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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 Q2 2025 · Filed August 14, 2025 · Accession 0001461790-25-000044

Total Value
$725.2M
Positions
296
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (296)

#IssuerTicker / CUSIPSharesValue% of Filing
1SPDR GOLD TRGLD105,000$32.0M4.41%
2BRITISH AMERN TOB PLC110448107390,000$18.5M2.55%
3ISHARES TR464288513200,000$16.1M2.22%
4ISHARES BITCOIN TRUST ETFIBIT250,000$15.3M2.11%
5PELOTON INTERACTIVE INCPTON15,679$15.2M2.09%
6AMERICAN AIRLINES GROUP INCAAL14,137$14.1M1.95%
7NUTANIX INCNTNX10,000$14.1M1.94%
8FIRST MAJESTIC SILVER CORPAG14,500$14.1M1.94%
9DROPBOX INCDBX13,859$13.7M1.89%
10TRIPADVISOR INCTRIP14,000$13.5M1.86%
11SPHERE ENTERTAINMENT COSPHR8,500$12.0M1.65%
12LUMENTUM HLDGS INCLITE7,000$10.8M1.48%
13ISHARES SILVER TRSLV328,000$10.8M1.48%
14ISHARES BITCOIN TRUST ETFIBIT174,000$10.7M1.47%
15BLACKBERRY LTDBB7,000$10.1M1.39%
16ETSY INCETSY10,000$9.7M1.34%
17SNAP INCSNAP10,000$9.6M1.32%
18UPSTART HLDGS INCUPST10,000$9.5M1.31%
19JETBLUE AIRWAYS CORPJBLU10,000$9.5M1.31%
20RAPID7 INCRPD10,000$9.3M1.28%
21NICE LTDNCSYF9,321$9.2M1.27%
22COINBASE GLOBAL INCCOIN7,000$9.2M1.26%
23FASTLY INCFSLY9,249$8.9M1.22%
24SPDR GOLD TRGLD29,000$8.8M1.22%
25ISHARES BITCOIN TRUST ETFIBIT142,500$8.7M1.20%
26APPLIED OPTOELECTRONICS INCAAOI9,000$8.4M1.16%
27WISDOMTREE INCWT7,344$8.3M1.14%
28FIRST SOLAR INCFSLR48,291$8.0M1.10%
29LIVE NATION ENTERTAINMENT INLYV5,000$7.7M1.06%
30PENN ENTERTAINMENT INCPENN7,000$7.3M1.01%
31PEBBLEBROOK HOTEL TRPEB-PH7,473$7.1M0.97%
32CENTURY ALUM COCENX5,750$6.9M0.95%
33MAG SILVER CORP55903Q104321,870$6.8M0.94%
34SOLARIS ENERGY INFRAS INCSEI4,750$6.4M0.88%
35ON SEMICONDUCTOR CORPON5,000$5.9M0.82%
36CORE SCIENTIFIC INC NEW21874A106346,591$5.9M0.82%
37BLACKLINE INCBL6,000$5.8M0.80%
38ARS PHARMACEUTICALS INCSPRY317,126$5.5M0.76%
39VANGUARD SCOTTSDALE FDS92206C66462,500$5.5M0.75%
40MARA HOLDINGS INCMARA6,000$5.4M0.75%
41LIVE NATION ENTERTAINMENT INLYV34,000$5.1M0.71%
42ADVANCED ENERGY INDS007973AE04,000$4.8M0.66%
43NET LEASE OFFICE PROPERTIESNLOP144,800$4.7M0.65%
44PAR TECHNOLOGY CORPPAR4,000$4.6M0.63%
45HENNESSY CAP INVT CORP VIIG4405D107452,717$4.6M0.63%
46HESS CORPHESM32,782$4.5M0.63%
47GOPRO INCGPRO5,000$4.5M0.63%
48COHEN CIRCLE ACQUISITION CORCOHN410,086$4.5M0.62%
49COLOMBIER ACQUISITION CORP ICLBR-WT283,990$4.4M0.61%
50OMNICOM GROUP INCOMC60,100$4.3M0.60%
