# EDGAR Filing Document

**Accession Number:** 0001810873
**File Stem:** 0001420506-25-003395
**Filing Date:** 2025-11
**Character Count:** 18972
**Document Hash:** 30c28dd6f56a030e4862cf232189d239
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-003395.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001420506-25-003395

**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:** Elequin Capital, LP
- **CENTRAL INDEX KEY:** 0001810873

**ORGANIZATION NAME:**
- **EIN:** 843389464
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22205
- **FILM NUMBER:** 251485098

**BUSINESS ADDRESS:**
- **STREET 1:** 1359 BROADWAY
- **STREET 2:** SUITE 1140
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 2126593970

**MAIL ADDRESS:**
- **STREET 1:** 1359 BROADWAY
- **STREET 2:** SUITE 1140
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Elequin Securities, LLC
- **DATE OF NAME CHANGE:** 20230117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ELEQUIN CAPITAL LP
- **DATE OF NAME CHANGE:** 20200428

### 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:** Elequin Capital LP<br>**Address:** 1359 BROADWAY<br>SUITE 1140<br>NEW YORK, NY 10018

**Form 13F File Number:** 028-22205

**CRD Number (if applicable):** 000308371

**SEC File Number (if applicable):** 802-128325

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:** James Finlayson<br>**Title:** Chief Operating Officer<br>**Phone:** 929-346-7126

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

James Finlayson Chief Operating Officer  NEW YORK, NY  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:** 143

