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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

K2 PRINCIPAL FUND, L.P.

Quarter ended Q1 2025 · Filed May 15, 2025 · Accession 0001461790-25-000039

Total Value
$788.2M
Positions
317
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (317)

#IssuerTicker / CUSIPSharesValue% of Filing
1SPDR GOLD TRGLD70,000$20.2M2.56%
2SPDR GOLD TRGLD65,246$18.8M2.39%
3PELOTON INTERACTIVE INCPTON15,679$14.9M1.89%
4NUTANIX INCNTNX11,000$14.7M1.86%
5ALPHABET INCGOOG92,000$14.4M1.82%
6OPENDOOR TECHNOLOPENZ15,429$13.7M1.74%
7DROPBOX INCDBX13,859$13.7M1.74%
8VIRGIN GALACTICSPCE33,000$13.5M1.72%
9TRIPADVISOR INCTRIP14,000$13.3M1.69%
10AIR CANADAAIIR13,230$12.7M1.61%
11KAR AUCTION48238TAA712,487$12.5M1.58%
12ISHARES BITCOIN TRUST ETFIBIT225,000$10.5M1.34%
13HENNESSY CAP INVT CORP VIIG4405D1071,049,683$10.4M1.32%
14SPHERE ENTERTAINMENT COSPHR8,500$10.3M1.30%
15STRATHCONA RESOUSTHRF10,000$10.0M1.27%
16MICROSTRATEGY594972AR212,000$9.7M1.23%
17NEXTERA ENGY PTR65341BAG110,000$9.6M1.21%
18JETBLUE AIRWAYS CORPJBLU10,000$9.4M1.20%
19SPDR GOLD TRGLD32,500$9.4M1.19%
20UPSTART HLDGS INCUPST10,000$9.3M1.18%
21RAPID7 INCRPD10,000$9.2M1.16%
22NICE LTDNCSYF9,321$9.1M1.15%
23MARA HOLDINGSMARA12,500$9.0M1.14%
24FIRST MAJESTIC SILVER CORPAG9,500$8.9M1.13%
25IIP OP PRTNRSHP44988FAD29,082$8.9M1.13%
26BLACKBERRY LTDBB7,000$8.8M1.12%
27FASTLY INCFSLY9,249$8.8M1.11%
28LUCID GROUPLCID10,000$8.0M1.01%
29ACCOLADE INC00437EAB88,000$7.9M1.00%
30CEC ENTERTAIN125137AC37,961$7.9M1.00%
31VANGUARD INDEX FDS92290836315,000$7.7M0.98%
32WISDOMTREE INCWT7,344$7.6M0.97%
33GREENFIRE RESOURGFRWF7,000$7.4M0.94%
34HE EQUIPMENT404030AJ77,230$7.2M0.92%
35SNAP INCSNAP7,100$7.1M0.90%
36AST SPACEMOBILEASTS6,000$7.1M0.90%
37LUMENTUM HLDGS INCLITE6,000$7.0M0.89%
38GETTY IMAGES INCGETY7,000$7.0M0.89%
39CENTURY ALUM COCENX5,750$6.9M0.88%
40MUVICO LLC62844JAA67,158$6.8M0.86%
41COINBASE GLOBAL19260QAE77,000$6.5M0.83%
42VANGUARD INDEX FDS92290836312,500$6.4M0.82%
43APPLIED OPTOELECTRONICS INCAAOI8,000$6.3M0.81%
44SABRE GLBL INCSABR6,309$6.3M0.80%
45CORE SCIENTIFICCORZZ7,500$6.2M0.79%
46PENN ENTERTAINMENT INCPENN6,000$6.2M0.79%
47ARS PHARMACEUTICALS INCSPRY485,355$6.1M0.77%
48WISDOMTREE INCWT6,000$6.0M0.77%
49SOLARIS ENERGY INFRAS INCSEI271,039$5.9M0.75%
50HESS CORPHESM36,782$5.9M0.75%
51BLACKLINE INCBL6,000$5.7M0.73%
52TALEN ENERGY CORPTLN28,207$5.6M0.71%
53FIRST SOLAR INCFSLR44,104$5.6M0.71%
54PAR TECHNOLOGY CORPPAR5,000$5.4M0.68%
55ARK ETF TR00214Q104110,000$5.2M0.66%