51LITHIUM ARGENTINA AGLAR5,095$4.3M0.59%
52WILLOW LANE ACQUISITION CORPWLACW412,413$4.2M0.58%
53TALEN ENERGY CORPTLN14,100$4.1M0.57%
54JUNIPER NETWORKS INC48203R104100,000$4.0M0.55%
55GORES HLDGS X INCG4002F109389,326$4.0M0.55%
56UPWORK INCUPWK4,000$3.8M0.52%
57PROS HOLDINGS INC74346YAG84,000$3.8M0.52%
58RITHM ACQUISITION CORPRAC-WT347,708$3.5M0.49%
59ISHARES TR46428743240,000$3.5M0.49%
60HOWARD HUGHES HOLDINGS INCHHH52,000$3.5M0.48%
61CORE SCIENTIFIC INC NEW21874A106200,000$3.4M0.47%
62JENA ACQUISITION CORP IIJENA-UN325,200$3.3M0.46%
63NABORS ENERGY TRANSITION CORG6363K106300,000$3.3M0.46%
64INVITATION HOMES INCINVH100,000$3.3M0.45%
65FREEPORT-MCMORAN INCFCX75,000$3.3M0.45%
66ARES ACQUISITION CORP IIG33033104282,079$3.2M0.44%
67BOLD EAGLE ACQUISITION CORPBEAGU303,575$3.2M0.44%
68BERTO ACQUISITION CORPTACOW304,536$3.2M0.44%
69SERITAGE GROWTH PPTYS81752R1001,015,786$3.1M0.43%
70PELOTON INTERACTIVE INCPTON447,734$3.1M0.43%
71LUMENTUM HLDGS INCLITE3,000$3.1M0.43%
72CHURCHILL CAP CORP XG2130T124300,000$3.1M0.43%
73UBER TECHNOLOGIES INCUBER33,048$3.1M0.43%
74TELUS INTL CDA INCTU835,087$3.0M0.42%
75CORE SCIENTIFIC INC NEW21874A106175,000$3.0M0.41%
76FLUOR CORP NEWFLR58,200$3.0M0.41%
77CENTURION ACQUISITION CORPALFUW282,839$3.0M0.41%
78SPDR GOLD TRGLD9,746$3.0M0.41%
79MKS INC.MKSI3,000$3.0M0.41%
80SUNRUN INCRUN4,000$2.9M0.39%
81VANGUARD INDEX FDS9229083635,000$2.8M0.39%
82SILVERBOX CORP IVSBXD-WT249,209$2.7M0.38%
83GUARDANT HEALTH INCGH3,000$2.7M0.38%
84PROCAP ACQUISITION CORPPCAPW251,303$2.7M0.37%
85ALPHABET INCGOOG15,000$2.7M0.37%
86CANTOR EQUITY PARTNERS I INCCEPO217,896$2.6M0.36%
87FRONTIER COMMUNICATIONS PARE35909D10971,074$2.6M0.36%
88PERIMETER ACQUISITION CORP IPMTRW247,237$2.5M0.35%
89BLUE ACQUISITION CORP.BACCU249,900$2.5M0.35%
90TITAN ACQUISITION CORPTACHW245,600$2.5M0.34%
91REPUBLIC DIGITAL ACQUISITIONRDAGW238,720$2.4M0.34%
92GENIUS SPORTS LIMITEDGENI230,364$2.4M0.33%
93WEN ACQUISITION CORPWENNW226,317$2.4M0.33%
94DIGITAL ASSET ACQUISITION CODAAQW226,951$2.4M0.33%
95AMAZON COM INCAMZN10,608$2.3M0.32%
96CANTOR EQUITY PARTNERS II ING1827P106208,586$2.3M0.32%
97INFLECTION PT ACQUISITION COG47875102223,166$2.3M0.31%
98PRECISION DRILLING CORPPDS47,460$2.2M0.31%
99GALAXY DIGITAL INC.GLXY75,000$2.2M0.31%
100HAYMAKER ACQUISITION CORP IVG4375F108199,800$2.2M0.31%
101ISHARES TR46428780420,000$2.2M0.30%
102APPLOVIN CORPAPP6,167$2.2M0.30%
103CAL REDWOOD ACQUISITION CORPCRAQU215,031$2.1M0.30%