**Form 13F Information Table Value Total:** $1844875243

      (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 |  | 323580 | 2000 | SH | Call | SOLE |  | 2000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 970740 | 6000 | SH | Put | SOLE |  | 6000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 3470396 | 21450 | SH |  | SOLE |  | 21450 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 48620000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 97240000 | 400000 | SH | Put | SOLE |  | 400000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 48620000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 54892500 | 250000 | SH | Put | SOLE |  | 250000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 54892500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 |  | 274966 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 255 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| ARK 21SHARES BITCOIN ETF | SHS BEN INT | 040919102 |  | 13745142 | 361524 | SH |  | SOLE |  | 361524 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 447379 | 5184 | SH |  | SOLE |  | 5184 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 96809 | 100 | SH | Put | SOLE |  | 100 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 96809 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| BITMINE IMMERSION TECNOLOGIE | COM NEW | 09175A206 |  | 384282 | 7400 | SH | Put | SOLE |  | 7400 | 0 | 0 |
| BITWISE BITCOIN ETF TR | SHS BEN INT | 09174C104 |  | 24498067 | 393733 | SH |  | SOLE |  | 393733 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES HIGH YIE | 092528843 |  | 3275464 | 66588 | SH |  | SOLE |  | 66588 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES AAA CLO | 092528504 |  | 10445 | 201 | SH |  | SOLE |  | 201 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES FLEXIBLE | 092528603 |  | 4312 | 81 | SH |  | SOLE |  | 81 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES BBB B CL | 092528850 |  | 43318 | 863 | SH |  | SOLE |  | 863 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES SHORT-TE | 092528884 |  | 1497299 | 29550 | SH |  | SOLE |  | 29550 | 0 | 0 |
| BLACKROCK ETF TRUST II | SHORT DURATION H | 092528108 |  | 60720 | 2718 | SH |  | SOLE |  | 2718 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES INTERMED | 092528207 |  | 806969 | 33715 | SH |  | SOLE |  | 33715 | 0 | 0 |
| BRIDGER AEROSPACE GRP HLDGS | *W EXP 01/24/202 | 96812F110 |  | 3643 | 47317 | SH |  | SOLE |  | 0 | 0 | 47317 |
| BROADCOM INC | COM | 11135F101 |  | 16495500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 16495500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CALAMOS ETF TR | CONVERTIBLE EQTY | 12811T308 |  | 96489 | 2657 | SH |  | SOLE |  | 2657 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | MUNICIPAL INCOME | 14020Y201 |  | 188519 | 6908 | SH |  | SOLE |  | 6908 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | SHORT DURATION M | 14020Y607 |  | 965488 | 36627 | SH |  | SOLE |  | 36627 | 0 | 0 |
| CHART INDS INC | 6.75DP CNV PFD B | 16115Q407 |  | 840361 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 50623500 | 150000 | SH | Put | SOLE |  | 150000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 54580570 | 161725 | SH |  | SOLE |  | 161725 | 0 | 0 |
| COINSHARES BITCOIN ETF | COM | 91916J100 |  | 18169880 | 562013 | SH |  | SOLE |  | 562013 | 0 | 0 |
| DIMENSIONAL ETF TRUST | NATL MUN BD ETF | 25434V849 |  | 4798 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| DIREXION SHS ETF TR | CSI 300 BULL2X | 25490K869 |  | 55180 | 2667 | SH |  | SOLE |  | 2667 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 22890000 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 22890000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ESGL HLDGS LTD | *W EXP 10/19/202 | G3R95P116 |  | 2202 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| ETF OPPORTUNITIES TRUST | T REX 2X INVERSE | 26923N413 |  | 1936 | 368 | SH |  | SOLE |  | 368 | 0 | 0 |
| ETF OPPORTUNITIES TRUST | REX BITCOIN CORP | 26923N322 |  | 426 | 15 | SH |  | SOLE |  | 15 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 338250 | 3000 | SH | Call | SOLE |  | 3000 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 47846119 | 479372 | SH |  | SOLE |  | 479372 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | EME MRK BD ETF | 33739P202 |  | 178563 | 6086 | SH |  | SOLE |  | 6086 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | MUNI HI INCM ETF | 33739P301 |  | 1461740 | 30767 | SH |  | SOLE |  | 30767 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | SHRT DUR MNG MUN | 33739P830 |  | 1055867 | 52583 | SH |  | SOLE |  | 52583 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | INSTL PFD SECS | 33739P855 |  | 12029 | 622 | SH |  | SOLE |  | 622 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ BUYWRITE | 33738R407 |  | 292376 | 14193 | SH |  | SOLE |  | 14193 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | SSI STRG ETF | 33739Q507 |  | 371137 | 8678 | SH |  | SOLE |  | 8678 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 |  | 3621 | 79 | SH |  | SOLE |  | 79 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | INCOME FOCUS ETF | 35473P439 |  | 57172 | 2061 | SH |  | SOLE |  | 2061 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FRANKLIN DYN MUN | 35473P868 |  | 1071129 | 43243 | SH |  | SOLE |  | 43243 | 0 | 0 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 18287252 | 361194 | SH |  | SOLE |  | 361194 | 0 | 0 |