56ON SEMICONDUCTOR CORPON5,000$5.2M0.66%
57IRIS ENERGY LTD46270CAA77,000$5.1M0.65%
58AMERICAN AIRLINES GROUP INCAAL5,000$5.0M0.64%
59TERAWULF INCWULF6,500$4.5M0.58%
60GALAXY DIG HO LP36317GAB25,500$4.5M0.57%
61INFINERA CORP45667GAG83,500$4.5M0.57%
62IONQ INCIONQ-WT200,000$4.4M0.56%
63GOPRO INCGPRO5,000$4.4M0.56%
64NET LEASE OFFICE PROPERTIESNLOP140,000$4.4M0.56%
65LITHIUM ARGENTINA AGLAR5,095$4.2M0.53%
66ADVANCED ENERGY INDS007973AE04,000$4.1M0.52%
67WILLOW LANE ACQUISITION CORPWLACW407,894$4.1M0.52%
68MARATHON DIGITALMARA5,000$4.1M0.52%
69TALEN ENERGY CORPTLN20,000$4.0M0.51%
70LIB TRIP ADV HOL531465AA04,000$4.0M0.51%
71SPIRIT LOYALTY84859BAC54,197$3.9M0.49%
72MICROSTRATEGY594972AT84,000$3.8M0.49%
73COHEN CIRCLE ACQUISITION CORCOHN333,306$3.7M0.47%
74UPWORK INCUPWK4,000$3.7M0.47%
75PROS HOLDINGS INC74346YAG84,000$3.7M0.47%
76CANTOR EQUITY PARTNERS I INCCEPO361,517$3.7M0.47%
77RITHM ACQUISITION CORPRAC-WT350,000$3.5M0.45%
78I-80 GOLD CORPIAUX-WT4,000$3.4M0.43%
79STELLAR V CAP CORPSVCCW339,920$3.4M0.43%
80BOLD EAGLE ACQUISITION CORPBEAGU330,416$3.4M0.43%
81NABORS ENERGY TRANSITION CORG6363K106300,000$3.3M0.42%
82ARCHIMEDES TECH SPAC PARTNERG04537117319,790$3.2M0.41%
83SERITAGE GROWTH PPTYS81752R100991,196$3.2M0.41%
84CORE SCIENTIFICCORZZ3,000$3.2M0.40%
85ISHARES SILVER TRSLV102,700$3.2M0.40%
86ISHARES TR46428780430,000$3.1M0.40%
87NEWHOLD INVT CORP IIIG6486E128311,335$3.1M0.40%
88OMNICOM GROUP INCOMC37,000$3.1M0.39%
89B2GOLD CORPBTG2,500$2.9M0.37%
90SSR MINING INSSRGF2,888$2.9M0.37%
91PRECISION DRILLING CORPPDS61,446$2.9M0.36%
92ISHARES BITCOIN TRUST ETFIBIT60,000$2.8M0.36%
93LUMENTUM HLDGS INCLITE3,000$2.8M0.35%
94BITDEER TECHNOBTDR3,000$2.8M0.35%
95FRANCO NEV CORPFNV17,500$2.8M0.35%
96AMAZON COM INCAMZN14,372$2.7M0.35%
97HILTON WORLDWIDE HLDGS INCHLT12,000$2.7M0.35%
98BRP INCDOO80,000$2.7M0.34%
99FRONTIER COMMUNICATIONS PARE35909D10971,074$2.5M0.32%
100LIVE OAK ACQUISITION CORP VLOKVW250,000$2.5M0.32%
101UBER TECHNOLOGIES INCUBER34,430$2.5M0.32%
102NEXTERA ENGY PTRNEE-PW2,500$2.4M0.31%
103CIENA CORPCIEN40,000$2.4M0.31%
104WESTERN DIGITAL CORPWDC59,279$2.4M0.30%
105AIRBNB INCABNB20,000$2.4M0.30%
106BEACON ROOFING S073685AH22,300$2.3M0.29%
107CARVANA COCVNA11,000$2.3M0.29%
108APPLE INCAAPL10,000$2.2M0.28%
109SK GROWTH OPPORTUNITIES CORPG8192N103172,857$2.1M0.27%
110OAKTREE ACQUISITION CORP IIIOACCW195,292$2.0M0.25%
111PLUM ACQUISITION CORP IVPLMKW195,699$2.0M0.25%
112GALAXY DIG HO LP36317GAA42,000$1.9M0.24%
113FRANCO NEV CORPFNV12,000$1.9M0.24%
