# EDGAR Filing Document

**Accession Number:** 0001610880
**File Stem:** 0000905148-25-004041
**Filing Date:** 2025-11
**Character Count:** 19301
**Document Hash:** 18a03521237ac5d4f5c09e411a0f9746
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-004041.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000905148-25-004041

**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:** 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:** 251487124

**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:** 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:** 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  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:** 152

**Form 13F Information Table Value Total:** $4328430707

      (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 |
| ACUREN CORP | COM | 00510N102 |  | 665500 | 50000 | SH |  | OTR |  | 0 | 50000 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 24268500 | 150000 | SH | Call | OTR |  | 0 | 150000 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 3288600 | 45000 | SH | Call | OTR |  | 0 | 45000 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 |  | 16056377 | 16741000 | PRN |  | OTR |  | 0 | 0 | 16741000 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 10262828 | 270930 | SH |  | OTR |  | 0 | 270930 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 01609WBG6 |  | 28501943 | 15500000 | PRN |  | OTR |  | 0 | 0 | 15500000 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2269871 | 12700 | SH |  | OTR |  | 0 | 12700 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 561336 | 1231 | SH |  | OTR |  | 0 | 1231 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 12583585 | 51763 | SH |  | OTR |  | 0 | 51763 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 122279300 | 503000 | SH | Call | OTR |  | 0 | 503000 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 9729823 | 39950 | SH |  | OTR |  | 0 | 39950 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 61535810 | 280256 | SH |  | OTR |  | 0 | 280256 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 43914000 | 200000 | SH | Call | OTR |  | 0 | 200000 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 1528607 | 11470 | SH |  | OTR |  | 0 | 11470 | 0 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 |  | 1890506 | 38046 | SH |  | OTR |  | 0 | 38046 | 0 |
| AUTOHOME INC | SP ADS RP CL A | 05278C107 |  | 1299025 | 45500 | SH |  | OTR |  | 0 | 45500 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 3228365 | 24500 | SH |  | OTR |  | 0 | 24500 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 9487440 | 72000 | SH | Call | OTR |  | 0 | 72000 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 1889027 | 57645 | SH |  | OTR |  | 0 | 57645 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 699161 | 12541 | SH |  | OTR |  | 0 | 12541 | 0 |
| BIGBEAR AI HLDGS INC | COM | 08975B109 |  | 652000 | 100000 | SH | Call | OTR |  | 0 | 100000 | 0 |
| BILIBILI INC | SPONS ADS REP Z | 090040106 |  | 2106750 | 75000 | SH |  | OTR |  | 0 | 75000 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 8321546 | 119614 | SH |  | OTR |  | 0 | 119614 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | UNIT 02/01/2027 | 10950A205 |  | 6923351 | 68487 | SH |  | OTR |  | 0 | 68487 | 0 |
| BRUKER CORP | 6.375 PREF SER A | 116794207 |  | 4987258 | 18349 | SH |  | OTR |  | 0 | 18349 | 0 |
| CALUMET INC | COM | 131428104 |  | 1095000 | 60000 | SH |  | OTR |  | 0 | 60000 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 4679388 | 55800 | SH | Call | OTR |  | 0 | 55800 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 356800 | 10000 | SH | Call | OTR |  | 0 | 10000 | 0 |
| CHART INDS INC | 6.75DP CNV PFD B | 16115Q407 |  | 591859 | 8329 | SH |  | OTR |  | 0 | 8329 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 24763900 | 170000 | SH | Call | OTR |  | 0 | 170000 | 0 |
| CIPHER MINING INC | COM | 17253J106 |  | 7554000 | 600000 | SH | Call | OTR |  | 0 | 600000 | 0 |
| CIPHER MINING INC | NOTE 1.750% 5/1 | 17253JAA4 |  | 1228543 | 414000 | PRN |  | OTR |  | 0 | 0 | 414000 |