| GRAYSCALE ETHEREUM MINI TR E | SHS NEW | 38964R203 |  | 2860 | 73 | SH |  | SOLE |  | 73 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 93525 | 500 | SH | Put | SOLE |  | 500 | 0 | 0 |
| INVESCO ACTIVELY MANAGED EXC | AAA CLO FLTNG RT | 46090A721 |  | 5583 | 218 | SH |  | SOLE |  | 218 | 0 | 0 |
| INVESCO ACTIVELY MANAGED EXC | VAR RATE INVT | 46090A879 |  | 3564 | 142 | SH |  | SOLE |  | 142 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | CALIF AMT MUN | 46138E206 |  | 210950 | 8819 | SH |  | SOLE |  | 8819 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NATL AMT MUNI | 46138E537 |  | 9236000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | BULLETSHARE 2034 | 46139W767 |  | 1464496 | 60193 | SH |  | SOLE |  | 60193 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | BULSHS 2028 MUNI | 46138J486 |  | 2341500 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | BULLETSHS 31 MUN | 46138J411 |  | 267920 | 12752 | SH |  | SOLE |  | 12752 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | BULSHS 2029 MUNI | 46138J478 |  | 935850 | 40513 | SH |  | SOLE |  | 40513 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | INVESCO BULLETSH | 46139W791 |  | 487807 | 19096 | SH |  | SOLE |  | 19096 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | BULLETSHS 32 MUN | 46139W833 |  | 1795877 | 71907 | SH |  | SOLE |  | 71907 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 238347 | 397 | SH |  | SOLE |  | 397 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 11700000 | 180000 | SH | Call | SOLE |  | 180000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 54059395 | 831683 | SH |  | SOLE |  | 831683 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 945300 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 1890600 | 60000 | SH | Put | SOLE |  | 60000 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 473217 | 15018 | SH |  | SOLE |  | 15018 | 0 | 0 |
| ISHARES INC | MSCI ISRAEL ETF | 464286632 |  | 233699 | 2330 | SH |  | SOLE |  | 2330 | 0 | 0 |
| ISHARES INC | GLB ENR PROD ETF | 464286343 |  | 83834 | 3342 | SH |  | SOLE |  | 3342 | 0 | 0 |
| ISHARES INC | MSCI GBL ETF NEW | 46434G848 |  | 92293 | 2074 | SH |  | SOLE |  | 2074 | 0 | 0 |
| ISHARES TR | HDG MSCI EAFE | 46434V803 |  | 118474 | 2991 | SH |  | SOLE |  | 2991 | 0 | 0 |
| ISHARES TR | NEW YORK MUN ETF | 464288323 |  | 1525543 | 28595 | SH |  | SOLE |  | 28595 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 774660 | 3805 | SH |  | SOLE |  | 3805 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 7259 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 27637 | 541 | SH |  | SOLE |  | 541 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2030 | 46438G687 |  | 1258647 | 48261 | SH |  | SOLE |  | 48261 | 0 | 0 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 4355556 | 40790 | SH |  | SOLE |  | 40790 | 0 | 0 |
| ISHARES TR | CONV BD ETF | 46435G102 |  | 4121460 | 41194 | SH |  | SOLE |  | 41194 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2029 | 46436E163 |  | 755867 | 29607 | SH |  | SOLE |  | 29607 | 0 | 0 |
| ISHARES U S ETF TR | IT RT HDG HGYL | 46431W606 |  | 290567 | 3346 | SH |  | SOLE |  | 3346 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | INCOME ETF | 46641Q159 |  | 14109 | 304 | SH |  | SOLE |  | 304 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | MUNICIPAL ETF | 46641Q647 |  | 6141694 | 121690 | SH |  | SOLE |  | 121690 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 12617139 | 247201 | SH |  | SOLE |  | 247201 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 18291 | 318 | SH |  | SOLE |  | 318 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | HIGH YIELD MUNI | 46654Q799 |  | 725491 | 14369 | SH |  | SOLE |  | 14369 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | SUSTAINABLE MUNI | 46654Q815 |  | 981198 | 19538 | SH |  | SOLE |  | 19538 | 0 | 0 |
| JANUS DETROIT STR TR | HENDERSON SECURI | 47103U746 |  | 3702075 | 70826 | SH |  | SOLE |  | 70826 | 0 | 0 |