114BENTLEY SYS INCBSY2,000$1.8M0.23%
115GLOBAL X FDS37954Y63250,000$1.8M0.23%
116MKS INSTRUMENTSMKSI2,000$1.8M0.23%
117MARA HOLDINGS INCMARA2,000$1.8M0.23%
118EQV VENTURES ACQUISITION CORG3106N109174,421$1.8M0.22%
119BOEING COBA-PA10,000$1.7M0.22%
120RIOT PLATFORMS767292AA32,000$1.6M0.20%
121ISHARES SILVER TRSLV50,000$1.5M0.20%
122PERPETUA RESOURCES CORPPPTA142,901$1.5M0.19%
123PEPSICO INCPEP10,000$1.5M0.19%
124FACT II ACQUISITION CORPFACTW149,498$1.5M0.19%
125COLOMBIER ACQUISITION CORP ICLBR-WT137,945$1.5M0.19%
126TPI COMPOSITES INCTPICQ9,000$1.4M0.18%
127GRINDR INCGRND80,000$1.4M0.18%
128MARA HOLDINGSMARA2,000$1.4M0.18%
129JACKSON ACQUISITION CO IIJACS-UN136,000$1.4M0.17%
130MAGNA INTL INC55922240140,000$1.4M0.17%
131VEREN INC92340V107137,500$1.3M0.17%
132SOLARIS ENERGY INFRAS INCSEI60,000$1.3M0.17%
133FIRST SOLAR INCFSLR10,000$1.3M0.16%
134DISNEY WALT CO25468710612,429$1.2M0.16%
135PLAYAGS INC72814N10499,918$1.2M0.15%
136WOLFSPEED INCWOLF2,000$1.2M0.15%
137WARRIOR MET COAL INCHCC25,000$1.2M0.15%
138TFI INTL INC87241L10915,393$1.2M0.15%
139PELOTON INTERACTIVE INCPTON184,809$1.2M0.15%
140HELIX ACQUISITION CORP IIHLXC100,000$1.1M0.14%
141ARTIUS II ACQUISITION INCAACBU112,006$1.1M0.14%
142BROOKFIELD BUSINESS PARTNERSBBUC47,851$1.1M0.14%
143UNITED PARCEL SERVICE INCUPS10,000$1.1M0.14%
144ROMAN DBDR ACQUISITION CORPDRDBW107,090$1.1M0.14%
145MERCK CO INCMRK11,784$1.1M0.13%
146UNITED STATES STL CORP NEWUNTCW25,000$1.1M0.13%
147BEACON ROOFING S073685AK51,000$1.1M0.13%
148KEYSIGHT TECHNOLOGIES INCKEYS6,755$1.0M0.13%
149CONSTELLATION ENERGY CORPCEG5,000$1.0M0.13%
150MOUNTAIN LAKE ACQUISITION COMLACU100,000$1.0M0.13%
151AIR TRANS SVCS GROUP INC00922RAD71,000$996,6000.13%
152TOAST INCTOST30,000$995,1000.13%
153GESHER ACQUISITION CORP. IIGSHRW99,180$994,7750.13%
154DISNEY WALT CO25468710610,000$987,0000.13%
155SELECT SECTOR SPDR TR81369Y88612,500$985,6250.13%
156SPHERE ENTERTAINMENT COSPHR30,000$981,6000.12%
157SABLE OFFSHORE CORPSOC38,590$979,0280.12%
158NXP SEMICONDUCTORS N VNXPI5,120$973,1070.12%
159ISHARES BITCOIN TRUST ETFIBIT20,000$936,2000.12%
160TRANSALTA CORPTACPF100,000$935,0000.12%
161MA-COM TECH55405YAC41,000$904,0900.11%
162PEAKSTONE REALTY TRUSTPKST67,509$850,6130.11%
163CANTOR EQUITY PARTNERS INCG4491L10478,449$842,5420.11%
164TECNOGLASS INCTGLS11,394$815,2410.10%
165TPI COMPOSITES INCTPICQ1,000,000$810,0000.10%
166CHURCHILL CAPITAL CORP IXCCIXW73,100$788,7490.10%
167CIENA CORPCIEN13,013$786,3760.10%
168PAR TECHNOLOGY CORPPAR12,648$775,8280.10%
