# EDGAR Filing Document

**Accession Number:** 0002056052
**File Stem:** 0002056052-25-000003
**Filing Date:** 2025-8
**Character Count:** 25493
**Document Hash:** 9cd1870583538e72dbc7376391473fbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002056052-25-000003.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0002056052-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Persistent Asset Partners Ltd
- **CENTRAL INDEX KEY:** 0002056052

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25300
- **FILM NUMBER:** 251200019

**BUSINESS ADDRESS:**
- **STREET 1:** TWO EXCHANGE SQUARE, 8 CONNAUGHT PLACE
- **STREET 2:** SUITE 1901
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 3793 3700

**MAIL ADDRESS:**
- **STREET 1:** TWO EXCHANGE SQUARE, 8 CONNAUGHT PLACE
- **STREET 2:** SUITE 1901
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 00000

### 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:** Persistent Asset Partners Ltd<br>**Address:** TWO EXCHANGE SQUARE 8 CONNAUGHT PLACE<br>SUITE 1901<br>HONG KONG, K3 00000

**Form 13F File Number:** 028-25300

**CRD Number (if applicable):** 000177528

**SEC File Number (if applicable):** 802-89175

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:** Yuen Man Lee<br>**Title:** Director<br>**Phone:** 852-3793-3700

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

Yuan Man Lee  Hong Kong, K3  08-07-2025<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:** 7

**Form 13F Information Table Entry Total:** 217

**Form 13F Information Table Value Total:** $134817788

      (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.]

| No.   | Name                                        | Form 13F File Number   |
|:---|:---|:---|
|  | 8 Knots Management LLC                      |  |
|  | Diadema Partners LP                         | 028-25172              |
|  | L1 Capital Pty Ltd                          | 028-20329              |
|  | PMC FIG Opportunities LLC                   | 028-25513              |
|  | Auspice Investment Management Limited       |  |
|  | WaterValley Capital Management (HK) Limited |  |
|  | Lexington Capital Management LP             |  |

