13F HOLDINGS REPORT
HGC Investment Management Inc.
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001711200-26-000001
Total Value
$471.7M
Positions
163
Other Managers
0
Confidential Omitted
No
Holdings (163)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ARTIUS II ACQUISITION INC-A | AACBU | 1,500,000 | $15.4M | 3.28% |
| 2 | CENTURION ACQUISITION CORP | ALFUW | 1,450,000 | $15.4M | 3.27% |
| 3 | JACKSON ACQUISITION CO-CL A | JACS-UN | 1,475,200 | $15.4M | 3.26% |
| 4 | GP-ACT III ACQUISITION-A | GPATW | 1,375,000 | $14.7M | 3.12% |
| 5 | SIDDHI ACQUISITION CORP-A | SDHIU | 1,250,000 | $12.8M | 2.72% |
| 6 | DRUGS MADE IN AMERICA ACQUIS | G2851K104 | 1,230,980 | $12.2M | 2.58% |
| 7 | FIFTH ERA ACQUISITION CORP I | FERAU | 1,150,760 | $12.0M | 2.55% |
| 8 | OXLEY BRIDGE ACQUISITION LTD | OBAWW | 950,000 | $9.7M | 2.06% |
| 9 | SOULPOWER ACQUISITION CO-A | SOUL-UN | 953,146 | $9.7M | 2.05% |
| 10 | CYBER-ARK SOFTWARE LTD/ISRAE | M2682V108 | 19,507 | $8.7M | 1.84% |
| 11 | PYROPHYTE ACQUISITION CORP-A | PAII-WT | 850,000 | $8.6M | 1.81% |
| 12 | EXACT SCIENCES CORP | 30063P105 | 80,000 | $8.1M | 1.72% |
| 13 | ITHAX ACQUISITION CORP III | ITHAW | 800,000 | $8.0M | 1.69% |
| 14 | K&F GROWTH ACQUISITION CORP | KFIIU | 750,000 | $7.8M | 1.66% |
| 15 | ELECTRONIC ARTS INC | EA | 37,816 | $7.7M | 1.64% |
| 16 | PIONEER ACQUISITION I CORP | PACHW | 743,077 | $7.6M | 1.61% |
| 17 | LAUNCHPAD CADENZA ACQUISITIO | LPCVW | 750,000 | $7.5M | 1.59% |
| 18 | AMERICAN DRIVE ACQUISITION C | ADACW | 750,000 | $7.5M | 1.59% |
| 19 | JENA ACQUISITION CORP II - A | JENA-UN | 700,000 | $7.1M | 1.51% |
| 20 | EQV VENTURES ACQUISITION COR | G3106Q110 | 697,174 | $7.1M | 1.50% |
| 21 | CANTOR EQUITY PARTNERS-CL A | G1828E100 | 650,000 | $6.7M | 1.42% |
| 22 | SIZZLE ACQUISITION CORP-CL A | SZZLU | 650,539 | $6.6M | 1.40% |
| 23 | VINE HILL CAPITAL INVESTMENT | G9709D125 | 650,000 | $6.5M | 1.38% |
| 24 | AA MISSION ACQUISITION COR-A | YCY-WT | 605,000 | $6.5M | 1.37% |
| 25 | M3-BRIGADE ACQUISITION VI CO | MBVIW | 625,000 | $6.3M | 1.34% |
| 26 | REPUBLIC DIGITAL ACQUIS-CL A | RDAGW | 602,741 | $6.1M | 1.29% |
| 27 | SILVERBOX CORP V | SBXE-WT | 600,000 | $6.0M | 1.28% |
| 28 | HCM III ACQUISITION COR-CL A | HCMAW | 600,000 | $6.0M | 1.28% |
| 29 | CANTOR EQUITY PARTNERS-CL A | CEPV | 583,153 | $6.0M | 1.27% |
| 30 | TITAN ACQUISITION CORP | TACHW | 559,131 | $5.8M | 1.24% |