169TFI INTL INC87241L10910,000$774,5000.10%
170NEXTNAV INCNXNVW172,890$760,7160.10%
171FREEPORT-MCMORAN INCFCX20,000$757,2000.10%
172CANNABIST COCBSTQ1,000$750,0000.10%
173CANNABIST COCBSTQ1,000$750,0000.10%
174XPONENTIAL FITNESS INCXPOF90,000$749,7000.10%
175XOMETRY INCXMTR30,000$747,6000.09%
176CLEARWATER ANALYTICS HLDGS ICWAN27,000$723,6000.09%
177ITEOS THERAPEUTICS INC46565G104120,500$719,3850.09%
178BROADCOM INCAVGO4,072$681,7750.09%
179BRP INCDOO20,000$676,2000.09%
180INSPIRE MED SYS INC4577301094,100$653,0480.08%
181NVIDIA CORPORATIONNVDA6,000$650,2800.08%
182ISHARES SILVER TRSLV20,000$619,8000.08%
183GREENFIRE RES LTD NEW39525U107102,600$602,2620.08%
184RAMBUS INC DELRMBS11,520$596,5060.08%
185HIMS HERS HEALTH INCHIMS20,000$591,0000.07%
186NATIONAL HEALTH INVS INC63633D1048,000$590,8800.07%
187WEYERHAEUSER CO MTN BEWY20,000$585,6000.07%
188CERTARA INCCERT58,951$583,6150.07%
189NEBIUS GROUP N.V.NBIS26,065$550,2320.07%
190MODIVCARE60783XAA22,000$538,9400.07%
191ALDEL FINL II INCG0155810849,297$498,3930.06%
192CEVA INCCEVA18,952$485,3610.06%
193CAMPING WORLD HLDGS INCCWH30,000$484,8000.06%
194IONQ INCIONQ-WT42,943$477,0970.06%
195PAR TECH CORPPAR500$473,5750.06%
196WOLFSPEED INCWOLF150,000$459,0000.06%
197VERSABANK NEWVBNK41,982$434,9340.06%
198NUSCALE PWR CORPNU30,000$424,8000.05%
199NUSCALE PWR CORPNU30,000$424,8000.05%
200KINROSS GOLD CORPKGCRF33,000$416,1300.05%
201UIPATH INCPATH40,000$412,0000.05%
202CLEVELAND-CLIFFS INC NEWCLF50,000$411,0000.05%
203DYNAMIX CORPETHMW40,992$407,8700.05%
204ALGOMA STL GROUP INC015658115690,879$379,9830.05%
205SK GROWTH OPPORTUNITIES CORPG8192N111539,612$350,7480.04%
206BLACKROCK HEALTH SCIENCES TEBLK20,830$310,3670.04%
207CANADIAN NAT RES LTD13638510110,000$308,0000.04%
208FACT II ACQUISITION CORPFACTW30,000$300,6000.04%
209ADAMS DIVERSIFIED EQUITY FD00621210415,826$300,5360.04%
210FOLD HLDGS INCFLDDW390,183$288,7350.04%
211BLACKROCK ENHANCED EQUITY DIBLK32,984$283,6620.04%
212WAYFAIR INCW8,832$282,8890.04%
213JOBY AVIATION INCJOBY-WT227,177$279,4280.04%
214NATIONAL HEALTHCARE CORPNHC3,000$278,4000.04%
215ABRDN GLOBAL INFRA INCOME FU00326W10615,000$275,8500.03%
216ROYCE SMALL CAP TRUST INCRVT19,108$272,0980.03%
217HCM II ACQUISITION CORPG43658122382,768$264,1100.03%
218VALKYRIE ETF TRUST II91917A20720,000$255,4000.03%
219GOLD ROYALTY CORPGROY-WT988,295$247,0740.03%
220COHEN CIRCLE ACQUISITION CORCOHN135,397$243,7150.03%
221TRANSALTA CORPTACPF25,000$233,7500.03%
222COHEN STEERS TAX ADVAN PFD19249X10811,967$232,6380.03%
