# EDGAR Filing Document

**Accession Number:** 0001838556
**File Stem:** 0001838556-26-000006
**Filing Date:** 2026-2
**Character Count:** 11485
**Document Hash:** 0027dd2919469ff0383489d5f1c1e6d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001838556-26-000006.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001838556-26-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 811321967
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21332
- **FILM NUMBER:** 26638552

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 145 ADELAIDE STREET WEST
- **STREET 2:** SUITE 400
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** CANADA
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5H 4E5
- **BUSINESS PHONE:** (416) 845-0666

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 145 ADELAIDE STREET WEST
- **STREET 2:** SUITE 400
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** CANADA
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5H 4E5

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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>SUITE 400<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  02-17-2026<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:** 75

**Form 13F Information Table Value Total:** $621522816

      (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 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 2542950 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 2542950 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| AMPLITECH GROUP INC | *W EXP 02/26/202 | 03211Q119 |  | 3735 | 46693 | SH |  | SOLE |  | 46693 | 0 | 0 |
| APREA THERAPEUTICS INC | COM NEW | 03836J201 |  | 290139 | 340139 | SH |  | SOLE |  | 340139 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 1322750 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| ARBUTUS BIOPHARMA CORP | COM | 03879J100 |  | 1072149 | 222900 | SH | Call | SOLE |  | 222900 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 3772652 | 106874 | SH |  | SOLE |  | 106874 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 1732307 | 13347 | SH |  | SOLE |  | 13347 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 5516075 | 42500 | SH | Call | SOLE |  | 42500 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 5516075 | 42500 | SH | Put | SOLE |  | 42500 | 0 | 0 |
| BARK INC | COM | 68622E104 |  | 295251 | 490043 | SH |  | SOLE |  | 490043 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 1881360 | 43200 | SH | Put | SOLE |  | 43200 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 1881360 | 43200 | SH | Call | SOLE |  | 43200 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 893250 | 37500 | SH | Put | SOLE |  | 37500 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 893250 | 37500 | SH | Call | SOLE |  | 37500 | 0 | 0 |
| BEYOND MEAT INC | COM | 08862E109 |  | 86100 | 105001 | SH |  | SOLE |  | 105001 | 0 | 0 |
| BEYOND MEAT INC | DEBT  7.000%10/1 | 08862EAD1 |  | 372374 | 461000 | PRN |  | SOLE |  | 461000 | 0 | 0 |
| BEYOND MEAT INC | COM | 08862E109 |  | 268386 | 327300 | SH | Put | SOLE |  | 327300 | 0 | 0 |
| CAMPING WORLD HLDGS INC | CL A | 13462K109 |  | 291900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 244647 | 2700 | SH | Put | SOLE |  | 2700 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 244647 | 2700 | SH | Call | SOLE |  | 2700 | 0 | 0 |
| CATALYST BANCORP INC | COMMON STOCK | 14888L101 |  | 4080305 | 259067 | SH |  | SOLE |  | 259067 | 0 | 0 |
| CHILDRENS PL INC NEW | COM | 168905107 |  | 171140 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| CITY OFFICE REIT INC | COM | 178587101 |  | 100656 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 6941658 | 100371 | SH |  | SOLE |  | 100371 | 0 | 0 |
| DENNYS CORP | COM | 24869P104 |  | 99520 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 246038 | 5144 | SH |  | SOLE |  | 5144 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 2869800 | 60000 | SH | Call | SOLE |  | 60000 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 956600 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| ENOVIX CORPORATION | COM | 293594107 |  | 182750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| EVENTBRITE INC | COM CL A | 29975E109 |  | 100125 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 3963000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| GEN DIGITAL INC | RIGHT 99/99/9999 | 668771116 |  | 504292 | 111569 | SH |  | SOLE |  | 111569 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 3186210 | 51012 | SH |  | SOLE |  | 51012 | 0 | 0 |
| GRABAGUN DIGITAL HLDGS INC | COMMON STOCK | 38387Q105 |  | 45150 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 2587500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| LENSAR INC | COM | 52634L108 |  | 361809 | 31110 | SH |  | SOLE |  | 31110 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  3.750% 3/1 | 531229AP7 |  | 25207000 | 250000 | PRN |  | SOLE |  | 250000 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 5898000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 23947000 | 15550000 | SH |  | SOLE |  | 15550000 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 4688000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 |  | 35910 | 31500 | SH | Put | SOLE |  | 31500 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 871000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NORTHWEST BANCSHARES INC MD | COM | 667340103 |  | 360000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 55257916 | 895300 | SH | Put | SOLE |  | 895300 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 3227956 | 52300 | SH | Call | SOLE |  | 52300 | 0 | 0 |
| OFFERPAD SOLUTIONS INC | COM CL A | 67623L307 |  | 14520 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 19491000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ORAMED PHARMACEUTICALS INC | COM NEW | 68403P203 |  | 3819704 | 1340247 | SH |  | SOLE |  | 1340247 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 5838000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| PELTHOS THERAPEUTICS INC | COM SHS | 171126204 |  | 8973849 | 289479 | SH |  | SOLE |  | 289479 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 3735000 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| RCI HOSPITALITY HLDGS INC | COM | 74934Q108 |  | 2384000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| REVIVA PHARMACEUTCLS HLDGS I | COM | 76152G100 |  | 70000 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| RITHM PPTY TR INC | COM NEW SHS | 38983D854 |  | 198645 | 11981 | SH |  | SOLE |  | 11981 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 5808290 | 300015 | SH |  | SOLE |  | 300015 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 5808000 | 300000 | SH | Put | SOLE |  | 300000 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 10621527 | 62300 | SH | Call | SOLE |  | 62300 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 9087117 | 53300 | SH | Put | SOLE |  | 53300 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 40309478 | 1467400 | SH | Put | SOLE |  | 1467400 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 34096000 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| SPIRE GLOBAL INC | COM CL A NEW | 848560306 |  | 300060 | 40008 | SH |  | SOLE |  | 40008 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 15195000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| SUNOCOCORP LLC | COM SHS LLC | 86765Q106 |  | 15659607 | 317768 | SH |  | SOLE |  | 317768 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 1990128 | 168798 | SH |  | SOLE |  | 168798 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 54133581 | 984068 | SH |  | SOLE |  | 984068 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 109139840 | 1984000 | SH | Put | SOLE |  | 1984000 | 0 | 0 |
| TEXAS VENTURES ACQUISITION I | USD CL A ORD SHS | G8772L105 |  | 266250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 8478000 | 90000 | SH | Call | SOLE |  | 90000 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 8478000 | 90000 | SH | Put | SOLE |  | 90000 | 0 | 0 |
| USA TODAY CO INC | COM | 36472T109 |  | 2163000 | 420000 | SH |  | SOLE |  | 420000 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 149940 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 862718 | 49553 | SH |  | SOLE |  | 49553 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 66763868 | 3834800 | SH | Put | SOLE |  | 3834800 | 0 | 0 |
| YORKVILLE ACQUISITION CORP. | SHS CL A | G98659116 |  | 10134052 | 1000400 | SH |  | SOLE |  | 1000400 | 0 | 0 |

---