### 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 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1438297 | 8007 | SH |  | SOLE | 1 | 8007 | 0 | 0 |
| ACADIA HEALTHCARE COMPANY IN | COM | 00404A109 |  | 876424 | 38626 | SH |  | SOLE | 1 | 38626 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 2284464 | 13598 | SH |  | SOLE | 1 | 13598 | 0 | 0 |
| EHEALTH INC | COM | 28238P109 |  | 470261 | 108106 | SH |  | SOLE | 1 | 108106 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 4906469 | 20069 | SH |  | SOLE | 1 | 20069 | 0 | 0 |
| PREMIER INC | CL A | 74051N102 |  | 1789334 | 81593 | SH |  | SOLE | 1 | 81593 | 0 | 0 |
| RADNET INC | COM | 750491102 |  | 667213 | 11724 | SH |  | SOLE | 1 | 11724 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 1242722 | 4734 | SH |  | SOLE | 1 | 4734 | 0 | 0 |
| SELECT MED HLDGS CORP | COM | 81619Q105 |  | 1420286 | 93563 | SH |  | SOLE | 1 | 93563 | 0 | 0 |
| ENHABIT INC | COM | 29332G102 |  | 1985676 | 205983 | SH |  | SOLE | 1 | 205983 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 2203696 | 12521 | SH |  | SOLE | 1 | 12521 | 0 | 0 |
| ALIGNMENT HEALTHCARE INC | COM | 01625V104 |  | 3190446 | 227889 | SH |  | SOLE | 1 | 227889 | 0 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 1753509 | 155729 | SH |  | SOLE | 1 | 155729 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 1196038 | 3618 | SH |  | SOLE | 1 | 3618 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 3583984 | 29226 | SH |  | SOLE | 1 | 29226 | 0 | 0 |
| PENNANT GROUP INC | COM | 70805E109 |  | 4176194 | 139906 | SH |  | SOLE | 1 | 139906 | 0 | 0 |
| 89BIO INC | COM | 282559103 |  | 222109 | 22618 | SH |  | SOLE | 2 | 22618 | 0 | 0 |
| ALECTOR INC | COM | 014442107 |  | 85534 | 61096 | SH |  | SOLE | 2 | 61096 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 3350520 | 12000 | SH |  | SOLE | 2 | 12000 | 0 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 105318 | 2425 | SH |  | SOLE | 2 | 2425 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 759030 | 1377 | SH |  | SOLE | 2 | 1377 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 163635 | 22233 | SH |  | SOLE | 2 | 22233 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 2433192 | 44264 | SH |  | SOLE | 2 | 44264 | 0 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 180022 | 145179 | SH |  | SOLE | 2 | 145179 | 0 | 0 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 647715 | 90211 | SH |  | SOLE | 2 | 90211 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 40257 | 14855 | SH |  | SOLE | 2 | 14855 | 0 | 0 |
| ELEVATION ONCOLOGY INC | COM | 28623U101 |  | 30622 | 83416 | SH |  | SOLE | 2 | 83416 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 2653520 | 3404 | SH |  | SOLE | 2 | 3404 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 767110 | 6919 | SH |  | SOLE | 2 | 6919 | 0 | 0 |
| IMMUNOCORE HLDGS PLC | ADS | 45258D105 |  | 754312 | 24038 | SH |  | SOLE | 2 | 24038 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 805 | 8 | SH |  | SOLE | 2 | 8 | 0 | 0 |
| ITEOS THERAPEUTICS INC | COM | 46565G104 |  | 473695 | 47512 | SH |  | SOLE | 2 | 47512 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 2549851 | 24028 | SH |  | SOLE | 2 | 24028 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 367857 | 4647 | SH |  | SOLE | 2 | 4647 | 0 | 0 |
| MIND MEDICINE MINDMED INC | COM NEW | 60255C885 |  | 237807 | 36642 | SH |  | SOLE | 2 | 36642 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 2718046 | 21625 | SH |  | SOLE | 2 | 21625 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 87745 | 1150 | SH |  | SOLE | 2 | 1150 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 248499 | 58333 | SH |  | SOLE | 2 | 58333 | 0 | 0 |