| 31 | TRAILBLAZER ACQUISITION CORP | BLZRW | 550,000 | $5.6M | 1.20% |
| 32 | FUTURECREST ACQUISITION CORP | FCRS-WT | 550,000 | $5.6M | 1.19% |
| 33 | WEN ACQUISITION CORP-A | WENNW | 550,000 | $5.6M | 1.18% |
| 34 | THAYER VENTURES ACQUISITION | G87890128 | 525,000 | $5.4M | 1.15% |
| 35 | CONFLUENT INC-CLASS A | 20717M103 | 174,258 | $5.3M | 1.12% |
| 36 | IRON HORSE ACQUISITION II CO | 46283H202 | 523,489 | $5.2M | 1.10% |
| 37 | FIGX CAPITAL ACQUISITION COR | G3473K126 | 500,000 | $5.1M | 1.08% |
| 38 | VIKING ACQUISITIONS CORP I | VACI-WT | 500,000 | $5.0M | 1.07% |
| 39 | KARBON CAPITAL PARTNERS CORP | G5225W126 | 500,000 | $5.0M | 1.07% |
| 40 | CARTESIAN GROWTH CORP I-CL A | CGCTW | 450,000 | $4.6M | 0.98% |
| 41 | REPUBLIC DIGITAL ACQUISITION | RDAGW | 443,934 | $4.6M | 0.98% |
| 42 | NEW PROVIDENCE ACQUISITION-A | G6476A102 | 450,000 | $4.6M | 0.98% |
| 43 | GORES HOLDINGS X INC | G4002F117 | 400,000 | $4.2M | 0.89% |
| 44 | SILVER PEGASUS ACQUISITION C | SPEGU | 400,000 | $4.1M | 0.87% |
| 45 | BAIN CAPITAL GSS INVESTMENT | G0R78B122 | 400,000 | $4.1M | 0.87% |
| 46 | AI INFRASTRUCTURE ACQUISITIO | AIIA-UN | 400,000 | $4.1M | 0.86% |
| 47 | CRANE HARBOR ACQUISITION COR | CR | 400,000 | $4.0M | 0.85% |
| 48 | APEX TREASURY CORP | APXTW | 400,000 | $4.0M | 0.85% |
| 49 | D BORAL ARC ACQUISITION I CO | G2616F127 | 375,000 | $3.8M | 0.81% |
| 50 | HARVARD AVE ACQUISITION CORP | HAVAU | 375,000 | $3.8M | 0.80% |
| 51 | CROWN RESERVE ACQUISITI-CL A | CCK | 375,000 | $3.7M | 0.79% |
| 52 | AXIOM INTELLIGENCE ACQUISITI | G0750N120 | 350,000 | $3.6M | 0.76% |
| 53 | LAKE SUPERIOR ACQUISITION CO | LKSPU | 320,000 | $3.3M | 0.69% |
| 54 | LAKESHORE ACQUISITION III CO | LCCCU | 300,000 | $3.1M | 0.66% |
| 55 | SOLARIUS CAPITAL ACQUISITION | SOCAW | 300,000 | $3.1M | 0.65% |
| 56 | New Gold Inc. USD | 644535106 | 346,542 | $3.0M | 0.64% |
| 57 | EVOLUTION GLOBAL ACQUISITION | EVOXW | 300,000 | $3.0M | 0.64% |
| 58 | QUANTUMSPHERE ACQUISITION CO | QUMSU | 300,000 | $3.0M | 0.64% |
| 59 | NORFOLK SOUTHERN CORP | 655844108 | 10,000 | $2.9M | 0.61% |
| 60 | COPLEY ACQUISITION CORP | COPL-WT | 250,000 | $2.6M | 0.55% |
| 61 | EGH ACQUISITION CORP | EGHAU | 250,000 | $2.6M | 0.55% |
| 62 | GIGCAPITAL8 CORP | GIWWU | 250,000 | $2.5M | 0.54% |
| 63 | ALUSSA ENERGY ACQUISITION CO | ALUB-WT | 250,000 | $2.5M | 0.54% |