| CRITEO S A | SPONS ADS | 226718104 |  | 51076000 | 2260000 | SH |  | OTR |  | 0 | 2260000 | 0 |
| CROCS INC | COM | 227046109 |  | 133680000 | 1600000 | SH | Call | OTR |  | 0 | 1600000 | 0 |
| DAQO NEW ENERGY CORP | SPNSRD ADS NEW | 23703Q203 |  | 1170208 | 41600 | SH |  | OTR |  | 0 | 41600 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 2598658 | 18249 | SH |  | OTR |  | 0 | 18249 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 |  | 7460802 | 226222 | SH |  | OTR |  | 0 | 226222 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 343500 | 3000 | SH |  | OTR |  | 0 | 3000 | 0 |
| ECHOSTAR CORP | NOTE 3.875%11/3 | 278768AB2 |  | 20586755 | 8375000 | PRN |  | OTR |  | 0 | 0 | 8375000 |
| ELI LILLY  CO | COM | 532457108 |  | 38533789 | 50503 | SH |  | OTR |  | 0 | 50503 | 0 |
| EQT CORP | COM | 26884L109 |  | 4993571 | 91743 | SH |  | OTR |  | 0 | 91743 | 0 |
| ETSY INC | COM | 29786A106 |  | 2390040 | 36000 | SH | Call | OTR |  | 0 | 36000 | 0 |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 | 30050BAJ0 |  | 2505200 | 2500000 | PRN |  | OTR |  | 0 | 0 | 2500000 |
| FIRST SOLAR INC | COM | 336433107 |  | 22053000 | 100000 | SH | Call | OTR |  | 0 | 100000 | 0 |
| FLYWIRE CORPORATION | COM VTG | 302492103 |  | 1354000 | 100000 | SH |  | OTR |  | 0 | 100000 | 0 |
| GARRETT MOTION INC | COM | 366505105 |  | 36538823 | 2682733 | SH |  | OTR |  | 0 | 2682733 | 0 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 298919 | 7724 | SH |  | OTR |  | 0 | 7724 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 5104900 | 8302 | SH |  | OTR |  | 0 | 8302 | 0 |
| GLADSTONE CAP CORP | NOTE 5.875%10/0 | 376535AG5 |  | 991715 | 1000000 | PRN |  | OTR |  | 0 | 0 | 1000000 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 1801926 | 37800 | SH |  | OTR |  | 0 | 37800 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 2756000 | 100000 | SH | Call | OTR |  | 0 | 100000 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 1854824 | 27317 | SH |  | OTR |  | 0 | 27317 | 0 |
| HUT 8 CORP | COM | 44812J104 |  | 12058184 | 346400 | SH | Call | OTR |  | 0 | 346400 | 0 |
| INTUITIVE MACHINES INC | CLASS A COM | 46125A100 |  | 3787200 | 360000 | SH | Call | OTR |  | 0 | 360000 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 462284900 | 770000 | SH | Call | OTR |  | 0 | 770000 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 199683062 | 332600 | SH | Put | OTR |  | 0 | 332600 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 1528865 | 23370 | SH |  | OTR |  | 0 | 23370 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 52000000 | 800000 | SH | Call | OTR |  | 0 | 800000 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 2303349 | 73099 | SH |  | OTR |  | 0 | 73099 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 62389800 | 1980000 | SH | Put | OTR |  | 0 | 1980000 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 1085000 | 35000 | SH |  | OTR |  | 0 | 35000 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 15500000 | 500000 | SH | Call | OTR |  | 0 | 500000 | 0 |
| ISHARES INC | MSCI ISRAEL ETF | 464286632 |  | 1203600 | 12000 | SH |  | OTR |  | 0 | 12000 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 5049701 | 62956 | SH |  | OTR |  | 0 | 62956 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 2502360 | 28000 | SH | Call | OTR |  | 0 | 28000 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 1110780 | 27000 | SH |  | OTR |  | 0 | 27000 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 5290460 | 46000 | SH |  | OTR |  | 0 | 46000 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 85249500 | 1050000 | SH | Put | OTR |  | 0 | 1050000 | 0 |
| ISHARES TR | INDIA 50 ETF | 464289529 |  | 5090000 | 100000 | SH | Call | OTR |  | 0 | 100000 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 6038960 | 116000 | SH |  | OTR |  | 0 | 116000 | 0 |
| ISHARES TR | S 100 ETF | 464287101 |  | 307934248 | 925172 | SH |  | OTR |  | 0 | 925172 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 24399375 | 227500 | SH |  | OTR |  | 0 | 227500 | 0 |