| PACIRA BIOSCIENCES INC | COM | 695127100 |  | 324442 | 13575 | SH |  | SOLE | 2 | 13575 | 0 | 0 |
| PHATHOM PHARMACEUTICALS INC | COM | 71722W107 |  | 90347 | 9421 | SH |  | SOLE | 2 | 9421 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 |  | 74011 | 36280 | SH |  | SOLE | 2 | 36280 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 968330 | 17520 | SH |  | SOLE | 2 | 17520 | 0 | 0 |
| PURETECH HEALTH PLC | ADS | 746237106 |  | 29066 | 1685 | SH |  | SOLE | 2 | 1685 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 687225 | 1309 | SH |  | SOLE | 2 | 1309 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 35569 | 10280 | SH |  | SOLE | 2 | 10280 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 69600 | 7492 | SH |  | SOLE | 2 | 7492 | 0 | 0 |
| REVIVA PHARMACEUTCLS HLDGS I | COM | 76152G100 |  | 244351 | 641174 | SH |  | SOLE | 2 | 641174 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 671013 | 18239 | SH |  | SOLE | 2 | 18239 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 507002 | 14314 | SH |  | SOLE | 2 | 14314 | 0 | 0 |
| SCPHARMACEUTICALS INC | COM | 810648105 |  | 190908 | 50107 | SH |  | SOLE | 2 | 50107 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 5472426 | 65319 | SH |  | SOLE | 2 | 65319 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 7044 | 331 | SH |  | SOLE | 2 | 331 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 223043 | 59797 | SH |  | SOLE | 2 | 59797 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 3080024 | 85580 | SH |  | SOLE | 2 | 85580 | 0 | 0 |
| TREVI THERAPEUTICS INC | COM | 89532M101 |  | 234050 | 42788 | SH |  | SOLE | 2 | 42788 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 452209 | 12437 | SH |  | SOLE | 2 | 12437 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 474020 | 34600 | SH |  | SOLE | 2 | 34600 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 1479172 | 45499 | SH |  | SOLE | 2 | 45499 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 1025296 | 2303 | SH |  | SOLE | 2 | 2303 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 1205273 | 45482 | SH |  | SOLE | 2 | 45482 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 391887 | 28032 | SH |  | SOLE | 2 | 28032 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 173638 | 86819 | SH |  | SOLE | 2 | 86819 | 0 | 0 |
| ZAI LAB LTD | ADR | 98887Q104 |  | 30529 | 873 | SH |  | SOLE | 2 | 873 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | CALL | 004225908 |  | 40602 | 204 | SH | Call | SOLE | 2 | 204 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | CALL | 00847X904 |  | 63538 | 316 | SH | Call | SOLE | 2 | 316 | 0 | 0 |
| ALTIMMUNE INC | CALL | 02155H900 |  | 40230 | 1064 | SH | Call | SOLE | 2 | 1064 | 0 | 0 |
| ALTIMMUNE INC | CALL | 02155H900 |  | 13179 | 1154 | SH | Call | SOLE | 2 | 1154 | 0 | 0 |
| ALTIMMUNE INC | CALL | 02155H900 |  | 6 | 562 | SH | Call | SOLE | 2 | 562 | 0 | 0 |
| ALTIMMUNE INC | CALL | 02155H900 |  | 1 | 130 | SH | Call | SOLE | 2 | 130 | 0 | 0 |
| APOGEE THERAPEUTICS INC | CALL | 03770N901 |  | 305920 | 239 | SH | Call | SOLE | 2 | 239 | 0 | 0 |
| APOGEE THERAPEUTICS INC | CALL | 03770N901 |  | 15180 | 69 | SH | Call | SOLE | 2 | 69 | 0 | 0 |
| APOGEE THERAPEUTICS INC | CALL | 03770N901 |  | 57217 | 54 | SH | Call | SOLE | 2 | 54 | 0 | 0 |
| ATYR PHARMA INC | CALL | 002120902 |  | 27197 | 90 | SH | Call | SOLE | 2 | 90 | 0 | 0 |