| 64 | SAFEGUARD ACQUISITION CORP | SAC-WT | 250,000 | $2.5M | 0.53% |
| 65 | BLUEPORT ACQUISITION LTD | BPACU | 250,000 | $2.5M | 0.53% |
| 66 | TAILWIND 2.0 ACQUISITION COR | TDWDU | 250,000 | $2.5M | 0.53% |
| 67 | A PARADISE ACQUISITION - A | G04819101 | 250,000 | $2.5M | 0.53% |
| 68 | DYNAMIX CORP III | DNMXW | 250,000 | $2.5M | 0.53% |
| 69 | INVEST GREEN ACQUISITION COR | IGACU | 250,000 | $2.5M | 0.53% |
| 70 | LIGHTWAVE ACQUISITION COR | LWACW | 245,500 | $2.5M | 0.53% |
| 71 | ACTIVATE ENERGY ACQUISITION | AEAQW | 250,000 | $2.5M | 0.53% |
| 72 | GSR IV ACQUISITION CORP-CL A | GSRFU | 250,000 | $2.5M | 0.53% |
| 73 | TWELVE SEAS INVESTMENT CO II | G9145D127 | 250,000 | $2.5M | 0.53% |
| 74 | PERIMETER ACQUIS CORP I CL A | PMTRW | 238,400 | $2.5M | 0.52% |
| 75 | CANTOR EQUITY PARTNERS III-A | G1828A108 | 225,000 | $2.3M | 0.49% |
| 76 | NEWHOLD INVESTMENT CORP III | G6486E128 | 200,000 | $2.1M | 0.44% |
| 77 | 1RT ACQUISITION CORP | ONCHW | 200,000 | $2.1M | 0.44% |
| 78 | CHURCHILL CAPITAL CORP XI | G2131A124 | 200,000 | $2.0M | 0.43% |
| 79 | BTC DEVELOPMENT CORP | BDCIW | 200,000 | $2.0M | 0.43% |
| 80 | HIGHVIEW MERGER CORP | HVMCW | 200,000 | $2.0M | 0.43% |
| 81 | INSIGHT DIGITAL PARTNERS II | DYORW | 200,000 | $2.0M | 0.43% |
| 82 | HALL CHADWICK ACQUISITION CO | HCACR | 200,000 | $2.0M | 0.42% |
| 83 | MELAR ACQUISITION CORP I-A | MACIW | 175,000 | $1.9M | 0.39% |
| 84 | MILUNA ACQUISITION CORP | MMTXW | 175,000 | $1.7M | 0.37% |
| 85 | ISHARES BITCOIN TRUST | IBIT | 34,606 | $1.7M | 0.36% |
| 86 | CAL REDWOOD ACQUISITION CORP | CRAQU | 150,000 | $1.6M | 0.33% |
| 87 | GESHER ACQUISITION CORP II | GSHRW | 150,000 | $1.6M | 0.33% |
| 88 | GLOBA TERRA ACQUISITION CORP | GTERW | 150,000 | $1.5M | 0.33% |
| 89 | UY SCUTI ACQUISITION CORP | UYSCU | 150,000 | $1.5M | 0.33% |
| 90 | INDIGO ACQUISITION CORP | INACU | 150,000 | $1.5M | 0.32% |
| 91 | LEAPFROG ACQUISITION CORP | LFACW | 150,000 | $1.5M | 0.32% |
| 92 | AMERICAS GOLD & SILVER CORP | 03062D803 | 300,000 | $1.5M | 0.31% |
| 93 | OTG ACQUISITION CORP I | OTGAW | 125,000 | $1.3M | 0.27% |
| 94 | M3-BRIGADE ACQUISITION V-A | G63212107 | 100,600 | $1.1M | 0.23% |
| 95 | PLUM ACQUISITION CORP IV | PLMKW | 100,000 | $1.1M | 0.22% |
| 96 | AIFEEX NEXUS ACQUISITION COR | PGACU | 100,000 | $1.0M | 0.22% |
| 97 | CSLM DIGITAL ASSET ACQUISITI | CMXHF | 100,000 | $1.0M | 0.21% |
