | 0 | 0 |
| MARATHON BANCORP INC | COM NEW | 565759206 |  | 237825 | 22802 | SH |  | SOLE |  | 22802 | 0 | 0 |
| MBX BIOSCIENCES INC | COM | 55287L101 |  | 1400000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 11497962 | 54547 | SH |  | SOLE |  | 54547 | 0 | 0 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 24413500 | 15550000 | SH |  | SOLE |  | 15550000 | 0 | 0 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 |  | 69615 | 31500 | SH | Put | SOLE |  | 31500 | 0 | 0 |
| NORTHWEST BANCSHARES INC MD | COM | 667340103 |  | 371700 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 122597615 | 1500032 | SH |  | SOLE |  | 1500032 | 0 | 0 |
| OKLO INC | COM CL A | 02156V109 |  | 5581500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 334740 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| ORAMED PHARMACEUTICALS INC | COM NEW | 68403P203 |  | 4624116 | 1751559 | SH |  | SOLE |  | 1751559 | 0 | 0 |
| PELTHOS THERAPEUTICS INC | COM SHS | 171126204 |  | 7840000 | 280000 | SH |  | SOLE |  | 280000 | 0 | 0 |
| PERFORMANT HEALTHCARE INC | COM | 71377E105 |  | 100490 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| PERION NETWORK LTD | SHS NEW | M78673114 |  | 684432 | 71295 | SH |  | SOLE |  | 71295 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 488000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 1019826 | 15900 | SH | Put | SOLE |  | 15900 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 1019826 | 15900 | SH | Call | SOLE |  | 15900 | 0 | 0 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 4468500 | 150000 | SH | Put | SOLE |  | 150000 | 0 | 0 |
| RITHM PPTY TR INC | COM | 38983D300 |  | 181158 | 71888 | SH |  | SOLE |  | 71888 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 7159000 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 5814000 | 300000 | SH | Put | SOLE |  | 300000 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 22260052 | 151100 | SH | Put | SOLE |  | 151100 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 22260052 | 151100 | SH | Call | SOLE |  | 151100 | 0 | 0 |
| SMART SH GLOBAL LTD | ADS | 83193E102 |  | 1350000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| SNAP INC | CL A | 83304A106 |  | 1542000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| SOL STRATEGIES INC | COM | 83411A205 |  | 293760 | 67701 | SH |  | SOLE |  | 67701 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 64952550 | 97500 | SH |  | SOLE |  | 97500 | 0 | 0 |
| SPIRE GLOBAL INC | COM CL A NEW | 848560306 |  | 274750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SPIRE GLOBAL INC | COM CL A NEW | 848560306 |  | 325304 | 29600 | SH | Call | SOLE |  | 29600 | 0 | 0 |
| SPIRIT AEROSYSTEMS HLDGS INC | COM CL A | 848574109 |  | 1544000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| STAAR SURGICAL CO | COM PAR $0.01 | 852312305 |  | 671750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 1045250 | 25000 | SH | Put | SOLE |  | 25000 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 1045250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| SURMODICS INC | COM | 868873100 |  | 1583602 | 52981 | SH |  | SOLE |  | 52981 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 3114789 | 174498 | SH |  | SOLE |  | 174498 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 272050 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 272050 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 220364200 | 4050068 | SH |  | SOLE |  | 4050068 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 5676450 | 71000 | SH | Put | SOLE |  | 71000 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 5676450 | 71000 | SH | Call | SOLE |  | 71000 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 6670000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 9710000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| VERITONE INC | NOTE  1.750%11/1 | 92347MAB6 |  | 3025080 | 4000000 | PRN |  | SOLE |  | 4000000 | 0 | 0 |
| VIMEO INC | COMMON STOCK | 92719V100 |  | 99975 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| VITAL ENERGY INC | COM | 516806205 |  | 204369 | 12100 | SH |  | SOLE |  | 12100 | 0 | 0 |
| WIDEOPENWEST INC | COM | 96758W101 |  | 100104 | 19400 | SH |  | SOLE |  | 19400 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 2214040 | 77414 | SH |  | SOLE |  | 77414 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 109675260 | 3834800 | SH | Put | SOLE |  | 3834800 | 0 | 0 |
| YORKVILLE ACQUISITION CORP. | SHS CL A | G98659116 |  | 10664264 | 1000400 | SH |  | SOLE |  | 1000400 | 0 | 0 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 2429000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |

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