| ATYR PHARMA INC | CALL | 002120902 |  | 9523 | 28 | SH | Call | SOLE | 2 | 28 | 0 | 0 |
| ATYR PHARMA INC | CALL | 002120902 |  | 1965 | 8 | SH | Call | SOLE | 2 | 8 | 0 | 0 |
| ATYR PHARMA INC | CALL | 002120902 |  | 42951 | 171 | SH | Call | SOLE | 2 | 171 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CALL | 10806X902 |  | 352801 | 303 | SH | Call | SOLE | 2 | 303 | 0 | 0 |
| BIOHAVEN LTD | CALL | G1110E907 |  | 24348 | 230 | SH | Call | SOLE | 2 | 230 | 0 | 0 |
| BIOMEA FUSION INC | CALL | 09077A906 |  | 1907 | 691 | SH | Call | SOLE | 2 | 691 | 0 | 0 |
| BIOMEA FUSION INC | CALL | 09077A906 |  | 429 | 447 | SH | Call | SOLE | 2 | 447 | 0 | 0 |
| COGENT BIOSCIENCES INC | CALL | 19240Q901 |  | 6252 | 16 | SH | Call | SOLE | 2 | 16 | 0 | 0 |
| CARDIFF ONCOLOGY INC | CALL | 14147L908 |  | 18231 | 419 | SH | Call | SOLE | 2 | 419 | 0 | 0 |
| CARDIFF ONCOLOGY INC | CALL | 14147L908 |  | 2221 | 60 | SH | Call | SOLE | 2 | 60 | 0 | 0 |
| CRISPR THERAPEUTICS AG | CALL | H17182908 |  | 53389 | 124 | SH | Call | SOLE | 2 | 124 | 0 | 0 |
| CRISPR THERAPEUTICS AG | CALL | H17182908 |  | 20009 | 134 | SH | Call | SOLE | 2 | 134 | 0 | 0 |
| AMICUS THERAPEUTICS INC | CALL | 03152W909 |  | 11117 | 303 | SH | Call | SOLE | 2 | 303 | 0 | 0 |
| GOSSAMER BIO INC | CALL | 38341P902 |  | 16665 | 303 | SH | Call | SOLE | 2 | 303 | 0 | 0 |
| GOSSAMER BIO INC | CALL | 38341P902 |  | 47433 | 1151 | SH | Call | SOLE | 2 | 1151 | 0 | 0 |
| GOSSAMER BIO INC | CALL | 38341P902 |  | 9500 | 475 | SH | Call | SOLE | 2 | 475 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | CALL | G50871905 |  | 42838 | 115 | SH | Call | SOLE | 2 | 115 | 0 | 0 |
| ELI LILLY  CO | CALL | 532457108 |  | 1570 | 23 | SH | Call | SOLE | 2 | 23 | 0 | 0 |
| MANNKIND CORP | CALL | 56400P906 |  | 17955 | 1197 | SH | Call | SOLE | 2 | 1197 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | CALL | 589492107 |  | 168320 | 1646 | SH | Call | SOLE | 2 | 1646 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | CALL | 589492107 |  | 67208 | 1191 | SH | Call | SOLE | 2 | 1191 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | CALL | 589492107 |  | 8381 | 198 | SH | Call | SOLE | 2 | 198 | 0 | 0 |
| MODERNA INC | CALL | 60770K907 |  | 22138 | 115 | SH | Call | SOLE | 2 | 115 | 0 | 0 |
| MODERNA INC | CALL | 60770K907 |  | 3585 | 134 | SH | Call | SOLE | 2 | 134 | 0 | 0 |
| NEKTAR THERAPEUTICS | CALL | 640268906 |  | 1407 | 217 | SH | Call | SOLE | 2 | 217 | 0 | 0 |
| NEKTAR THERAPEUTICS | CALL | 640268906 |  | 7260 | 1343 | SH | Call | SOLE | 2 | 1343 | 0 | 0 |
| NOVO-NORDISK A S | CALL | 670100905 |  | 3939 | 231 | SH | Call | SOLE | 2 | 231 | 0 | 0 |
| OCULAR THERAPEUTIX INC | CALL | 67576A900 |  | 106445 | 313 | SH | Call | SOLE | 2 | 313 | 0 | 0 |
| PFIZER INC | CALL | 717081903 |  | 18249 | 462 | SH | Call | SOLE | 2 | 462 | 0 | 0 |
| PROTHENA CORP PLC | CALL | G72800908 |  | 4591 | 230 | SH | Call | SOLE | 2 | 230 | 0 | 0 |
| UNIQURE NV | CALL | N90064901 |  | 37872 | 239 | SH | Call | SOLE | 2 | 239 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | CALL | 90400D908 |  | 71693 | 230 | SH | Call | SOLE | 2 | 230 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | CALL | 90400D908 |  | 56986 | 270 | SH | Call | SOLE | 2 | 270 | 0 | 0 |
| REVOLUTION MEDICINES INC | CALL | 76155X900 |  | 2051 | 461 | SH | Call | SOLE | 2 | 461 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CALL | 75629V904 |  | 45300 | 906 | SH | Call | SOLE | 2 | 906 | 0 | 0 |
| RECURSION PHARMACEUTICALS IN | CALL | 75629V904 |  | 16534 | 700 | SH | Call | SOLE | 2 | 700 | 0 | 0 |