104SIM ACQUISITION CORP. ISIMAW205,292$2.1M0.29%
105COLUMBUS CIRCLE CAP CORP. IG2296A109200,000$2.1M0.29%
106CANTOR EQUITY PARTNERS III IG1828A108200,000$2.1M0.29%
107OAKTREE ACQUISITION CORP IIIOACCW195,292$2.0M0.28%
108ISHARES TR46428851325,000$2.0M0.28%
109GREENFIRE RES LTD NEW39525U107447,600$2.0M0.28%
110IMPERIAL OIL LTDIMO25,000$2.0M0.27%
111LIVE OAK ACQUISITION CORP VLOKVW178,100$1.9M0.26%
112WIX COM LTDWIX12,004$1.9M0.26%
113BENTLEY SYS INCBSY2,000$1.9M0.26%
114EQV VENTURES ACQUISITION CORG3106N109174,421$1.8M0.25%
115BRITISH AMERN TOB PLC11044810738,200$1.8M0.25%
116AXIOM INTELLIGENCE AC CORP 1G0750N120177,159$1.8M0.25%
117RENATUS TACTICAL ACQUISRTACW145,320$1.7M0.24%
118PEABODY ENERGY CORPBTU125,000$1.7M0.23%
119XPONENTIAL FITNESS INCXPOF221,043$1.7M0.23%
120ARCHIMEDES TECH SPAC PARTNERG04537109160,170$1.6M0.23%
121COREWEAVE INCCRWV10,000$1.6M0.22%
122SANDSTORM GOLD LTD80013R206170,000$1.6M0.22%
123ENPHASE ENERGY INCENPH40,000$1.6M0.22%
124PEAKSTONE REALTY TRUSTPKST116,697$1.5M0.21%
125FIFTH ERA ACQUISITION CORP IFERAU150,000$1.5M0.21%
126LIGHTWAVE ACQUISITION CORPLWACW150,000$1.5M0.21%
127DICKS SPORTING GOODS INC2533931027,500$1.5M0.20%
128FOOT LOCKER INC34484910460,000$1.5M0.20%
129SPIRIT AVIATION HLDGS INCFLYYQ287,976$1.4M0.20%
130DROPBOX INCDBX50,000$1.4M0.20%
131VANGUARD INDEX FDS9229083632,500$1.4M0.20%
132OWENS CORNING NEWOC10,000$1.4M0.19%
133BROADCOM INCAVGO4,854$1.3M0.18%
134YORKVILLE ACQUISITION CORP.MCGAW115,000$1.3M0.18%
135PLAYAGS INC72814N10499,918$1.2M0.17%
136MICRON TECHNOLOGY INCMU10,000$1.2M0.17%
137ARES MANAGEMENT CORPORATIONARES-PB7,000$1.2M0.17%
138CHURCHILL CAPITAL CORP IXCCIXW114,350$1.2M0.17%
139IMPERIAL OIL LTDIMO15,000$1.2M0.16%
140INSPIRE MED SYS INC4577301099,100$1.2M0.16%
141V F CORPVFC100,000$1.2M0.16%
142AST SPACEMOBILE INCASTS25,000$1.2M0.16%
143CORE SCIENTIFIC INC NEW21874A114107,092$1.2M0.16%
144GEN DIGITAL INCGENVR143,630$1.2M0.16%
145ARTIUS II ACQUISITION INCAACBU112,006$1.1M0.16%
146ROMAN DBDR ACQUISITION CORPDRDBW107,090$1.1M0.15%
147HILTON WORLDWIDE HLDGS INCHLT4,000$1.1M0.15%
148ROCKET COS INC77311W10175,000$1.1M0.15%
149HELIX ACQUISITION CORP IIHLXC100,000$1.1M0.15%
150CIENA CORPCIEN13,013$1.1M0.15%
151D R HORTON INC23331A1098,000$1.0M0.14%
152POWERFLEET INCAIOT238,417$1.0M0.14%
153JBS N.V.JBS69,944$1.0M0.14%
154KOCHAV DEFENSE ACQUI COKCHVU100,000$1.0M0.14%
155NATIONAL HEALTHCARE CORPNHC9,500$1.0M0.14%