| 98 | MCKINLEY ACQUISITION CORP | MKLYU | 100,000 | $1.0M | 0.21% |
| 99 | SC II ACQUISITION CORP | SCIIU | 100,000 | $1.0M | 0.21% |
| 100 | TITAN ACQUISITION CORP-CL A | TACHW | 50,000 | $512,550 | 0.11% |
| 101 | ARTIUS II ACQUISITION INC | AACBU | 1,500,000 | $495,000 | 0.10% |
| 102 | JACKSON ACQUISITION CO II | JACS-UN | 1,425,700 | $356,425 | 0.08% |
| 103 | SIDDHI ACQUISITION CORP | SDHIU | 1,250,000 | $312,500 | 0.07% |
| 104 | LIVE OAK ACQUISITION CORP-A | LOKVW | 27,960 | $287,988 | 0.06% |
| 105 | SIM ACQUISITION CORP I-A | SIMAW | 25,000 | $264,750 | 0.06% |
| 106 | DAEDALUS SPECIAL ACQUISITION | G2616C124 | 25,000 | $251,000 | 0.05% |
| 107 | WT - CGCTW US $11.5 06Mar2030 | CGCTW | 300,000 | $237,000 | 0.05% |
| 108 | GSR IV ACQUISITION CORP-RTS | GSRFU | 75,000 | $178,500 | 0.04% |
| 109 | PAII/WS US 15 Jul 30 C11.5 | PAII-WT | 425,000 | $178,500 | 0.04% |
| 110 | INFLECTION POINT ACQUISITION | G47875110 | 465,000 | $175,770 | 0.04% |
| 111 | DRUGS MADE IN AMERICA ACQ-RT | G2851K112 | 1,230,980 | $172,337 | 0.04% |
| 112 | ANSCW US 31 Dec 28 C11.5 | G0131Y118 | 503,500 | $161,120 | 0.03% |
| 113 | PMTRW US 17 Jun 30 C11.5 | PMTRW | 194,200 | $137,435 | 0.03% |
| 114 | HCMAW US 31 Jul 30 C11.5 | HCMAW | 266,666 | $133,333 | 0.03% |
| 115 | JENA ACQUISITION CORP II-RTS | JENA-UN | 700,000 | $126,000 | 0.03% |
| 116 | A PARADISE ACQUISITION CORP | G04819119 | 475,000 | $118,750 | 0.03% |
| 117 | AMERICAN EXCEPTIONALISM-CL A | AEXA | 10,000 | $113,900 | 0.02% |
| 118 | SIZZLE ACQUISITION CORP -RTS | SZZLU | 650,539 | $104,086 | 0.02% |
| 119 | COLUMBUS ACQUISITION CORP | COLAU | 300,000 | $100,920 | 0.02% |
| 120 | TVACW US 15 May 31 C11.5 | G8772L113 | 100,000 | $90,000 | 0.02% |
| 121 | NPACW US 24 Apr 30 C11.5 | G6476A110 | 150,000 | $75,795 | 0.02% |
| 122 | CROWN RESERVE ACQUISITIO-RTS | CCK | 375,000 | $71,250 | 0.02% |
| 123 | SOULPOWER ACQUISITION CORP | SOUL-UN | 403,161 | $70,553 | 0.01% |
| 124 | WENNW US 15 May 31 C11.5 | WENNW | 225,000 | $69,818 | 0.01% |
| 125 | SHMDW US 25 Aug 28 C11.5 | 00150021S | 46,200 | $67,452 | 0.01% |
| 126 | TACOW US 28 Apr 30 C11.5 | TACOW | 175,000 | $64,750 | 0.01% |
| 127 | STARRY SEA ACQUISITION C-RTS | SBXE-WT | 299,986 | $64,407 | 0.01% |
| 128 | QUANTUMSPHERE ACQUISITION CO | QUMSU | 300,000 | $63,030 | 0.01% |
| 129 | RIBBON ACQUISITION CORP | RIBBU | 250,000 | $60,000 | 0.01% |