| SCPHARMACEUTICALS INC | CALL | 810648905 |  | 181220 | 1066 | SH | Call | SOLE | 2 | 1066 | 0 | 0 |
| SCPHARMACEUTICALS INC | CALL | 810648905 |  | 1710 | 57 | SH | Call | SOLE | 2 | 57 | 0 | 0 |
| SELLAS LIFE SCIENCES GROUP I | CALL | 81642T909 |  | 36358 | 920 | SH | Call | SOLE | 2 | 920 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | CALL | 86627T908 |  | 47178 | 115 | SH | Call | SOLE | 2 | 115 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | CALL | 86627T908 |  | 8638 | 60 | SH | Call | SOLE | 2 | 60 | 0 | 0 |
| ARS PHARMACEUTICALS INC | CALL | 82835W908 |  | 247999 | 646 | SH | Call | SOLE | 2 | 646 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | CALL | 880881907 |  | 35282 | 373 | SH | Call | SOLE | 2 | 373 | 0 | 0 |
| TANGO THERAPEUTICS INC | CALL | 87583X909 |  | 55435 | 461 | SH | Call | SOLE | 2 | 461 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A900 |  | 90797 | 230 | SH | Call | SOLE | 2 | 230 | 0 | 0 |
| ZYMEWORKS INC | CALL | 98985Y908 |  | 48237 | 184 | SH | Call | SOLE | 2 | 184 | 0 | 0 |
| ZYMEWORKS INC | CALL | 98985Y908 |  | 16310 | 234 | SH | Call | SOLE | 2 | 234 | 0 | 0 |
| ALTIMMUNE INC | PUT | 02155H950 |  | 687225 | 1309 | SH | Put | SOLE | 2 | 1309 | 0 | 0 |
| ALTIMMUNE INC | PUT | 02155H950 |  | 35569 | 10280 | SH | Put | SOLE | 2 | 10280 | 0 | 0 |
| ALTIMMUNE INC | PUT | 02155H950 |  | 69600 | 7492 | SH | Put | SOLE | 2 | 7492 | 0 | 0 |
| AMGEN INC | PUT | 031162950 |  | 244351 | 641174 | SH | Put | SOLE | 2 | 641174 | 0 | 0 |
| AMGEN INC | PUT | 031162950 |  | 671013 | 18239 | SH | Put | SOLE | 2 | 18239 | 0 | 0 |
| ATYR PHARMA INC | PUT | 002120952 |  | 507002 | 14314 | SH | Put | SOLE | 2 | 14314 | 0 | 0 |
| ATYR PHARMA INC | PUT | 002120952 |  | 190908 | 50107 | SH | Put | SOLE | 2 | 50107 | 0 | 0 |
| CAPRICOR THERAPEUTICS INC | PUT | 14070B959 |  | 5472426 | 65319 | SH | Put | SOLE | 2 | 65319 | 0 | 0 |
| CAPRICOR THERAPEUTICS INC | PUT | 14070B959 |  | 7044 | 331 | SH | Put | SOLE | 2 | 331 | 0 | 0 |
| COGENT BIOSCIENCES INC | PUT | 19240Q951 |  | 223043 | 59797 | SH | Put | SOLE | 2 | 59797 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | PUT | 218352952 |  | 3080024 | 85580 | SH | Put | SOLE | 2 | 85580 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | PUT | 218352952 |  | 234050 | 42788 | SH | Put | SOLE | 2 | 42788 | 0 | 0 |
| JADE BIOSCIENCES INC | PUT | 008064956 |  | 452209 | 12437 | SH | Put | SOLE | 2 | 12437 | 0 | 0 |
| ELI LILLY  CO | PUT | 532457958 |  | 474020 | 34600 | SH | Put | SOLE | 2 | 34600 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | PUT | 61559X954 |  | 1479172 | 45499 | SH | Put | SOLE | 2 | 45499 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | PUT | 589492957 |  | 1025296 | 2303 | SH | Put | SOLE | 2 | 2303 | 0 | 0 |
| MODERNA INC | PUT | 60770K957 |  | 1205273 | 45482 | SH | Put | SOLE | 2 | 45482 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | PUT | 90400D958 |  | 391887 | 28032 | SH | Put | SOLE | 2 | 28032 | 0 | 0 |
| CASSAVA SCIENCES INC | PUT | 14817C957 |  | 173638 | 86819 | SH | Put | SOLE | 2 | 86819 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | PUT | 86627T958 |  | 30529 | 873 | SH | Put | SOLE | 2 | 873 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 1306113 | 123152 | SH |  | SOLE | 3 | 123152 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 1930792 | 278082 | SH |  | SOLE | 3 | 278082 | 0 | 0 |