156IONQ INCIONQ-WT32,071$1.0M0.14%
157OYSTER ENTERPRISES II ACQUISOYSEU100,000$1.0M0.14%
158SIZZLE ACQUISITION CORP. IISZZLU100,000$1.0M0.14%
159LIONHEART HOLDINGSCUBWW83,943$881,4020.12%
160NEXTNAV INCNXNVW133,725$849,1540.12%
161FIRST SOLAR INCFSLR5,000$827,7000.11%
162IREN LIMITEDIREN50,000$728,5000.10%
163ARK ETF TR00214Q10410,000$702,9000.10%
164CORE NATURAL RESOURCES INCCNR10,000$697,4000.10%
165SUNRUN INCRUN81,639$667,8070.09%
166MP MATERIALS CORPMP20,000$665,4000.09%
167ISHARES SILVER TRSLV19,400$636,5140.09%
168NVIDIA CORPORATIONNVDA4,000$631,9600.09%
169COLOMBIER ACQUISITION CORP ICLBR-WT168,211$630,7910.09%
170CHAMPIONSGATE ACQUISITION COCHPGU62,780$627,8000.09%
171WAYFAIR INCW12,000$613,6800.08%
172M3BRIGADE ACQUISITION V CORPG63212115349,119$610,9580.08%
173WINTERGREEN ACQUISITION CORPWTGUU59,000$595,3100.08%
174THAYER VENTURES ACQ CORP IIG8789012858,271$592,0330.08%
175BROOKFIELD BUSINESS PARTNERSBBUC22,500$583,4250.08%
176BAKER HUGHES COMPANYBKR15,000$575,1000.08%
177BLUE OWL CAPITAL INCOWL29,000$557,0900.08%
178VERSABANK NEWVBNK48,682$554,9750.08%
179LEGATO MERGER CORP IIILEGT-WT49,748$531,3090.07%
180JOBY AVIATION INCJOBY-WT217,107$521,0570.07%
181UBER TECHNOLOGIES INCUBER5,000$466,5000.06%
182ZETA GLOBAL HOLDINGS CORPZETA30,000$464,7000.06%
183MERCK CO INCMRK5,684$449,9450.06%
184ALGOMA STL GROUP INC015658115690,879$428,3450.06%
185HCM II ACQUISITION CORPG43658122177,489$417,0990.06%
186EQV VENTURES ACQUISITION CORG3106N117530,857$387,5260.05%
187CLEVELAND-CLIFFS INC NEWCLF50,000$380,0000.05%
188COHEN CIRCLE ACQUISITION CORCOHN183,586$367,1720.05%
189ADAMS DIVERSIFIED EQUITY FD00621210416,182$351,3110.05%
190GOLD ROYALTY CORPGROY-WT990,295$346,6030.05%
191ARES ACQUISITION CORP IIG33033120308,753$339,6280.05%
192HENNESSY CAP INVT CORP VIIG4405D1151,086,931$326,0790.04%
193ABRDN GLOBAL INFRA INCOME FU00326W10615,000$305,7000.04%
194LIVE NATION ENTERTAINMENT INLYV2,000$302,5600.04%
195FACT II ACQUISITION CORPFACTW30,000$300,0000.04%
196ROYCE SMALL CAP TRUST INCRVT19,490$293,3250.04%
197BLACKROCK ENHANCED EQUITY DIBLK32,984$293,2280.04%
198DOCEBO INCDCBO10,100$292,2940.04%
199FOLD HLDGS INCFLDDW380,780$270,3540.04%
200TRANSALTA CORPTACPF25,000$269,7500.04%
201BLACKROCK TECH AND PRIVATE EBLK34,843$255,7480.04%
202COLUMBUS CIRCLE CAP CORP. IG2296A117150,000$249,0000.03%
203APPLOVIN CORPAPP700$245,0560.03%
204ELLSWORTH GROWTH INCOME FD28907410623,785$243,7960.03%
