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Livermore
Livermore
ZHEN

Whitebox Advisors LLC

SEC CIK
0001257391
Latest filing
Aug 14, 2026

Holdings in Q1 2025

Holdings as of Mar 31, 2025, filed Aug 26, 2026. Long positions only; changes compare share counts with Q4 2024.

Institution overview
Positions
288
+35 vs. Q4 2024
Portfolio value
$3.04B
+$320.1M (+11.8%) vs. Q4 2024
Filed
Aug 26, 2026
AmendedSECSEC
Holdings of Whitebox Advisors LLC in Q1 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
Heramba Elec PLCG4411J106*W EXP 07/26/20223,250$235<0.1%00.0%Unchanged–
CEROWCero Therapeutics Holdings, Inc.*W EXP 09/01/20223,250$337<0.1%−1,750−7.0%ReducedHistory
RDZNWRoadzen Inc.*W EXP 11/30/20218,600$1.04K<0.1%00.0%UnchangedHistory
VEEAWVeea Inc.*W EXP 03/18/20213,700$1.13K<0.1%00.0%UnchangedHistory
Vast Renewables LimitedQ9379E113*W EXP 07/01/20234,875$1.18K<0.1%00.0%Unchanged–
RMCOWRoyalty Management Holding Corp*W EXP 05/28/20281,519$1.23K<0.1%00.0%UnchangedHistory
Ocean Biomedical, Inc.67644C112*W EXP 02/14/20246,500$1.24K<0.1%00.0%Unchanged–
ONMDWOneMedNet Corp*W EXP 11/07/20249,700$1.27K<0.1%00.0%UnchangedHistory
ECD Automotive Design, Inc.27877D112*W EXP 12/12/20290,000$1.66K<0.1%00.0%Unchanged–
AERTWAeries Technology, Inc.*W EXP 11/06/20256,416$1.69K<0.1%00.0%UnchangedHistory
BDMDWBaird Medical Investment Holdings Ltd*W EXP 10/01/20223,250$1.75K<0.1%00.0%UnchangedHistory
BAERWBridger Aerospace Group Holdings, Inc.*W EXP 01/24/20241,500$2.22K<0.1%00.0%UnchangedHistory
REEWFCartesian Growth Corp II*W EXP 07/12/20233,333$2.35K<0.1%00.0%UnchangedHistory
Oak Woods Acquisition Corp67190B112*W EXP 03/23/20268,000$2.38K<0.1%00.0%Unchanged–
KVAWFKeen Vision Acquisition Corp.*W EXP 03/15/20275,000$2.44K<0.1%00.0%UnchangedHistory
Distoken Acquisition CorpG27740102*W EXP 11/30/202100,000$2.59K<0.1%00.0%Unchanged–
ZEOWWZeo Energy Corp.*W EXP 03/13/20246,500$2.65K<0.1%00.0%UnchangedHistory
ZOOZWZOOZ Strategy Ltd.*W EXP 04/02/20258,750$2.94K<0.1%00.0%UnchangedHistory
AI Transn Acquisition CorpG01490104RIGHT 09/01/202820,000$3.10K<0.1%00.0%Unchanged–
ESLAWEstrella Immunopharma, Inc.Equity WRT42,293$3.26K<0.1%00.0%UnchangedHistory
HOVRWNew Horizon Aircraft Ltd.*W EXP 99/99/999100,000$3.41K<0.1%00.0%UnchangedHistory
Digiasia Corp.G27617110*W EXP 04/02/202116,194$3.49K<0.1%00.0%Unchanged–
OPTXWSyntec Optics Holdings, Inc.*W EXP 11/07/20269,750$3.54K<0.1%00.0%UnchangedHistory
MSAIWMultiSensor AI Holdings, Inc.*W EXP 12/19/20296,838$3.89K<0.1%00.0%UnchangedHistory
Holley Inc.43538H111*W EXP 11/30/20279,311$3.97K<0.1%00.0%Unchanged–
RMSGWReal Messenger Corp*W EXP 11/19/20274,400$4.11K<0.1%00.0%UnchangedHistory
AMODWAlpha Modus Holdings, Inc.*W EXP 12/13/20269,750$4.22K<0.1%00.0%UnchangedHistory
HNR Acquisition Corp40472A128*W EXP 02/04/20271,250$4.28K<0.1%00.0%Unchanged–
TVGNWTevogen Inc.*W EXP 02/14/20286,292$4.65K<0.1%00.0%UnchangedHistory
NVNIWNvni Group Ltd*W EXP 11/01/202162,750$4.66K<0.1%00.0%UnchangedHistory