| 130 | BLUWW US 31 Dec 26 C11.5 | G1368E114 | 100,000 | $53,000 | 0.01% |
| 131 | YHN ACQUISITION I LTD | YHNAU | 344,188 | $52,661 | 0.01% |
| 132 | SHEPHERD AVE CAPITAL ACQUISI | PGACU | 250,000 | $50,050 | 0.01% |
| 133 | BLUE ACQUISITION CORP-RTS | BACCU | 150,000 | $48,615 | 0.01% |
| 134 | GTENW US 20 Jun 31 C11.5 | G4002F125 | 50,000 | $46,495 | 0.01% |
| 135 | TEXAS VENTURES ACQUISITION-A | G8772L105 | 3,925 | $41,801 | 0.01% |
| 136 | UY SCUTI ACQUISITION CORP | UYSCU | 150,000 | $40,350 | 0.01% |
| 137 | YORKVILLE ACQUISITION CORP-A | MCGAW | 3,852 | $39,021 | 0.01% |
| 138 | TACHW US 02 Jun 30 C11.5 | TACHW | 100,000 | $31,500 | 0.01% |
| 139 | OAK WOODS ACQUISITION COR-RT | 67190B120 | 120,000 | $29,976 | 0.01% |
| 140 | BAYVIEW ACQUISITION CORP | BAYAU | 150,000 | $29,640 | 0.01% |
| 141 | RF ACQUISITION CORP II - RTS | RFAIU | 200,000 | $24,000 | 0.01% |
| 142 | CAL REDWOOD ACQUISITION CORP | CRAQU | 66,869 | $21,652 | 0.00% |
| 143 | MACIW US 01 Jun 31 C11.5 | MACIW | 150,528 | $21,089 | 0.00% |
| 144 | ATMCW US 17 Jan 28 C11.5 | G0223V121 | 300,000 | $18,090 | 0.00% |
| 145 | CRACW US 06 Nov 30 C11.5 | CCK | 187,500 | $15,938 | 0.00% |
| 146 | ISRLW US 28 Feb 28 C11.5 | ISLWF | 100,800 | $13,427 | 0.00% |
| 147 | BLACK HAWK ACQUISITION C-RTS | BKHAU | 10,000 | $13,000 | 0.00% |
| 148 | FUFUW US 07 Jun 28 C11.5 | FUFUW | 50,000 | $10,000 | 0.00% |
| 149 | MOUNTAIN LAKE ACQUISITION CO | MLACU | 40,000 | $9,600 | 0.00% |
| 150 | FLAG SHIP ACQUISITION CORP | FSHPR | 27,000 | $5,400 | 0.00% |
| 151 | OAKUW US 17 May 28 C11.5 | 67190B112 | 120,000 | $4,704 | 0.00% |
| 152 | FORLW US 12 May 28 C11.5 | 35088F115 | 110,000 | $4,400 | 0.00% |
| 153 | MCGAW US 06 Jun 30 C11.5 | MCGAW | 8,333 | $4,167 | 0.00% |
| 154 | MKDWW US 31 Jul 29 C0 | MKDWW | 175,000 | $2,643 | 0.00% |
| 155 | DAICW US 17 Nov 26 C11.5 | DAICW | 25,000 | $2,003 | 0.00% |
| 156 | AMBI/WS US 06 Mar 28 C11.5 | AMBWQ | 130,905 | $641 | 0.00% |
| 157 | GCLWW US 13 Feb 30 C11.5 | GCLWW | 4,500 | $135 | 0.00% |
| 158 | I-80 GOLD CORP | IAUX-WT | 84 | $123 | 0.00% |
| 159 | LIMNW US 30 Apr 30 C11.5 | LIMNW | 1,250 | $44 | 0.00% |
| 160 | YSBPW US 15 Mar 28 C11.5 | G9845F117 | 5,000 | $35 | 0.00% |
| 161 | WALDW US 27 Jul 27 C11.5 | 00BPG9B35 | 666 | $22 | 0.00% |
| 162 | YOULW US 10 Jul 30 C11.5 | G9878M112 | 125,000 | $0 | 0.00% |
| 163 | DT CLOUD ACQUISITION COR-RTS | G28524133 | 150,000 | $0 | 0.00% |