205BLACKROCK ENHANCED LARGE CAPBLK10,682$228,0610.03%
206WILLOW LANE ACQUISITION CORPWLACW630,559$227,0010.03%
207DESTRA MULTI-ALTERNATIVE FD25065A50224,709$216,2040.03%
208SABA CAPITAL INCOME OPPORTBRW23,000$211,3700.03%
209LUCID GROUP INCLCID93,595$197,4850.03%
210DIGITAL ASSET ACQUISITION CODAAQW228,980$194,6330.03%
211NABORS ENERGY TRANSITION CORG6363K114376,983$180,9520.02%
212ALDEL FINL II INCG01558124298,680$155,3140.02%
213BOLD EAGLE ACQUISITION CORPBEAGU500,907$155,2810.02%
214MELAR ACQUISITION CORP. IMACIW509,029$152,7090.02%
215TORTOISE SUSTAINABLE SOCIA27901F10911,119$136,0970.02%
216SKY HARBOUR GROUP CORPORATIOSKYH-WT73,619$125,1520.02%
217IRON HORSE ACQUISITIONS CORP462837121249,454$124,7270.02%
218BERTO ACQUISITION CORPTACOW152,268$121,8140.02%
219LIONHEART HOLDINGSCUBWW359,330$118,5790.02%
220DYNAMIX CORPETHMW296,022$115,4490.02%
221LAUNCH ONE ACQUISITION CORPLPAAW415,615$112,2160.02%
222SIM ACQUISITION CORP. ISIMAW401,917$108,5180.01%
223LAUNCH TWO ACQUISITION CORP.LPBBW267,954$107,1820.01%
224ARCHIMEDES TECH SPAC PARTNERG04537125259,895$106,5570.01%
225HIGH INCOME SECS FD42968F10816,717$106,1530.01%
226USA RARE EARTH INCUSAR44,142$105,0580.01%
227BLADE AIR MOBILITY INCSRTAW497,069$104,3840.01%
228CENTURION ACQUISITION CORPALFUW320,150$96,0450.01%
229CAL REDWOOD ACQUISITION CORPCRAQU326,246$88,0860.01%
230BLEICHROEDER ACQUISITION CORG1169T138250,000$87,5000.01%
231LIVE OAK ACQUISITION CORP VLOKVW125,000$87,5000.01%
232TELADOC HEALTH INCTDOC10,000$87,1000.01%
233LEGATO MERGER CORP IIILEGT-WT377,983$86,9360.01%
234OXFORD LANE CAP CORPOXLCZ20,000$84,0000.01%
235PERIMETER ACQUISITION CORP IPMTRW123,618$79,1160.01%
236INFLECTION PT ACQUISITION COG47875110223,166$78,1080.01%
237GENERATION ESSENTIALS GROUPTGE-WT192,506$77,0020.01%
238FIFTH ERA ACQUISITION CORP IFERAU306,680$76,6700.01%
239ZEO ENERGY CORPZEOWW1,277,536$76,6520.01%
240RENATUS TACTICAL ACQUISRTACW37,429$76,3550.01%
241REPUBLIC DIGITAL ACQUISITIONRDAGW121,067$76,2720.01%
242FACT II ACQUISITION CORPFACTW303,953$75,9880.01%
243HELPORT AI LTDHPAIW29,152$69,9650.01%
244TRANSLATIONAL DEV ACQUISITIOG9008W113295,689$68,0080.01%
245CRANE HBR ACQUISITION CORPCR244,013$65,8840.01%
246GORES HLDGS X INCG4002F125100,956$59,5640.01%
247RITHM ACQUISITION CORPRAC-WT116,000$56,8400.01%
248ROMAN DBDR ACQUISITION CORPDRDBW103,595$51,7980.01%
249MOUNTAIN LAKE ACQUISITION COMLACU366,649$51,3310.01%