GCLWWGCL Global Holdings Ltd*W EXP 02/13/20395,000$4.80K<0.1%+95,000NewHistory
UCFIWCN Healthy Food Tech Group Corp.*W EXP 99/99/999150,000$4.80K<0.1%00.0%UnchangedHistory
NUAIWNew ERA Energy & Digital, Inc.*W EXP 12/10/20234,875$4.88K<0.1%00.0%UnchangedHistory
Flyexclusive Inc.343928115*W EXP 05/28/20250,422$5.04K<0.1%00.0%Unchanged–
Ys Biopharma Co LtdG9845F117*W EXP 03/15/202125,000$5.15K<0.1%00.0%Unchanged–
Haymaker Acquisition Corp IVG4375F116*W EXP 05/31/20225,000$5.24K<0.1%00.0%Unchanged–
MRNOWMurano Global Investments Plc*W EXP 03/19/20223,500$5.43K<0.1%00.0%UnchangedHistory
COCHWEnvoy Medical, Inc.Equity WRT174,000$5.74K<0.1%00.0%UnchangedHistory
ANNAWAleAnna, Inc.*W EXP 12/13/20223,250$5.81K<0.1%−1,750−7.0%ReducedHistory
SBCWWSBC Medical Group Holdings Inc*W EXP 07/31/20235,000$6.51K<0.1%00.0%UnchangedHistory
CYCUWCycurion, Inc.*W EXP 09/01/202164,500$6.58K<0.1%00.0%UnchangedHistory
Global Blockchain Acqui Corp37961B120*W EXP 05/09/202225,000$6.75K<0.1%00.0%Unchanged–
CUBWWLionheart Holdings*W EXP 06/07/20350,000$7.00K<0.1%00.0%UnchangedHistory
DTSQRDT Cloud Star Acquisition CorpRIGHT 07/09/202950,000$7.92K<0.1%00.0%UnchangedHistory
ASBPWAspire-Lakewood Holdings, Inc.*W EXP 02/14/203118,750$8.04K<0.1%00.0%UnchangedHistory
PLMKWPlum Acquisition Corp, IV*W EXP 08/19/20250,000$8.23K<0.1%+50,000NewHistory
RZLVWRezolve AI PLC*W EXP 08/15/20246,500$9.44K<0.1%00.0%UnchangedHistory
MOBXWMobix Labs, Inc*W EXP 12/21/20293,000$9.67K<0.1%00.0%UnchangedHistory
Gold Royalty Corp.38071H122*W EXP 05/31/20244,754$11.2K<0.1%−10.0%Reduced–
SMNRWSemnur Pharmaceuticals, Inc.*W EXP 03/28/202191,579$11.3K<0.1%00.0%UnchangedHistory
CRMLWCritical Metals Corp.*W EXP 02/27/20269,750$11.8K<0.1%00.0%UnchangedHistory
Bukit Jalil GBL AcquisitionG1676M121RIGHT 05/02/202450,000$13.0K<0.1%00.0%Unchanged–
Marblegate Acquisition Corp.56608A113*W EXP 08/31/20281,375$13.0K<0.1%00.0%Unchanged–
VSEEWVsee Health, Inc.*W EXP 99/99/999232,500$13.7K<0.1%00.0%UnchangedHistory
Bitcoin Depot IN09174P113EQUITY WRT213,750$15.0K<0.1%00.0%Unchanged–
BRLSWBorealis Foods Inc.EQUITY WRT148,800$16.4K<0.1%00.0%UnchangedHistory
Distoken Acquisition CorpG27740136RIGHT 99/99/9999100,000$17.6K<0.1%00.0%Unchanged–
Oak Woods Acquisition Corp67190B120RIGHT 03/23/202868,000$17.7K<0.1%00.0%Unchanged–
Black Spade Acquisition II CG1153L117*W EXP 02/15/20283,333$18.3K<0.1%00.0%Unchanged–
ENGNWenGene Therapeutics Inc.*W EXP 10/31/20231,000$18.6K<0.1%−2,333−7.0%ReducedHistory
QVCGAOld QVC Group, Inc.COM SER A100,000$20.1K<0.1%+100,000NewHistory
VLOSWVelos Acquisition I Corp.*W EXP 99/99/99975,000$21.8K<0.1%00.0%UnchangedHistory
Global Blockchain Acqui Corp37961B112RIGHT 05/09/2027225,000$22.3K<0.1%00.0%Unchanged–
Graf Global Corp.G4036C122*W EXP 05/31/203125,000$22.5K<0.1%00.0%Unchanged–
COLARColumbus Acquisition Corp/Cayman IslandsRIGHT 09/30/2025150,000$24.0K<0.1%+150,000NewHistory
AISPWAirship AI Holdings, Inc.*W EXP 12/21/20221,750$24.4K<0.1%00.0%UnchangedHistory