223SKY HARBOUR GROUP CORPORATIOSKYH-WT75,018$231,0550.03%
224DMY SQUARED TECHNOLOGY GROUPDMYY20,000$223,4000.03%
225BLACKROCK TECH AND PRIVATE EBLK35,000$219,1000.03%
226HENNESSY CAP INVT CORP VIIG4405D1151,086,568$217,3140.03%
227ELLSWORTH GROWTH INCOME FD28907410623,785$215,9680.03%
228BLACKROCK ENHANCED LARGE CAPBLK11,336$209,3760.03%
229ARES ACQUISITION CORP IIG3303310418,722$208,7500.03%
230FORWARD AIR CORPFWRD10,000$200,9000.03%
231SABA CAPITAL INCOME OPPORTBRW23,000$200,1000.03%
232EQV VENTURES ACQUISITION CORG3106N117530,857$191,1090.02%
233M3BRIGADE ACQUISITION V CORPG63212115629,642$182,5960.02%
234D-WAVE QUANTUM INCQBTS24,000$182,4000.02%
235SPECIAL OPPORTUNITIES FD INC84741T10411,878$178,4080.02%
236ITEOS THERAPEUTICS INC46565G10429,178$174,1930.02%
237SOLITARIO RESOURCES CORPXPL284,791$170,8750.02%
238DESTRA MULTI-ALTERNATIVE FD25065A50219,702$167,0730.02%
239SOUNDHOUND AI INCSOUNW20,000$162,4000.02%
240SOUNDHOUND AI INCSOUNW20,000$162,4000.02%
241COLOMBIER ACQUISITION CORP ICLBR-WT199,060$159,2480.02%
242RIGETTI COMPUTING INCRGTIW20,000$158,4000.02%
243ARS PHARMACEUTICALS INCSPRY12,000$150,9600.02%
244NABORS ENERGY TRANSITION CORG6363K114377,383$150,9530.02%
245LEGATO MERGER CORP IIILEGT-WT13,798$144,7410.02%
246GCM GROSVENOR INCGCMG81,780$142,2970.02%
247WILLOW LANE ACQUISITION CORPWLACW572,194$131,6050.02%
248TORTOISE SUSTAINABLE SOCIA27901F10911,119$126,3120.02%
249CORE SCIENTIFIC INC NEW21874A11439,668$120,1940.02%
250BOLD EAGLE ACQUISITION CORPBEAGU521,356$119,9120.02%
251NET POWER INCNPWR-WT43,125$113,4190.01%
252HIGH INCOME SECS FD42968F10816,717$111,1680.01%
253DYNAMIX CORPETHMW372,500$108,0250.01%
254IRON HORSE ACQUISITIONS CORP462837121350,354$105,1060.01%
255BLADE AIR MOBILITY INCSRTAW477,069$104,9550.01%
256BLEICHROEDER ACQUISITION CORG1169T138490,776$98,1550.01%
257ALDEL FINL II INCG01558124298,680$89,6040.01%
258USA RARE EARTH INCUSAR130,125$87,1840.01%
259HELPORT AI LTDHPAIW29,152$85,7070.01%
260LAUNCH TWO ACQUISITION CORP.LPBBW381,754$80,1680.01%
261ZEO ENERGY CORPZEOWW1,277,536$76,6520.01%
262ARES ACQUISITION CORP IIG33033120258,953$75,0960.01%
263MELAR ACQUISITION CORP. IMACIW529,029$74,0640.01%
264LEGATO MERGER CORP IIILEGT-WT367,983$73,5970.01%
265LAUNCH ONE ACQUISITION CORPLPAAW438,716$65,8070.01%
266MOUNTAIN LAKE ACQUISITION COMLACU366,749$58,6800.01%
267NEWBURY STR II ACQUISITION CG6439S117266,570$58,6450.01%
268BLACK SPADE ACQUISITION II CG1153L117262,382$57,7240.01%
269CHARLTON ARIA ACQUISITION COCHARU300,000$54,0000.01%