250GCM GROSVENOR INCGCMG79,780$51,0590.01%
251NEWHOLD INVT CORP IIIG6486E110159,445$51,0220.01%
252TITAN ACQUISITION CORPTACHW136,650$50,5610.01%
253SPARK I ACQUISITION CORPSPKLW264,020$50,1640.01%
254SPRING VALLEY ACQUISTN CORPG83752116348,041$48,7260.01%
255MAYWOOD ACQUISITION CORPMYXXU178,617$48,2270.01%
256VINE HILL CAP INVT CORP.G93Y09115193,134$46,3520.01%
257GRAF GLOBAL CORPGRAF-WT162,657$43,9170.01%
258CHARLTON ARIA ACQUISITION COCHARU291,752$43,7630.01%
259NEWBURY STR II ACQUISITION CG6439S117198,760$41,7400.01%
260CO2 ENERGY TRANSITION CORPNOEMW420,241$37,8220.01%
261STELLAR V CAP CORPSVCCW169,960$37,3910.01%
262JACKSON ACQUISITION CO IIJACS-UN136,000$36,7200.01%
263GP-ACT III ACQUISITION CORPGPATW121,798$36,5390.01%
264OAKTREE ACQUISITION CORP IIIOACCW39,058$34,3710.00%
265NEUBERGER BERMAN REAL ESTATENRO10,400$33,4880.00%
266VEEA INCVEEAW228,890$32,0450.00%
267SIZZLE ACQUISITION CORP. IISZZLU153,273$30,6550.00%
268XCF GLOBAL INCSAFX33,332$29,3320.00%
269CO2 ENERGY TRANSITION CORPNOEMW190,000$28,5000.00%
270MURANO GLOBAL INVTS PLCG63369113140,174$28,0350.00%
271ARTIUS II ACQUISITION INCAACBU112,006$26,8810.00%
272SOLITARIO RESOURCES CORPXPL38,554$25,0600.00%
273GETTY IMAGES HOLDINGS INCGETY13,789$22,8900.00%
274GCT SEMICONDUCTOR HLDG INCGCTS-WT183,091$18,3090.00%
275NET POWER INCNPWR-WT46,181$15,2400.00%
276OAK WOODS ACQUISITION CORP67190B112500,340$15,0100.00%
277KF GROWTH ACQUISITION CORPKFIIU118,722$14,2470.00%
278SPRING VALLEY ACQUISTN CORPG83752132100,000$14,0000.00%
279JVSPAC ACQUISITION CORPG5212E11314,387$12,5170.00%
280XBP EUROPE HOLDINGS INCXBPEW233,305$11,6650.00%
281AA MISSION ACQUISITION CORPYCY-WT125,000$11,2500.00%
282KEEN VISION ACQUISITION CORPKVACW224,607$11,2300.00%
283GIGCAPITAL7 CORPGIGGW70,297$10,5450.00%
284CLASSOVER HLDGS INCKIDZW74,888$9,7350.00%
285CHENGHE ACQUISITION II COCHECW103,560$9,3200.00%
286AGRICULTURE NAT SOL ACQ COG0131Y11855,589$8,3380.00%
287BOLT PROJS HLDGS INC09769B115261,977$7,8590.00%
288VIVID SEATS INCSEATW53,525$7,4940.00%
289CHAMPIONSGATE ACQUISITION COCHPGU62,780$6,2780.00%
290IB ACQUISITION CORPIBACR110,178$4,4070.00%
291ALPHATIME ACQUISITION CORPG0223V121141,606$4,2480.00%
292RF ACQUISITION CORP IIRFAIU50,000$3,5000.00%
293DT CLOUD STAR ACQUISITION CODTSQU31,225$3,4350.00%
294HAYMAKER ACQUISITION CORP IVG4375F11612,500$3,1250.00%
295ESH ACQUISITION CORPESHAR26,807$2,1450.00%
296FOUR LEAF ACQUISITION CORP35088F11555,548$1,6660.00%