| SOLARIS RES INC | COM NEW | 83419D201 |  | 186200 | 40656 | SH |  | SOLE | 3 | 40656 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 623814 | 2183 | SH |  | SOLE | 3 | 2183 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 |  | 991656 | 48754 | SH |  | SOLE | 3 | 48754 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 854111 | 148541 | SH |  | SOLE | 3 | 148541 | 0 | 0 |
| ZILLOW GROUP INC | CL C CAP STK | 98954M200 |  | 215124 | 3071 | SH |  | SOLE | 3 | 3071 | 0 | 0 |
| ANTERIS TECHNOLOGIES GLOBAL | COM | 03675P102 |  | 88372 | 23317 | SH |  | SOLE | 3 | 23317 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 532038 | 168901 | SH |  | SOLE | 3 | 168901 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 742400 | 16199 | SH |  | SOLE | 3 | 16199 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 741431 | 54517 | SH |  | SOLE | 3 | 54517 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 1158120 | 39245 | SH |  | SOLE | 3 | 39245 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 280507 | 4864 | SH |  | SOLE | 3 | 4864 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 965644 | 10519 | SH |  | SOLE | 3 | 10519 | 0 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 759779 | 10989 | SH |  | SOLE | 4 | 10989 | 0 | 0 |
| AXOS FINANCIAL INC | COM | 05465C100 |  | 1428107 | 18781 | SH |  | SOLE | 4 | 18781 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 888575 | 18778 | SH |  | SOLE | 4 | 18778 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 642603 | 7043 | SH |  | SOLE | 4 | 7043 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 1398777 | 16433 | SH |  | SOLE | 4 | 16433 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 630170 | 14082 | SH |  | SOLE | 4 | 14082 | 0 | 0 |
| COASTAL FINL CORP WA | COM NEW | 19046P209 |  | 1591768 | 16432 | SH |  | SOLE | 4 | 16432 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 826806 | 2359 | SH |  | SOLE | 4 | 2359 | 0 | 0 |
| CONNECTONE BANCORP INC | COM | 20786W107 |  | 1894812 | 81814 | SH |  | SOLE | 4 | 81814 | 0 | 0 |
| ESQUIRE FINL HLDGS INC | COM | 29667J101 |  | 156757 | 1656 | SH |  | SOLE | 4 | 1656 | 0 | 0 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 528039 | 23406 | SH |  | SOLE | 4 | 23406 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 646882 | 3752 | SH |  | SOLE | 4 | 3752 | 0 | 0 |
| LIVE OAK BANCSHARES INC | COM | 53803X105 |  | 699495 | 23473 | SH |  | SOLE | 4 | 23473 | 0 | 0 |
| NORTHEAST BK PORTLAND ME | COM | 66405S100 |  | 208059 | 2338 | SH |  | SOLE | 4 | 2338 | 0 | 0 |
| NORTHPOINTE BANCSHARES INC. | COM SHS | 66661N886 |  | 321842 | 23475 | SH |  | SOLE | 4 | 23475 | 0 | 0 |
| ORANGE CNTY BANCORP INC | COM | 68417L107 |  | 242638 | 9390 | SH |  | SOLE | 4 | 9390 | 0 | 0 |
| PAGAYA TECHNOLOGIES LTD | CL A NEW | M7S64L123 |  | 1344418 | 63059 | SH |  | SOLE | 4 | 63059 | 0 | 0 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 742858 | 9389 | SH |  | SOLE | 4 | 9389 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 464495 | 4207 | SH |  | SOLE | 4 | 4207 | 0 | 0 |
| PIPER SANDLER COMPANIES | COM | 724078100 |  | 604797 | 2176 | SH |  | SOLE | 4 | 2176 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 723639 | 6566 | SH |  | SOLE | 4 | 6566 | 0 | 0 |
| QCR HOLDINGS INC | COM | 74727A104 |  | 318791 | 4695 | SH |  | SOLE | 4 | 4695 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 706438 | 7545 | SH |  | SOLE | 4 | 7545 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 832040 | 58677 | SH |  | SOLE | 4 | 58677 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 518621 | 18777 | SH |  | SOLE | 4 | 18777 | 0 | 0 |
| SMARTFINANCIAL INC | COM NEW | 83190L208 |  | 663304 | 19636 | SH |  | SOLE | 4 | 19636 | 0 | 0 |