| ITRON INC | NOTE 1.375% 7/1 | 465741AQ9 |  | 18197051 | 15826000 | PRN |  | OTR |  | 0 | 0 | 15826000 |
| ITRON INC | NOTE 3/1 | 465741AN6 |  | 18816566 | 17756000 | PRN |  | OTR |  | 0 | 0 | 17756000 |
| JETBLUE AIRWAYS CORP | NOTE 2.500% 9/0 | 477143AR2 |  | 16404154 | 15820000 | PRN |  | OTR |  | 0 | 0 | 15820000 |
| KELLANOVA | COM | 487836108 |  | 1066260 | 13000 | SH |  | OTR |  | 0 | 13000 | 0 |
| KELLANOVA | COM | 487836108 |  | 1640400 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| KELLANOVA | COM | 487836108 |  | 1271310 | 15500 | SH | Put | OTR |  | 0 | 15500 | 0 |
| KENVUE INC | COM | 49177J102 |  | 12984000 | 800000 | SH | Call | OTR |  | 0 | 800000 | 0 |
| KINETIK HOLDINGS INC | COM NEW CL A | 02215L209 |  | 512880 | 12000 | SH |  | OTR |  | 0 | 12000 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 4251396 | 81211 | SH |  | OTR |  | 0 | 81211 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1822800 | 70000 | SH | Call | OTR |  | 0 | 70000 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 89384719 | 2127701 | SH |  | OTR |  | 0 | 2127701 | 0 |
| LATAM AIRLINES GROUP SA | SPONSORED ADR | 51817R205 |  | 2262500 | 50000 | SH |  | OTR |  | 0 | 50000 | 0 |
| LEGENCE CORP | CL A | 52476L109 |  | 2462120 | 79913 | SH |  | OTR |  | 0 | 79913 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 8280000 | 300000 | SH |  | OTR |  | 0 | 300000 | 0 |
| MARA HOLDINGS INC | NOTE 2.125% 9/0 | 565788AD8 |  | 4520475 | 3700000 | PRN |  | OTR |  | 0 | 0 | 3700000 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 4539780 | 54000 | SH | Call | OTR |  | 0 | 54000 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 19087271 | 25991 | SH |  | OTR |  | 0 | 25991 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 55078500 | 75000 | SH | Call | OTR |  | 0 | 75000 | 0 |
| MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 |  | 8243185 | 139644 | SH |  | OTR |  | 0 | 139644 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 73716198 | 142323 | SH |  | OTR |  | 0 | 142323 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 155592180 | 300400 | SH | Call | OTR |  | 0 | 300400 | 0 |
| NETSKOPE INC | CL A | 64119N608 |  | 5034695 | 221500 | SH |  | OTR |  | 0 | 221500 | 0 |
| NEW ORIENTAL ED  TECHNOLOGY | SPON ADR | 647581206 |  | 838506 | 15800 | SH |  | OTR |  | 0 | 15800 | 0 |
| NEXTERA ENERGY CAP HLDGS INC | NOTE 3.000% 3/0 | 65339KCY4 |  | 11007155 | 9300000 | PRN |  | OTR |  | 0 | 0 | 9300000 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 4877535 | 97805 | SH |  | OTR |  | 0 | 97805 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 206874866 | 1108773 | SH |  | OTR |  | 0 | 1108773 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 22837392 | 122400 | SH | Call | OTR |  | 0 | 122400 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 |  | 9686345 | 8500000 | PRN |  | OTR |  | 0 | 0 | 8500000 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 860760 | 108000 | SH | Call | OTR |  | 0 | 108000 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 4828320 | 72000 | SH | Call | OTR |  | 0 | 72000 | 0 |
| PG CORP | COM | 69331C108 |  | 148792520 | 9866878 | SH |  | OTR |  | 0 | 9866878 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 3657102 | 92867 | SH |  | OTR |  | 0 | 92867 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 1329393 | 41324 | SH |  | OTR |  | 0 | 41324 | 0 |
| PONY AI INC | SPONSORED ADS | 732908108 |  | 2145546 | 95400 | SH | Call | OTR |  | 0 | 95400 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 2024243 | 6641 | SH |  | OTR |  | 0 | 6641 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 20178422 | 66200 | SH | Call | OTR |  | 0 | 66200 | 0 |
| QUANTUM COMPUTING INC | COM | 74766W108 |  | 9205000 | 500000 | SH | Put | OTR |  | 0 | 500000 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 17773813 | 323219 | SH |  | OTR |  | 0 | 323219 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 |  | 11719048 | 81700 | SH | Call | OTR |  | 0 | 81700 | 0 |
| RICHTECH ROBOTICS INC | CL B | 765504105 |  | 429000 | 100000 | SH | Call | OTR |  | 0 | 100000 | 0 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 9529821 | 319900 | SH | Put | OTR |  | 0 | 319900 | 0 |