| JANUS DETROIT STR TR | B-BBB CLO ETF | 47103U753 |  | 454436 | 9434 | SH |  | SOLE |  | 9434 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSN SHRT ETF | 47103U886 |  | 3450 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 286523 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1101570 | 1500 | SH | Call | SOLE |  | 1500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1835950 | 2500 | SH | Put | SOLE |  | 2500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 729974 | 994 | SH |  | SOLE |  | 994 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 310770 | 600 | SH | Call | SOLE |  | 600 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 77692500 | 150000 | SH | Put | SOLE |  | 150000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 77692500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| NEW YORK LIFE INVTS ACTIVE E | NYLI MACKAY MUN | 45409F827 |  | 1483223 | 61038 | SH |  | SOLE |  | 61038 | 0 | 0 |
| NEW YORK LIFE INVTS ACTIVE E | NYLI MACKAY MUNI | 45409F843 |  | 597774 | 25106 | SH |  | SOLE |  | 25106 | 0 | 0 |
| NOVA LTD | NOTE        10/1 | 66980MAB2 |  | 2133242 | 500000 | SH |  | SOLE |  | 0 | 0 | 500000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 27987000 | 150000 | SH | Put | SOLE |  | 150000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 31191885 | 167177 | SH |  | SOLE |  | 167177 | 0 | 0 |
| ONTO INNOVATION INC | COM | 683344105 |  | 646 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2986033 | 16369 | SH |  | SOLE |  | 16369 | 0 | 0 |
| PGIM ETF TR | PGIM ULTRA SH BD | 69344A107 |  | 14949 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| PGIM ETF TR | AAA CLO ETF | 69344A834 |  | 309 | 6 | SH |  | SOLE |  | 6 | 0 | 0 |
| PIMCO ETF TR | SR LN ACTIVE ETF | 72201R627 |  | 4086 | 80 | SH |  | SOLE |  | 80 | 0 | 0 |
| PIMCO ETF TR | MUNI INCOME OPP | 72201R635 |  | 437559 | 9657 | SH |  | SOLE |  | 9657 | 0 | 0 |
| PIMCO ETF TR | SHTRM MUN BD ACT | 72201R874 |  | 365217 | 7222 | SH |  | SOLE |  | 7222 | 0 | 0 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 |  | 2285943 | 43725 | SH |  | SOLE |  | 43725 | 0 | 0 |
| SCHWAB STRATEGIC TR | MUN BD ETF | 808524649 |  | 1511502 | 59020 | SH |  | SOLE |  | 59020 | 0 | 0 |
| SEA LTD | NOTE  2.375%12/0 | 81141RAF7 |  | 290632839 | 147007000 | SH |  | SOLE |  | 0 | 0 | 147007000 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 653523 | 981 | SH |  | SOLE |  | 981 | 0 | 0 |
| SPDR SERIES TRUST | NUVEEN ICE HIGH | 78464A284 |  | 117545 | 4715 | SH |  | SOLE |  | 4715 | 0 | 0 |
| SPDR SERIES TRUST | BBG CONV SEC ETF | 78464A359 |  | 8120475 | 89729 | SH |  | SOLE |  | 89729 | 0 | 0 |
| SPDR SERIES TRUST | NUVEEN ICE MUNIC | 78468R721 |  | 26066 | 572 | SH |  | SOLE |  | 572 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 9922135 | 30794 | SH |  | SOLE |  | 30794 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 7578068 | 158074 | SH |  | SOLE |  | 158074 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 56556225 | 202500 | SH | Put | SOLE |  | 202500 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 56556225 | 202500 | SH |  | SOLE |  | 202500 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 200124000 | 450000 | SH | Put | SOLE |  | 450000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 204249667 | 459277 | SH |  | SOLE |  | 459277 | 0 | 0 |
| TIDAL TRUST II | YIELDMAX COIN OP | 88634T824 |  | 760302 | 110509 | SH |  | SOLE |  | 110509 | 0 | 0 |
| TIDAL TRUST II | YIELDMAX PLTR OP | 88636R800 |  | 128060 | 1962 | SH |  | SOLE |  | 1962 | 0 | 0 |
| VANECK BITCOIN ETF | SH BEN INT | 92189K105 |  | 12430 | 384 | SH |  | SOLE |  | 384 | 0 | 0 |
| VANECK ETF TRUST | SHRT HGH YLD MUN | 92189F387 |  | 1346680 | 58807 | SH |  | SOLE |  | 58807 | 0 | 0 |
| VANECK ETF TRUST | IG FLOATING RATE | 92189F486 |  | 2710 | 106 | SH |  | SOLE |  | 106 | 0 | 0 |
| VANECK ETF TRUST | JP MRGAN EM LOC | 92189H300 |  | 30663 | 1202 | SH |  | SOLE |  | 1202 | 0 | 0 |
| VANECK ETF TRUST | AA BB CLO ETF | 92189H656 |  | 363841 | 7136 | SH |  | SOLE |  | 7136 | 0 | 0 |
| VANECK ETF TRUST | CLO ETF | 92189H748 |  | 216860 | 4084 | SH |  | SOLE |  | 4084 | 0 | 0 |
| VANECK ETF TRUST | LONG MUNI ETF | 92189F536 |  | 650606 | 37220 | SH |  | SOLE |  | 37220 | 0 | 0 |
| VANECK ETF TRUST | INTRMDT MUNI ETF | 92189H201 |  | 1127394 | 24193 | SH |  | SOLE |  | 24193 | 0 | 0 |
| VANGUARD CALIF TAX FREE FDS | TAX EXEMPT BD FD | 922021605 |  | 1224677 | 12275 | SH |  | SOLE |  | 12275 | 0 | 0 |
| VANGUARD MUN BD FDS | SHORT TAX EXEMPT | 922907696 |  | 897237 | 11698 | SH |  | SOLE |  | 11698 | 0 | 0 |
| VANGUARD MUN BD FDS | CORE TAX EXEMPT | 922907712 |  | 3142892 | 41766 | SH |  | SOLE |  | 41766 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 9069930 | 181145 | SH |  | SOLE |  | 181145 | 0 | 0 |
| VANGUARD MUN BD FDS | LONG TERM TAX EX | 922907688 |  | 539860 | 5249 | SH |  | SOLE |  | 5249 | 0 | 0 |
| VANGUARD NY TAX FREE FDS | TAX EXEMPT BD | 92204H400 |  | 21720 | 211 | SH |  | SOLE |  | 211 | 0 | 0 |
| VANGUARD WELLINGTON FD | SHORT TRM TAX EX | 921935870 |  | 1905692 | 18697 | SH |  | SOLE |  | 18697 | 0 | 0 |
| WISDOMTREE INC | NOTE  5.750% 8/1 | 97717PAF1 |  | 2863590 | 1801000 | SH |  | SOLE |  | 0 | 0 | 1801000 |
| WISDOMTREE TR | EFFICIENT GLD PL | 97717Y568 |  | 1376807 | 23982 | SH |  | SOLE |  | 23982 | 0 | 0 |

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