DT Cloud Acquisition CorpG28524133RIGHT 02/14/2029107,306$25.8K<0.1%00.0%Unchanged–
Aimfinity Investment Corp. IG0135E126*W EXP 04/21/202336,000$26.1K<0.1%00.0%Unchanged–
AIRJWAirJoule Technologies Corp.*W EXP 03/15/20246,500$26.3K<0.1%−3,500−7.0%ReducedHistory
KFIIRK&F Growth Acquisition Corp. IIRIGHT 08/29/2031225,000$27.0K<0.1%+225,000NewHistory
CNCKWCoincheck Group N.V.*W EXP 12/11/20250,079$28.1K<0.1%+50,079NewHistory
Voyager Acquisition CorpG93A7H112*W EXP 05/16/203193,612$29.1K<0.1%00.0%Unchanged–
TDACWTranslational Development Acquisition Corp.*W EXP 12/18/202152,500$30.5K<0.1%+152,500NewHistory
RIBBRRibbon Acquisition Corp.RIGHT 12/31/2026125,000$31.3K<0.1%+125,000NewHistory
AA Mission Acquisition Corp.G1000R127*W EXP 08/01/203475,000$31.6K<0.1%00.0%Unchanged–
DRTSWAlpha Tau Medical Ltd.*W EXP 03/07/202136,018$32.3K<0.1%−10,238−7.0%ReducedHistory
SIMAWSIM Acquisition Corp. I*W EXP 06/01/203250,000$32.5K<0.1%00.0%UnchangedHistory
Eqv Ventures Acquisition CorG3106N117*W EXP 07/01/20399,997$33.0K<0.1%00.0%Unchanged–
FLDDWFold Holdings, Inc.*W EXP 10/19/20246,500$34.4K<0.1%+46,500NewHistory
VGASWVerde Clean Fuels, Inc.*W EXP 02/15/202177,090$35.8K<0.1%−13,329−7.0%ReducedHistory
LPAAWLaunch One Acquisition Corp.*W EXP 06/01/203255,571$37.1K<0.1%00.0%UnchangedHistory
BKHARBlack Hawk Acquisition CorpRIGHT 06/20/202525,000$37.5K<0.1%00.0%UnchangedHistory
NOEMWCO2 Energy Transition Corp.*W EXP 08/17/202390,000$39.6K<0.1%+390,000NewHistory
BZAIWBlaize Holdings, Inc.*W EXP 01/13/203209,250$39.8K<0.1%+209,250NewHistory
HVIIRONE Nuclear Energy Inc.RIGHT 01/17/2030200,000$40.8K<0.1%+200,000NewHistory
Bigbear AI Hldgs Inc08975B117*W EXP 99/99/99950,598$41.5K<0.1%−3,471−6.4%Reduced–
SVCCWStellar V Capital Corp. (Cayman Islands)*W EXP 10/15/202200,000$44.0K<0.1%+200,000NewHistory
Iron Horse Acquisitions Corp462837121RIGHT 99/99/9999150,000$45.0K<0.1%00.0%Unchanged–
TAVIRTavia Acquisition Corp.RIGHT 11/26/2029300,000$45.0K<0.1%00.0%UnchangedHistory
DMAARDrugs Made In America Acquisition Corp.RIGHT 10/15/2029400,000$52.0K<0.1%+400,000NewHistory
Mountain Lake Acquisition Corp.G6301B127RIGHT 11/15/2028300,000$55.2K<0.1%+300,000New–
ULYXUrgent.ly Inc.COM NEW15,435$62.5K<0.1%−7,747−33.4%ReducedConverted for a 1-for-12 splitHistory
DRDBWRoman DBDR Acquisition Corp. IICOM200,000$64.0K<0.1%+200,000NewHistory
Spring Valley Acquistn CorpG83752116*W EXP 02/25/202464,261$65.0K<0.1%00.0%Unchanged–
SK Growth Opportunities CorpG8192N111*W EXP 06/28/202100,000$65.0K<0.1%00.0%Unchanged–
CHARRCharlton Aria Acquisition CorpRIGHT 12/31/2026399,000$71.8K<0.1%00.0%UnchangedHistory
HDRNWHadron Energy, Inc.*W EXP 08/29/202804,500$77.0K<0.1%00.0%UnchangedHistory
NOEMRCO2 Energy Transition Corp.RIGHT 10/15/2028390,000$80.0K<0.1%+390,000NewHistory
BEAGRBold Eagle Acquisition Corp.RIGHT 10/11/2029400,000$92.0K<0.1%00.0%UnchangedHistory
OPIOffice Properties Income TrustCOM SHS BEN INT291,197$132.8K<0.1%00.0%UnchangedHistory