| RIOT PLATFORMS INC | COM | 767292105 |  | 2078076 | 109200 | SH |  | OTR |  | 0 | 109200 | 0 |
| RIOT PLATFORMS INC | COM | 767292105 |  | 14272500 | 750000 | SH | Call | OTR |  | 0 | 750000 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 16909685 | 1484608 | SH |  | OTR |  | 0 | 1484608 | 0 |
| ROOT INC | CL A NEW | 77664L207 |  | 5155776 | 57600 | SH | Call | OTR |  | 0 | 57600 | 0 |
| ROUNDHILL ETF TRUST | HUMANOID ROBOTIC | 77926X650 |  | 10700298 | 355728 | SH |  | OTR |  | 0 | 355728 | 0 |
| RUBRIK INC. | CL A | 781154109 |  | 25908750 | 315000 | SH |  | OTR |  | 0 | 315000 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 |  | 1268071 | 30099 | SH |  | OTR |  | 0 | 30099 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 1226020 | 15644 | SH |  | OTR |  | 0 | 15644 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 1201872 | 8636 | SH |  | OTR |  | 0 | 8636 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 1407918 | 16144 | SH |  | OTR |  | 0 | 16144 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 2061260 | 23000 | SH |  | OTR |  | 0 | 23000 | 0 |
| SERVE ROBOTICS INC | COM | 81758H106 |  | 13839700 | 1190000 | SH | Call | OTR |  | 0 | 1190000 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1731300 | 5000 | SH | Put | OTR |  | 0 | 5000 | 0 |
| SHIFT4 PMTS INC | 6 SER A CNV PREF | 82452J307 |  | 9625890 | 101464 | SH |  | OTR |  | 0 | 101464 | 0 |
| SKYWATER TECHNOLOGY INC | COM | 83089J108 |  | 2082456 | 111600 | SH | Call | OTR |  | 0 | 111600 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 2546784 | 68832 | SH |  | OTR |  | 0 | 68832 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 35609207 | 100175 | SH |  | OTR |  | 0 | 100175 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 296817450 | 835000 | SH | Call | OTR |  | 0 | 835000 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 405769005 | 1141500 | SH | Put | OTR |  | 0 | 1141500 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 208181250 | 312500 | SH | Put | OTR |  | 0 | 312500 | 0 |
| SPDR SERIES TRUST | S HOMEBUILD | 78464A888 |  | 4597868 | 41497 | SH |  | OTR |  | 0 | 41497 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 1989742 | 15051 | SH |  | OTR |  | 0 | 15051 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 105760000 | 800000 | SH | Call | OTR |  | 0 | 800000 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 14559000 | 230000 | SH | Call | OTR |  | 0 | 230000 | 0 |
| SPDR SERIES TRUST | S RETAIL ETF | 78464A714 |  | 11158845 | 129483 | SH |  | OTR |  | 0 | 129483 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 504119 | 2699 | SH |  | OTR |  | 0 | 2699 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 15081660 | 54000 | SH | Call | OTR |  | 0 | 54000 | 0 |
| TESLA INC | COM | 88160R101 |  | 11206944 | 25200 | SH | Call | OTR |  | 0 | 25200 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 4898500 | 50000 | SH | Call | OTR |  | 0 | 50000 | 0 |
| UNUSUAL MACHS INC | COM SHS | 91532F102 |  | 2168179 | 143588 | SH |  | OTR |  | 0 | 143588 | 0 |
| UPEXI INC | COM NEW | 39959A205 |  | 407160 | 70565 | SH |  | OTR |  | 0 | 70565 | 0 |
| USA RARE EARTH INC | COM | 91733P107 |  | 618840 | 36000 | SH | Call | OTR |  | 0 | 36000 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 4049200 | 53000 | SH |  | OTR |  | 0 | 53000 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 36672000 | 480000 | SH | Call | OTR |  | 0 | 480000 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 30172000 | 200000 | SH | Call | OTR |  | 0 | 200000 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 6046523 | 17712 | SH |  | OTR |  | 0 | 17712 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 330756 | 32019 | SH |  | OTR |  | 0 | 32019 | 0 |
| WERIDE INC | SPONSORED ADS | 950915108 |  | 457133 | 46175 | SH |  | OTR |  | 0 | 46175 | 0 |
| WISDOMTREE INC | NOTE 3.250% 8/1 | 97717PAH7 |  | 11813770 | 9044000 | PRN |  | OTR |  | 0 | 0 | 9044000 |

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