# EDGAR Filing Document

**Accession Number:** 0001104186
**File Stem:** 0001104186-25-000008
**Filing Date:** 2025-8
**Character Count:** 12904
**Document Hash:** 004a352cd2c04059b98ee676688aa677
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104186-25-000008.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001104186-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASTERS CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001104186

**ORGANIZATION NAME:**
- **EIN:** 582440923
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05511
- **FILM NUMBER:** 251219335

**BUSINESS ADDRESS:**
- **STREET 1:** 3060 PEACHTREE ROAD NW
- **STREET 2:** SUITE 1425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 4043642021

**MAIL ADDRESS:**
- **STREET 1:** 3060 PEACHTREE ROAD NW
- **STREET 2:** SUITE 1425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305

### 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:** MASTERS CAPITAL MANAGEMENT LLC<br>**Address:** 3060 PEACHTREE ROAD NW<br>SUITE 1425<br>ATLANTA, GA 30305

**Form 13F File Number:** 028-05511

**CRD Number (if applicable):** 000137605

**SEC File Number (if applicable):** 801-65894

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:** Mike Masters<br>**Title:** Managing Member<br>**Phone:** 404-364-2021

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

Mike Masters  Atlanta, GA  08-14-2025<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:** 80

**Form 13F Information Table Value Total:** $2567076043

      (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 |
| ADIENT PLC | ORD SHS | G0084W101 | BBG009PN0C87 | 9730000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| ALCOA CORP | COM | 013872106 | BBG00B3T3HD3 | 29510000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| ANGEL OAK MORTGAGE REIT INC | COM | 03464Y108 | BBG0113S8MK2 | 9420000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 | BBG00XRTC910 | 10850000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | BBG000BB6WG8 | 52780000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 | BBG00Q402TR2 | 23365000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 | BBG000BCZ341 | 18590000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 | BBG000BCVJ77 | 30280000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 | BBG000BCVJ77 | 30280000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG000BCSST7 | 41906000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| BORR DRILLING LTD | SHS | G1466R173 | BBG00KVSR8X6 | 3843000 | 2100000 | SH |  | SOLE |  | 2100000 | 0 | 0 |
| BRAINSWAY LTD | SPONSORED ADS | 10501L106 | BBG00N2K3XL3 | 13150000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG000DQLV23 | 11572500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG000DQLV23 | 46290000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG000FY4S11 | 85120000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG000FY4S11 | 8512000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG000FY4S11 | 85120000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 | BBG000BFRF55 | 15200000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 | BBG000BFRF55 | 7600000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 | BBG000BLW102 | 22302500 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG000R7Z112 | 49180000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG000R7Z112 | 24590000 | 500000 | SH | Put | SOLE |  | 500000 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 | BBG008P7F869 | 8394000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| DOW INC | COM | 260557103 | BBG00BN96922 | 2648000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| DOW INC | COM | 260557103 | BBG00BN96922 | 13240000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 | BBG000BLW530 | 18665000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 | BBG000BLW530 | 67194000 | 900000 | SH | Call | SOLE |  | 900000 | 0 | 0 |
| ENOVIX CORPORATION | COM | 293594107 | BBG00YC53854 | 20680000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 | BBG00KG5TXN7 | 6659000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 | BBG00XZQN336 | 13720000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| FERROGLOBE PLC | SHS | G33856108 | BBG00B6BGD99 | 7340000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| FLOTEK INDS INC DEL | COM NEW | 343389409 | BBG000C3TFS4 | 14760000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 | BBG000BB1TH9 | 51270000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 | BBG000BB1TH9 | 24865950 | 485000 | SH | Call | SOLE |  | 485000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 43350000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 | BBG000BJDB15 | 43350000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 | BBG000KYNTQ5 | 6030000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| INMUNE BIO INC | COM | 45782T105 | BBG00LW94L98 | 231000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0G1D1 | 22400000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0G1D1 | 22400000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0G1D1 | 22400000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG000C0G1D1 | 22400000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | BBG000BJKYW3 | 88250000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 | BBG01TT3G7W9 | 11620000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| LUCID DIAGNOSTICS INC | COM | 54948X109 | BBG012NYMLC0 | 3136364 | 2727273 | SH |  | SOLE |  | 2727273 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 | BBG004M9ZHX5 | 7880000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG000C5Z1S3 | 61625000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 | BBG00VHJ1K96 | 10765000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 | BBG000FLZN98 | 31452000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| NCR VOYIX CORPORATION | COM | 62886E108 | BBG000BMXK89 | 22287000 | 1900000 | SH |  | SOLE |  | 1900000 | 0 | 0 |
| NEURONETICS INC | COM | 64131A105 | BBG000QX36J1 | 3490000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 | BBG004WG63P0 | 13880000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| NOV INC | COM | 62955J103 | BBG000BJX8C8 | 24860000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| NOV INC | COM | 62955J103 | BBG000BJX8C8 | 12430000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| NOVAGOLD RES INC | COM NEW | 66987E206 | BBG000D25424 | 409000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 | BBG000CNFQW6 | 18634528 | 697400 | SH | Call | SOLE |  | 697400 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | BBG000BS6FX9 | 12510000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| PLUG POWER INC | PLUG POWER INC | 72919P202 | BBG000C1XSP8 | 1490000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| PONY AI INC | SPONSORED ADS | 732908108 | BBG01QDDKJ40 | 13200000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| PPG INDS INC | COM | 693506107 | BBG000BRJ809 | 11375000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| QUANTUMSCAPE CORP | COM CL A | 74767V109 | BBG00VJ17DS2 | 6720000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 | BBG000BT41Q8 | 33800000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 | BBG000BT41Q8 | 33800000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 | BBG00KT2RRM6 | 1771000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | BBG000BT5PG5 | 13192000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| SENSEONICS HLDGS INC | COM | 81727U105 | BBG00BR4Q8D7 | 2143800 | 4500000 | SH |  | SOLE |  | 4500000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG000BDTBL9 | 617850000 | 1000000 | SH | Put | SOLE |  | 1000000 | 0 | 0 |
| SUNRUN INC | COM | 86771W105 | BBG0025XVR85 | 4090000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| TELOS CORP MD | COM | 87969B101 | BBG000BK34C7 | 6340000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 | BBG000BVRQD7 | 6720000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 | BBG000BYYLS8 | 1285401 | 29900 | SH | Call | SOLE |  | 29900 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 | BBG000BYYLS8 | 42990000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 46650000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 | BBG000M65M61 | 79630000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG000L9CV04 | 30282000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| V F CORP | COM | 918204108 | BBG000BWCKB6 | 11750000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 | BBG000PTYMS2 | 67590000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 97780000 | 1000000 | SH | Put | SOLE |  | 1000000 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 | BBG001B17MV2 | 51140000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| WHEELS UP EXPERIENCE INC | COM CL A | 96328L205 | BBG00XTV85L4 | 1070000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |

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