Options (24)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Whitebox Advisors LLC in Q1 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$391.6M$111.9M
VanEck ETF Trust92189H607OIL SERVICES ETF$118.0M–
AAPLApple Inc.Stock$88.9M–
ITCIIntra-Cellular Therapies, Inc.COM$26.4M$33.0M
SPDR Series Trust78468R556SP O&G EXPL PRO$46.1M–
TSLATesla, Inc.Stock$25.9M–
KKRKKR & Co. Inc.COM$23.1M–
NVDANVIDIA CorpStock$21.7M–
MARAMARA Holdings, Inc.COM$18.2M–
RIVNRivian Automotive, Inc.Stock$18.1M–
LUMNLumen Technologies, Inc.Stock$16.9M–
WOLFWolfspeed, Inc.Stock$7.65M$1.84M
MPTMedical Properties Trust IncCOM$9.04M–
HLFHerbalife Ltd.COM SHS$8.37M–
XRXXerox Holdings CorpCOM NEW$7.25M–
JBLUJetBlue Airways CorpCOM–$6.03M
AMCAMC Entertainment Holdings, Inc.CL A NEW$5.74M–
RUNSunrun Inc.COM$5.64M–
AALAmerican Airlines Group Inc.Stock$5.28M–
HTZHertz Global Holdings, IncCOM NEW$4.64M–
NFENew Fortress Energy Inc.COM CL A$3.32M–
BYNDBeyond Meat, Inc.COM$2.92M–
Azul S A05501U106SPONSR ADR PFD$2.46M–
NIONIO Inc.ADR$1.91M–