270SIM ACQUISITION CORP. ISIMAW406,721$52,8740.01%
271FACT II ACQUISITION CORPFACTW276,675$49,8020.01%
272LIONHEART HOLDINGSCUBWW413,314$49,5980.01%
273SPRING VALLEY ACQUISTN CORPG83752116348,041$48,7260.01%
274OXFORD LANE CAP CORPOXLCZ10,000$47,2000.01%
275CENTURION ACQUISITION CORPALFUW308,153$46,2230.01%
276CO2 ENERGY TRANSITION CORPNOEMW457,063$45,7060.01%
277VOYAGER ACQUISITION CORPG93A7H112293,200$43,9800.01%
278TRANSLATIONAL DEV ACQUISITIOG9008W113295,689$41,3960.01%
279OPPFI INCOPFI-WT18,799$40,9820.01%
280VINE HILL CAP INVT CORP.G93Y09115193,134$40,5580.01%
281MODIVCARE INC60783X10430,000$39,6000.01%
282CO2 ENERGY TRANSITION CORPNOEMW190,000$36,1000.00%
283KF GROWTH ACQUISITION CORPKFIIU299,909$35,9890.00%
284STELLAR V CAP CORPSVCCW169,960$35,6920.00%
285SPARK I ACQUISITION CORPSPKLW264,020$34,3230.00%
286NEUBERGER BERMAN REAL ESTATENRO10,400$34,3200.00%
287VIVID SEATS INCSEATW162,704$34,1680.00%
288ROMAN DBDR ACQUISITION CORPDRDBW103,595$33,1500.00%
289BLAIZE HLDGS INCBZAIW169,985$32,2970.00%
290MURANO GLOBAL INVTS PLCG63369113140,174$32,2400.00%
291JACKSON ACQUISITION CO IIJACS-UN136,000$31,2800.00%
292OAKTREE ACQUISITION CORP IIIOACCW39,058$29,2940.00%
293GIGCAPITAL7 CORPGIGGW261,500$26,1500.00%
294PLUM ACQUISITION CORP IVPLMKW150,000$24,0000.00%
295GETTY IMAGES HOLDINGS INCGETY13,789$23,8550.00%
296ANDRETTI ACQUISITION CORP IIPOLEW111,237$20,0230.00%
297OAK WOODS ACQUISITION CORP67190B112500,340$20,0140.00%
298VEEA INCVEEAW228,890$18,3110.00%
299AGRICULTURE NAT SOL ACQ COG0131Y11859,840$17,9520.00%
300DT CLOUD STAR ACQUISITION CODTSQU99,000$15,8400.00%
301GCT SEMICONDUCTOR HLDG INCGCTS-WT183,091$12,8160.00%
302XBP EUROPE HOLDINGS INCXBPEW233,305$11,6650.00%
303NET POWER INCNPWR-WT37,091$11,1270.00%
304BOLT PROJS HLDGS INC09769B115300,000$9,0000.00%
305IB ACQUISITION CORPIBACR150,000$9,0000.00%
306AA MISSION ACQUISITION CORPYCY-WT125,000$8,7500.00%
307ESH ACQUISITION CORPESHAR92,627$8,3360.00%
308SPRING VALLEY ACQUISTN CORPG83752132100,000$8,0000.00%
309BOWEN ACQUISITION CORPG1272912829,596$7,6950.00%
310KEEN VISION ACQUISITION CORPKVACW224,607$6,7380.00%
311GRAF GLOBAL CORPGRAF-WT32,657$5,8780.00%
312CHENGHE ACQUISITION II COCHECW105,037$5,2520.00%
313RF ACQUISITION CORP IIRFAIU50,000$3,5000.00%
314HAYMAKER ACQUISITION CORP IVG4375F11612,500$2,6250.00%
315FOUR LEAF ACQUISITION CORP35088F11555,548$2,2220.00%
316HERAMBA ELEC PLCG4411J106214,336$2,1430.00%
317ALPHATIME ACQUISITION CORPG0223V121141,606$1,4160.00%