| SOUTHSTATE CORPORATION | COM | 840441109 |  | 864162 | 9390 | SH |  | SOLE | 4 | 9390 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 486832 | 4691 | SH |  | SOLE | 4 | 4691 | 0 | 0 |
| TOWNEBANK PORTSMOUTH VA | COM | 89214P109 |  | 320950 | 9390 | SH |  | SOLE | 4 | 9390 | 0 | 0 |
| UMB FINL CORP | COM | 902788108 |  | 987558 | 9391 | SH |  | SOLE | 4 | 9391 | 0 | 0 |
| VERITEX HLDGS INC | COM | 923451108 |  | 208278 | 7980 | SH |  | SOLE | 4 | 7980 | 0 | 0 |
| ARBOR REALTY TRUST INC | CALL | 038923908 |  | 19547 | 303 | SH | Call | SOLE | 4 | 303 | 0 | 0 |
| AFFIRM HLDGS INC | CALL | 00827B906 |  | 64354 | 66 | SH | Call | SOLE | 4 | 66 | 0 | 0 |
| ROBINHOOD MKTS INC | CALL | 770700902 |  | 24075 | 30 | SH | Call | SOLE | 4 | 30 | 0 | 0 |
| ROBINHOOD MKTS INC | CALL | 770700902 |  | 40943 | 53 | SH | Call | SOLE | 4 | 53 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 22853 | 118 | SH | Call | SOLE | 4 | 118 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 189351 | 417 | SH | Call | SOLE | 4 | 417 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 52960 | 320 | SH | Call | SOLE | 4 | 320 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 41265 | 131 | SH | Call | SOLE | 4 | 131 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 27715 | 115 | SH | Call | SOLE | 4 | 115 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 7360 | 640 | SH | Call | SOLE | 4 | 640 | 0 | 0 |
| PAGAYA TECHNOLOGIES LTD | CALL | M7S64L903 |  | 71600 | 250 | SH | Call | SOLE | 4 | 250 | 0 | 0 |
| ROCKET COS INC | CALL | 77311W901 |  | 57396 | 262 | SH | Call | SOLE | 4 | 262 | 0 | 0 |
| ISHARES TR | PUT | 464287955 |  | 27520 | 128 | SH | Put | SOLE | 4 | 128 | 0 | 0 |
| CONFLUENT INC | CLASS A COM | 20717M103 |  | 498600 | 20000 | SH |  | SOLE | 5 | 20000 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 1235900 | 10000 | SH |  | SOLE | 5 | 10000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 224000 | 10000 | SH |  | SOLE | 5 | 10000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 437260 | 2000 | SH |  | SOLE | 5 | 2000 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 451710 | 3000 | SH |  | SOLE | 5 | 3000 | 0 | 0 |
| ZEEKR INTELLIGENT TECHNOLOGY | SPON ADS | 98923K103 |  | 255000 | 10000 | SH |  | SOLE | 5 | 10000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 5937370 | 97000 | SH |  | SOLE | 6 | 97000 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 1638056 | 85897 | SH |  | SOLE | 6 | 85897 | 0 | 0 |
| ORACLE CORP | CALL | 68389X905 |  | 12400 | 100 | SH | Call | SOLE | 7 | 100 | 0 | 0 |
| SPDR S 500 ETF TR | CALL | 78462F903 |  | 74608 | 120 | SH | Call | SOLE | 7 | 120 | 0 | 0 |
| NVIDIA CORPORATION | CALL | 67066G904 |  | 230032 | 320 | SH | Call | SOLE | 7 | 320 | 0 | 0 |
| NVIDIA CORPORATION | CALL | 67066G904 |  | 63120 | 240 | SH | Call | SOLE | 7 | 240 | 0 | 0 |
| NEBIUS GROUP N.V. | CALL | N97284908 |  | 53592 | 140 | SH | Call | SOLE | 7 | 140 | 0 | 0 |
| ROBINHOOD MKTS INC | CALL | 770700902 |  | 18600 | 200 | SH | Call | SOLE | 7 | 200 | 0 | 0 |
| ROBINHOOD MKTS INC | CALL | 770700902 |  | 79800 | 120 | SH | Call | SOLE | 7 | 120 | 0 | 0 |
| UBER TECHNOLOGIES INC | CALL | 90353T900 |  | 46069 | 160 | SH | Call | SOLE | 7 | 160 | 0 | 0 |
| GE AEROSPACE | CALL | 369604901 |  | 28892 | 40 | SH | Call | SOLE | 7 | 40 | 0 | 0 |
| SOFI TECHNOLOGIES INC | CALL | 83406F902 |  | 10480 | 200 | SH | Call | SOLE | 7 | 200 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | CALL | G25457905 |  | 94483 | 140 | SH | Call | SOLE | 7 | 140 | 0 | 0 |

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