Sold out since Q4 2024 (35)

Positions held at the end of Q4 2024 that are gone from this filing.

Positions of Whitebox Advisors LLC sold out since Q4 2024
SecurityClassShares in Q4 2024Value in Q4 2024% of portfolio in Q4 2024History
MicroStrategy Inc594972AE1NOTE 2/1–$208.0M7.7%–
Sunnova Energy Intl Inc.86745KAF1NOTE 0.250%12/0–$43.0M1.6%–
BA.PABoeing CoDEP CONV PFD A650,000$39.6M1.5%History
CIVICivitas Resources, Inc.EQUITY US CM367,000$16.8M0.6%History
Spirit Aerosystems Inc85205TAQ3NOTE 3.250%11/0–$11.8M0.4%–
Vishay Intertechnology Inc928298AR9NOTE 2.250% 9/1–$10.3M0.4%–
Exact Sciences Corp30063PAA3NOTE 1.000% 1/1–$4.98M0.2%–
NIO Inc.62914VAJ5NOTE 3.875%10/1–$4.40M0.2%–
Redfin Corp75737FAE8NOTE 0.500% 4/0–$4.36M0.2%–
DRDBURoman DBDR Acquisition Corp. IIUNIT 99/99/9999400,000$3.99M0.1%History
NOEMUCO2 Energy Transition Corp.UNIT 99/99/9999390,000$3.91M0.1%History
VMOInvesco Municipal Opportunity TrustCOM254,394$2.47M0.1%History
JWNNordstrom IncStock96,957$2.34M0.1%History
Sunnova Energy Intl Inc.86745KAH7NOTE 2.625% 2/1–$1.22M<0.1%–
DT Cloud Acquisition CorpG28524117ORD SHS107,306$1.12M<0.1%–
Azul S A05501U106SPONSR ADR PFD559,775$934.8K<0.1%–
Cutera Inc232109AG3NOTE 4.000% 6/0–$883.1K<0.1%–
NACNuveen California Quality Municipal Income FundCOM72,679$820.5K<0.1%History
VODVodafone Group Public Ltd CoADR90,585$769.1K<0.1%History
HTZWWHertz Global Holdings, IncCommon Stock228,088$490.4K<0.1%History
CXHMFS Investment Grade Municipal TrustSH BEN INT49,454$395.1K<0.1%History
HTZHertz Global Holdings, IncCOM NEW50,440$184.6K<0.1%History
OCSAWOculis Holding AG*W EXP 03/06/20216,833$90.7K<0.1%History
BYNDBeyond Meat, Inc.COM20,557$77.3K<0.1%History
RF Acquisition Corp74954L120RIGHT 05/01/202895,000$14.8K<0.1%–
Evergreen CorpG3312W117*W EXP 02/08/202332,500$9.22K<0.1%–
Bannix Acquisition Corp066644121RIGHT 07/31/202693,000$8.95K<0.1%–
VMCWFValuence Merger Corp. I*W EXP 02/18/202252,525$8.86K<0.1%History
Consilium Acquisitn Corp I LG2365L127RIGHT 07/01/202342,300$6.34K<0.1%–
Alpha Partners Tech Mergr CoG63290103*W EXP 03/31/20223,250$4.18K<0.1%–
RF Acquisition Corp74954L112*W EXP 05/01/20295,000$2.99K<0.1%–
Bannix Acquisition Corp066644113*W EXP 07/31/20293,000$2.57K<0.1%–
FutureTech II Acquisition Corp.36119D111*W EXP 12/23/202144,020$2.22K<0.1%–
TETWFTechnology & Telecommunication Acquisition Corp*W EXP 04/15/202117,500$2.03K<0.1%History
Consilium Acquisitn Corp I LG2365L119*W EXP 06/01/20221,150$1.69K<0.1%–